SSS members affected by quake in Taiwan can apply for loans

SSS logo.
SSS logo.

THE Social Security System (SSS) has announced that its members affected by the recent magnitude 7.4 earthquake in Taiwan can now apply for a calamity loan until Aug. 20, 2024.

The loan is part of the Calamity Loan Assistance Program (Clap), which was offered to SSS members living, residing or working in Taiwan when the earthquake struck last April 3.

In a statement, SSS president and chief executive officer Rolando Ledesma Macasaet said the calamity loan is a historic first for the SSS, as it has never extended financial assistance to calamity-hit members outside of the Philippines before.

To apply for the calamity loan, members must first visit the SSS Taiwan Foreign Office in Neihu District, Taipei City, to secure a Calamity Loan Reference Number. They can then submit their loan applications online using their My.SSS account from May 21 to August 20, 2024.

Under the Clap, qualified members can borrow a loan equivalent to one monthly salary credit or up to P20,000.

To qualify, SSS senior vice president for Lending and Asset Management Group Pedro Baoy said affected members must meet the following requirements:

• Have a My.SSS account at www.sss.gov.ph;

• Have at least 36 monthly contributions, six of which must be posted within the last 12 months before the month of filing of application;

• Must be an OFW SSS member;

• Must be living, residing, or working in Taiwan during the time of the earthquake;

• Must be 65 years old and below at the time of

loan application;

• Have not been granted any final benefit such as permanent total disability or retirement;

• Have no past due SSS Short-Term Member Loans;

• Have no outstanding restructured loan or calamity loan.

Once approved, the loan proceeds will be credited to the member’s registered Unified Multi-Purpose Identification-ATM card or their active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating bank. The loan can be paid in two years or 24 equal monthly installments with an annual interest rate of 10 percent. The one percent service fee has been waived.

The first loan amortization will start in the second month following the loan approval date. For example, if the loan was approved on May 22, 2024, the first payment will be due in July 2024. The loan’s payment deadline is every last day of the month following the applicable month, and late payments will be charged a one percent monthly penalty. / PR

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