THE Social Security System (SSS) and the Government Service Insurance System (GSIS) are offering loans to assist members affected by Habagat or southwest monsoon and Typhoon Carina.
According to GSIS President and General Manager Wick Veloso, GSIS has allocated P18.5 billion for emergency loans.
This aid is expected to help over 864,000 members and pensioners affected by the monsoon and Typhoon Carina, particularly in areas such as Batangas, Rizal, and the National Capital Region (NCR).
“These areas have been declared as calamity areas. So, we are providing financial assistance to help our members and pensioners recover quickly,” Jose Arnulfo ‘Wick’ Veloso, President & GM, GSIS stated.
GSIS has approximately 742,000 members in NCR, over 61,000 in Batangas, and 60,800 members in Rizal.
Those who are eligible for these emergency loans are active members not on unpaid leave, have no pending administrative or legal cases, and have paid at least six months of premiums before applying.
“Their take-home pay should not be less than P5,000, as per the General Appropriation Act,” Veloso added.
Members can borrow up to P40,000 to settle previous debts and receive a maximum net amount of P20,000.
Meanwhile, for members with no existing debts, they can apply for up to P20,000.
According to Veloso, the interest rate is 6 percent per annum with a three-year repayment period.
Applications for this loan can be made starting July 26.
SSS offers up to P20K calamity loan for members affected by Typhoon Carina, monsoon
Aside from GSIS, the Social Security System (SSS) will also provide Calamity Loan Assistance to members affected by the monsoon and Typhoon Carina.
According to Nerissa Sabado, Department Manager III of the Member Loans Department at SSS, the maximum loan amount is P20,000.
“We average the 12 months’ monthly salary credit of the member, depending on their contributions, so it’s P20,000,” Nerissa Sabado, Member Loans Department, SSS said.
The loan must be repaid over two years or twenty-four monthly installments.
Sabado added that the interest rate is low, at 10 percent per annum, which is equivalent to 0.83 percent per month.
Eligible SSS members include those residing in areas declared or to be declared under a state of calamity.
“Members must ensure they are active SSS members with at least 36 posted monthly contributions, with 6 posted in the last 12 months before the application month,” Sabado added.
Members can submit their calamity loan application via their My.SSS account at www.sss.gov.ph.
