Social Security System (SSS) President and Chief Executive Officer Rolando Ledesma Macasaet today announced that members affected by the recent Magnitude 7.4 earthquake in Taiwan may now avail of a calamity loan until August 20, 2024.
Macasaet said that SSS offered a Calamity Loan Assistance Program (CLAP) to its members living, residing, or working in Taiwan when the earthquake struck the island on April 3, 2024.
“The calamity loan offered to members in Taiwan was a historic first for SSS since we have never extended financial assistance to calamity-hit members outside of the Philippines until now. It only proved that we are always ready to assist our members wherever they are,” he said.
Macasaet said calamity-affected members can submit their loan applications online using their My.SSS account from May 21 to August 20, 2024.
“However, members must first visit the SSS Taiwan Foreign Office in Neihu District, Taipei City, to secure a Calamity Loan Reference Number (CLRN) needed in their loan applications. The CLRN is a unique 12-alphanumeric identifier provided to SSS members and among the requirements for the calamity loan,” he explained.
Under the CLAP, SSS Senior Vice President for Lending and Asset Management Group Pedro T. Baoy said qualified members can borrow a loan equivalent to one monthly salary credit or up to P20,000.
To qualify, 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 (UMID)-ATM Card or their active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating bank,” Baoy explained.
He said members could pay the calamity loan in two years or 24 equal monthly installments with an annual interest rate of 10 percent, and the one percent service fee has already been waived.
Baoy said the first loan amortization will start in the second month following the loan approval date.
“For example, if their loan was approved on May 22, 2024. They will start paying their loan amortization by July 2024.”
He reminded member-borrowers that the loan’s payment deadline is every last day of the month following the applicable month.
“If the deadline falls on a weekend or holiday, members may still make payment on the next working day. Late payments will be charged a one percent monthly penalty,” he added.