Cheyenne Suarez

SSS opens Emergency Loan Program for members affected by habagat, Maymay

Social Security System satellite office at Ali Mall in Quezon City on July 6, 2023. ABS-CBN News

Article (news)

Arthur Fuentes

ABS-CBN News

<div> </div>MANILA — The Social Security System (SSS) is offering its Emergency Loan Program (ELP) to members struggling with the financial impact of Tropical Storm Maymay and the enhanced Southwest Monsoon (Habagat).SSS President and CEO Robert Joseph de Claro announced that the ELP is readily available nationwide to provide qualified individuals with a reliable source of financial aid during calamities.“The ELP is part of SSS&#x27; continuing commitment to provide immediate financial relief to members affected by unforeseen events. Through the ELP, qualified members affected by Tropical Storm Maymay and the enhanced Southwest Monsoon may access much-needed financial assistance under more flexible eligibility requirements,” de Claro said.The state-led pension fund said that it has relaxed its contribution rules to accommodate more members in need.Under the ELP, the required number of monthly contributions has been reduced from 36 to 18, provided that the member has at least six posted contributions in the last 12 months, de Claro added.Eligible members—who must be under 65 years old, have no past-due SSS loans, and possess an enrolled disbursement account—can borrow up to P20,000 at a 7 percent annual interest rate. The loan is payable over 30 months, which notably includes a substantial grace period.“Members are not required to make monthly amortization payments during the first six months from the date of loan approval. No penalties will be imposed during this period. Regular monthly amortization payments will begin in the seventh month,” de Claro explained.Members can apply for both the ELP and a regular salary loan simultaneously through the My.SSS online portal.

SSS members can apply for a loan to pay for emergency expenses arising from ongoing weather disturbances.

SSS members can apply for a loan to pay for emergency expenses arising from ongoing weather disturbances.