SSS opens calamity loan window for quake, typhoon victims

State-run Social Security System (SSS) has opened its calamity loan program for members affected by the magnitude 6.9 earthquake in Cebu and recent tropical cyclones.

In a statement Friday, SSS said the program was launched in line with the directive of President Ferdinand R. Marcos Jr. and the instruction of Finance Secretary and Social Security Commission Chairperson Ralph Recto to provide immediate relief to disaster-hit members.

The calamity loan carries a 7 percent annual interest rate and allows members to borrow up to ₱20,000.

“We want to assure our members that they can rely on SSS in times of calamities and other natural disasters. Our goal is to support the quick recovery of our members in quake-hit areas by providing them with an accessible loan program,” SSS President and CEO Robert Joseph Montes de Claro said.

Applications may be filed online through members’ My.SSS accounts, with approved loan proceeds credited directly to their enrolled disbursement accounts.

To qualify, members must be residing or working in a declared calamity area, have at least 36 monthly contributions with six posted in the last 12 months before filing, maintain an active My.SSS online account, and have no past due or restructured loans. 

Applicants must also not have availed of any final benefit, must be of legal age but not older than 65 at the time of application, while employed members must have employers who are up-to-date with contributions and loan remittances.

Aside from Cebu, coverage also includes areas affected by Tropical Cyclones Mirasol, Nando, and Opong, as well as those hit by the enhanced southwest monsoon. 

Over 85 towns and cities in Ilocos Norte, Cagayan, Oriental Mindoro, Romblon, Masbate, Aklan, and Maguindanao del Sur have been placed under a state of calamity.

De Claro said the new loan program is designed to be more responsive, with the loan window activated within days of a state of calamity declaration.