MANILA, Philippines – The Social Security System (SSS) is now accepting applications from members who wish to apply for loan under the COVID-19 Calamity Loan Assistance Program.
The agency said a member may loan up to P20,000 depending on his or her monthly salary credit in the past 12 months.
The SSS specified that to qualify, the applicant must have remitted his or her contributions in the past 36 months, with a local address in the Philippines and has no existing obligations with SSS particularly under the loan restructuring program or previous calamity loan programs.
However, those who already have received permanent disability and retirement benefits are not qualified to apply.
Once approved, members may claim the loaned amount through the Unified Multipurpose Identification card, the Union Bank of the Philippines Quick Card or in a form of check which will be sent to the applicant’s billing address.
Application runs until September 14, 2020.
This is SSS’ way of helping its members who are affected by the current coronavirus disease (COVID-19) pandemic which has impacted the country more than any other calamity in the past.
Out of consideration for its members, the SSS extended the loan payment period to 27 months and lowered the interest rate to 6% as compared to the 24 months-10% interest of the previous calamity loans.
The SSS said it can accommodate up to 1.74 million member-applicants for the calamity loan.
Meanwhile, the SSS reminds its members that the deadline for payment of pending contributions has been extended up to June 30. MNP (with reports from Rey Pelayo)
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