THE SOCIAL Security System (SSS) has made its Calamity Loan Assistance Program (CLAP) available to members affected by the recent magnitude 7.4 earthquake in Taiwan. The deadline for applications for a loan of up to P20,000 will be until Aug. 20.
“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,” SSS President and Chief Executive Officer Rolando L. Macasaet said in a statement on Thursday.
Members must visit the SSS Taiwan Foreign Office in Neihu District, Taipei City, to secure a Calamity Loan Reference Number (CLRN) for their loan applications.
To qualify, members must 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; must be an overseas Filipino worker SSS member; and must be living, residing, or working in Taiwan during the time of the earthquake.
Also, applicants must be 65 years old or 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; and have no outstanding restructured loan or calamity loan.
The loan can be paid in two years or 24 equal monthly installments with an annual interest rate of 10%.
SSS Senior Vice President for Lending and Asset Management Group Pedro T. Baoy noted that the 1% fee has already been waived.
The first loan amortization will start in the second month following the loan approval date, while the payment deadline is due every last day of the month.
Proceeds from the loan 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.
SSS’ net income rose by 58% to a record P83.13 billion in 2023 due to the mandatory contribution hike and the increase in new members. — Aaron Michael C. Sy
