SSS offers assistance package to members in quake-stricken Porac
Credit to Author: jvicente| Date: Fri, 17 May 2019 03:21:12 +0000
MANILA, Philippines — Starting Friday, members of the Social Security System (SSS) who were victims of the 6.1-magnitude earthquake that hit Porac, Pampanga last April may avail of the Calamity Assistance Package (CAP).
SSS President and Chief Executive Officer Aurora Ignacio said in a statement that the Social Security Commission approved Resolution No. 284-s.2019 that will grant the assistance program to SSS members and pensioners affected by the earthquake in Porac.
Because of the strong quake, the National Risk Reduction and Management Council (NDRRMC) placed Porac under a state of calamity.
READ: Search, rescue operations end in quake-hit Porac, Pampanga
“We are hoping that this will help SSS members and pensioners recover the damages caused by the earthquake,” Ignacio added.
Through the CAP, qualified SSS members may avail of the pension fund’s Calamity Loan Assistance Program (Clap), three-month advance pension and Direct House Repair and Improvement Loan.
Clap offers member-borrowers a loan amount of as much of the member’s salary credit, which is payable in two years in equal monthly installments, with a low annual interest rate of 10 percent and a one percent monthly penalty for late payments.
As qualification, the applicant’s home address or property must be in Porac.
The SSS also decided to waive the service fee for Clap. “The Commission also decided not to charge a service fee for this loan program to help our members. Calamity loan checks may be picked up within 10 working days from the SSS servicing branch where the member filed his/her application,” Ignacio explained.
SSS members can qualify for Clap if they have at least 36 monthly contributions, six of which must have been paid within the 12-month period preceding the date of application.
The SSS president also stated that the state-run SSS implements a file-anywhere policy, so members need not to go to Pampanga to file for the Clap as long as they have complied with the application requirements, which includes the Barangay Certification.
“Qualified Overseas Filipino Worker and Seafarer members who cannot file their loan applications personally may assign a representative, provided that they present an authorization letter,” Ignacio said.
Clap is a separate loan facility from the regular salary loan, so members can avail themselves of this loan program even if they have an outstanding salary loan.
However, members who still have outstanding loans under the SSS’ Loan Restructuring Program, previous Claps, and those who are receiving total permanent disability or retirement pensions are not qualified to avail of said loan program.
Meanwhile, Social Security and Employees’ Compensation pensioners may apply to receive their advance three-month pension.
In case that the pensioner’s present address differs from the member’s address in the SSS’ database, he/she is required to submit a barangay certification to prove that he/she resides in the calamity-declared area.
A Direct House Repair and Improvement Loan is also available for members with damaged houses due to said calamity. The loan program has a six-month moratorium of amortization and interest payments. It has an interest rate of eight or nine percent per annum, depending on the loan amount.
“Members can borrow a maximum amount of P1 million under the Direct House Repair and Improvement Loan. There is also no service fee for this program,” Ignacio said.
To qualify, the applicant must not be more than 60 years old and with at least 24 monthly contributions, three of which must have been paid within the 12-month period prior to the month of filing the loan. Further, the applicant and his/her spouse must be updated in paying their other existing loans with the SSS.
Members who have been previously granted a house repair loan or a final benefit by the SSS are no longer qualified to avail of said program.
The application period for Clap and the three-month advance pension is until Aug. 16, 2019 while the Direct House Repair and Improvement Loan will be until May 15, 2020. (Editor: Jonathan P. Vicente)