SSS: Calamity loans available in wake of Cebu earthquake, tropical cyclones

The Social Security System (SSS) announced on Thursday that the application for a calamity loan is now open for members affected by the recent tropical cyclones that hit the country and the magnitude 6.9 earthquake that struck Cebu. 

“Ang calamity loan program po ay na-activate na po natin today. Ang mga naapektuhang miyembro po ng bagyong Mirasol, Nando, at Opong, kasama na rin po yung mga naapektuhan ng lindol sa Cebu, makaka-apply na sila ng calamity loan simula ngayong araw,” said Carlo Villacorta, SSS spokesperson and vice president for public affairs and special events, in Bagong Pilipinas Ngayon. 

(We have already activated the calamity loan program today. The affected members of typhoons Mirasol, Nando, and Opong, as well as those affected by the earthquake in Cebu, can now apply for the calamity loan starting today.) 

The SSS official said that those who are eligible for the loan are those who have made at least 36 contributions, wherein six of which should have been made in the past 12 months. 

“Lahat ng miyembro ng SSS na nakapaghulog po ng 36 na contributions man lang, at anim po doon ay nasa loob ng nakaraang  12 buwan ay makaka-avail ng calamity loan, basta wala po silang outstanding past due na calamity or salary loan dati,” Villacorta explained. 

(All SSS members who have remitted at least 36 contributions, with six of those within the past 12 months, can avail of the calamity loan, provided they do not have any outstanding past-due calamity or salary loan in the past.) 

Interested members must have a MySSS account to apply and a disbursement account where the calamity loan proceeds will be transferred, said Villacorta. 

Further, SSS said that the loanable amount depends on how much the member’s contribution. 

“Depende sa halaga ng kanilang buwanang contribution sa SSS. Ang maximum po ay P20,000 for the calamity loan program, and minimum ay P3,000. Kung tayo ang naghuhulog sa mas mataas ng bracket, mas mataas din po ang ating ma-apply na calamity loan,” said Villacorta, adding that the loan is payable up to two years with 7% interest. 

(It depends on the value of their monthly contribution to the SSS. The maximum is P20,000 for the calamity loan program, and the minimum is P3,000. If you contribute to a higher bracket, you can also apply for a higher calamity loan.) 

State pension fund Government Service Insurance System also offered emergency loan to members affected by the earthquake. Members may borrow up to P40,000 if they have an existing emergency loan, or up to P20,000 if they have no outstanding balance. 

The loan is payable in 36 months at an interest rate of 6% per annum, with the first monthly amortization due after three months.

A total of 3,537,686 people or 936,566 families have been affected by the Southwest Monsoon or Habagat, Tropical Cyclones Mirasol, Nando, and Opong, the National Disaster Risk Reduction and Management Council (NDRRMC) said as of September 30. 

Meanwhile, the reported death toll in the Bogo City earthquake rose to 72 with nearly 50,000 families affected, the NDRRMC said on Thursday.  –NB, GMA Integrated News