The Social Security System (SSS) said that members affected by Tropical Storm Maymay and the enhanced southwest monsoon or habagat can apply for an emergency loan.
SSS President and CEO Robert Joseph de Claro said that the Emergency Loan Program (ELP) is open to qualified members nationwide, serving as a readily accessible lifeline for those grappling with economic hardship in the wake of emergencies and natural disasters.
“The ELP underscores SSS’ enduring commitment to delivering prompt financial support to members facing unforeseen adversities. Through this program, those impacted by Tropical Storm Maymay and habagat can access urgently needed funds under more flexible qualifying conditions,” de Claro said in a statement.
Under the program, the required number of monthly contributions has been reduced from 36 to 18, provided that the member has at least six posted contributions within the last 12 months.
Those who are self-employed, voluntary, non-working spouse, and land-based Overseas Filipino Workers must have at least six monthly contributions prior to the month of application.
The SSS said that those who can avail must be under 65 years old at the time of loan application; must have a valid home address registered with SSS; have updated contact information in the SSS database; have no outstanding overdue emergency, calamity, salary, educational assistance loan, or other short- or long-term member loans; and must have no existing restructured loan.
Also, a member must not have been disqualified due to any fraud committed against the SSS; must not have received any final benefit such as retirement or permanent total disability benefits; and must have an active disbursement account enrolled through the Disbursement Account Enrollment Module on the My.SSS Portal.
Qualified members may borrow up to P20,000 at an annual interest rate as low as 7 percent. The loan is payable over 30 months, inclusive of a six-month moratorium period.
“Members are not required to make any monthly amortization payments during the first six months from the date of loan approval, and no penalties will be imposed during this period. Regular monthly payments will commence in the seventh month,” de Claro said.
He also clarified that members affected by the tropical cyclone may simultaneously apply for an SSS salary loan, subject to separate eligibility requirements.
Applications for both the ELP and the salary loan can be submitted online through the My.SSS Portal at www.sss.gov.ph.
