THE SOCIAL Security System (SSS) is offering a 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 (CLAP) until May 15.

SSS President and Chief Executive Officer Emmanuel F. Dooc said the member-applicants who will avail of the assistance can get a maximum of P16,000, 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 said the 1% service charge is being waived “as a special consideration.”

The pension fund has set aside more than P193 million for the loan program. It has estimated 19,354 potential borrowers with an average monthly salary credit of P10,000.

“Qualified applicants under CLAP are those with home address or property in NDRRMC-declared calamity areas and have a minimum of 36 monthly contributions, six of which should be paid within the 12-month period preceding the date of application,” SSS said in the statement.

NDRRMC is the National Disaster Risk Reduction and Management Council.

OFWS
Overseas Filipino workers can also avail of the calamity assistance, Mr. Dooc said, given that their residence is within the declared calamity area.

“They only need to issue an authorization letter for their representatives to submit their application on their behalf,” Mr. Dooc said.

However, member-applicants with previous CLAP availments, outstanding balance under the loan restructuring program or final benefit claims such as for total permanent disability and retirement are not qualified.

According to the latest NDRRMC update, a total of P166.07 million worth of damages to agriculture was incurred in Albay, with 10,443 farmers affected.

Last month, Albay was placed under a state of calamity.

Aside from CLAP, members can also avail of a three-month advance pension as well as direct house and improvement loan program.

SSS members who are affected by the eruption can apply for the advanced release of three months’ worth of pension until May 15.

Under the direct house repair and improvement loan, members can borrow a maximum P1 million. It will have an interest of 6% per annum fixed for 15 years. Members have until Feb. 15, 2019 to apply. — Karl Angelo N. Vidal

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