Social Security System (SSS) is offering calamity loan assistance to its members and pensioners who are affected by the eruption of Mayon volcano.

In a statement, state pension fund SSS said its active members and pensioners residing in areas affected by the Mayon volcano eruption can get financial aid under its calamity loan assistance program until May 15, 2018.

SSS president and chief executive officer Emmanuel F. Dooc said the member-applicants who will avail the assistance can avail of a maximum of P16,000 calamity loan and is payable in two years.

“To further help them recover from this unfortunate situation, monthly amortization will only start after three months from the time that they received the loan,” Mr. Dooc added.

The calamity loan assistance program is separate from the regular salary loan. The loanable amount is payable in equal monthly installments with an annual interest rate of 10% and monthly penalty of 1% for late payments.

SSS added that the 1% service charge was waived “as a special consideration.” — Karl Angelo N. Vidal

RELATED ARTICLESMORE FROM AUTHOR