SSS extends help to quake victims

The calamity loan is payable in two years in equal monthly installments with an annual interest rate of 10 percent and one percent monthly penalty for late payments. #SSScalamityloan

SSS has more than P443 million for calamity loan. (O Etnad)

Social Security System (SSS) members and pensioners affected by earthquakes in Mindanao may now avail of calamity loan to assist in their recovery.

SSS President and CEO Aurora Ignacio said that aside from the calamity loan, they will be offering an advance three-month pension and Direct House Repair and Improvement Loan starting 18 November 2019.

“It is unfortunate that the series of strong quakes greatly affected their daily living. That’s why we prioritized the immediate approval of granting calamity assistance in order to extend financial help to our members and pensioners in the affected areas,” Ignacio said.

According to the pension fund, more than P443 million has been allotted for calamity loan assistance, which will benefit more than 54,000 potential borrowers in the calamity-stricken areas.

Also, the SSS said that members who wish to avail of the loan must have at least 36 monthly contributions, six of which should have been paid within the year of application.

“The calamity loan is payable in two years in equal monthly installments with an annual interest rate of 10 percent and one percent monthly penalty for late payments. To further help our member-borrowers in reducing their expenses, the one percent service fee will be waived,” Ignacio explained.

“According to NDRRMC reports, more than 37,000 houses in the declared calamity areas were either partially or totally damaged. I enjoin all qualified members of SSS and pensioners to go to the nearest SSS branch office so they can avail of this benefit,” Ignacio concluded.

Filing of the calamity loan and advance-three month pension will run until 17 February 2020 while the Direct House Repair and Improvement Loan application will be until 17 November 2020.