By Tracy Cabrera
DILIMAN, Quezon City — With typhoon Maymay and monsoon rain having wrought severe damage across the country, the Social Security System (SSS) has opened its Emergency Loan Program (ELP) to members struggling with the financial impact due to the recent natural calamities.
In an advisory, SSS president and chief-executive-officer Robert Joseph De Claro announced that the ELP is readily available nationwide to provide qualified members with a reliable source of financial aid during these times of difficulty.
According to De Claro, “the ELP is part of SSS’ continuing commitment to provide immediate financial relief to (their) members affected by unforeseen events.”
“Through the ELP, qualified members affected by tropical storm Maymay and the enhanced southwest monsoon or habagat, may access much-needed financial assistance under more flexible eligibility requirements,” he noted.
In addition, he cited that they have also relaxed its contribution rules to accommodate more members in need.
Under the ELP, the required number of monthly contributions has been reduced from 36 to 18, provided that the member has at least six posted contributions in the last 12 months.
Eligible members under 65 years old, who have no past-due SSS loans and possess an enrolled disbursement account, can borrow up to P20,000 at a 7 percent annual interest rate.
The loan will be payable over 30 months, which notably includes a substantial grace period.
De Claro likewise clarified that
“members are not required to make monthly amortization payments during the first six months from the date of loan approval and with no penalties being imposed during the period.”
Regular monthly amortization payments will begin in the seventh month.
To conclude, members can apply for both the ELP and a regular salary loan simultaneously through the My.SSS online portal.
ia/xf
