Now that the rainy season is upon us, a lot of areas in Metro Manila as well as in the provinces are once again on guard for the anticipated onslaught of typhoons and flash floods. Sadly, no matter how well a community, city, or province prepare for the worst, a lot of families still get adversely affected by the wrath of these typhoons and thunderstorms. Houses, vehicles, and businesses are destroyed mercilessly by nature, leaving its helpless owners wondering how they can rebuild their hard-earned investments.
The Social Security System responds to such emergency needs by offering its Calamity Loan privileges to SSS members in calamity-stricken areas, as declared by the government.
What is the SSS Calamity Loan?
This is a new and separate loan window from the regular salary loan offered to members who live or work in areas declared to be under the State of Calamity by the government.
The salary loan amount is determined by the SSS and is payable in two years in 24 equal monthly installments, with an annual interest rate of 10% and 1% monthly penalty for late payments.
How does a member qualify for the SSS Calamity Loan?
Members should have a home address or property in the covered areas and a minimum of 36 monthly contributions, six of which should be paid within the 12-month period preceding the date of application.
SSS will announce when they will start accepting calamity loan applications over the counter at their branches and only then will members’ applications be entertained.
Are OFWs and Seafarer members qualified to apply?
Yes they are, as long as they can show proof that their property is covered by the calamity. They can apply through their designated representatives who should present an authorization letter to the SSS.
What are the requirements when applying for a calamity loan?
Apart from their SSS ID, a member must submit a Barangay Certification that will attest to their residence in the declared calamity area or to their current status as an OFW or seafarer. Any previous calamity loans must be fully paid before the member can avail of another calamity loan.
My property is covered by the calamity area, how come my application for an SSS calamity loan was denied?
Those who availed of the SSS Loan Restructuring Program and those with final benefit claims such as for total permanent disability and retirement, are excluded from the program.
Take note that calamities are not restricted to natural disasters such as storms, earthquakes, drought, and the like. SSS members in war-torn Marawi have been declared qualified to avail of the said calamity loan.
For more information on the SSS calamity loan, you may visit their website at www.sss.gov.ph or visit the nearest SSS office in your area.