SSS members can avail calamity assistance loan – Sec. Dominguez
PASIG CITY, July 9 (PIA) – State-run social insurance program of the Philippines, Social Security System (SSS) is offering calamity loan assistance to its members.
During the Pre-SONA Program Forum on Wednesday, Finance Secretary Carlos Dominguez said that SSS members can avail of the calamity assistance program.
Dominguez said members can apply for a loan up to P20,000 depending on their monthly salary credit in the last 12 months.
The loan carries a six-percent (6%) interest with a 27-month term, inclusive of three months moratorium.
The finance chief also shared that the SSS has already approved a total of 478,661 loan applications amounting to P7.5 billion since its launch on June 15.
As of July 5, a total of P1.7 billion in loans has been released by SSS to 102,567 borrowers, de added.
Earlier, SSS President and Chief Executive Officer (CEO) Aurora Ignacio said that the calamity loan assistance program (CLAP) can be availed by active SSS members especially in times of calamities.
According to SSS, to qualify for the loan, a member must: have at least 36 monthly contributions, six of which should be posted within the last 12 months before the application; have a work or home address within the Philippines as reflected in the SSS database; have not been granted any final benefit such as total permanent disability or retirement; and have no outstanding loans under the Loan Restructuring Program or previous CLAPs.
Members must also be registered at the My.SSS web portal on the SSS website at www.sss.gov.ph to apply for the loan.
Qualified members may apply for the said CLAP until September 14, 2020. (SSS/PIA-NCR)