SSS allots P285-M Calamity Aid Package for Taal victims
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Tue, 04 Feb 2020 17:08:16 +0000
Social Security System (SSS) members and pensioners who were affected by the recent eruption of Taal Volcano have been given more time to avail of the state-run pension fund’s Calamity Assistance Package (CAP).
In a statement on Tuesday, the SSS announced that it extended the availment period for the CAP until April 21, 2020 from the original deadline of April 14 this year.
Meanwhile, applications for direct house repair and improvement loan will run up to January 2021, it said.
SSS President and Chief Executive Officer Aurora Ignacio said the pension fund allocated more than P284.92 million worth of financial assistance to benefit more than 28,680 affected members and pensioners.
“We sympathize with our members and pensioners who are now temporarily displaced due to the ongoing earthquakes and ash fall brought about by the volcanic activity of Taal Volcano. We want to assure our members and pensioners that they can rely on the SSS for their immediate financial needs during these difficult times,” she said.
The SSS explained that qualified regular-paying members who are residing in calamity-stricken areas, which have been declared by the National Disaster Risk Reduction and Management Council (NDRRMC) as under state of calamity, may avail of the calamity loan assistance and direct house repair and improvement loan while pensioners may avail of the advance three-month pension.
Areas declared by the NDRRMC under the state of calamity are the provinces of Batangas and Cavite.
On the other hand, members and pensioners who are residents of other areas that may also be declared under a state of calamity are qualified to avail of the CAP once officially declared by NDRRMC, the SSS said.
The pension fund noted that the CAP includes a loan assistance program, which is separate from the regular salary loan, and allows members to borrow up to P20,000 depending on their monthly salary credit, and financial assistance for pensioners wherein they can advance their pensions equivalent to three months.
Expecting more than 10 percent of the affected paying members in the above-mentioned areas to apply for the CAP, the SSS said it allocated more than P284.92 million for the program.
Broken down, P277.5 million was allotted for the calamity loan while the remaining P7.42 million was set aside for the advance three-month pensions of qualified pensioners.
Besides the calamity loan, the pension fund noted members with damaged homes can also avail of the direct house repair and improvement loan with six months’ moratorium in amortization and interest payments.
Members can borrow up to a maximum of P1 million under this program, the SSS said.
To qualify for direct house repair and improvement loan, the applicant must not be more than 60 years old and with at least 24 monthly contributions, of which three contributions were remitted within the last 12-month period prior to the month of filing the loan.