By News5 Digital
(July 25, 2024) — State insurers Social Security System (SSS) and Government Service Insurance System (GSIS) have announced calamity loan programs to aid members affected by Typhoon Carina and the Southwest Monsoon (Habagat) in certain parts of Luzon.
The National Capital Region; the provinces of Bataan and Bulacan in Region III; Batangas, Cavite, and Cainta town in Rizal in Region IV-A; and Pinamalayan town, Oriental Mindoro in Region IV-B have all declared state of calamity as of this writing.
The initiatives by the SSS and the GSIS aim to provide immediate financial relief to those affected, helping them recover from the calamities’ adverse effects.
SSS President and Chief Executive Officer Rolando Ledesma Macasaet emphasized the agency’s commitment to providing financial assistance to members in typhoon-stricken areas. SSS members can avail themselves of a loan equivalent to their one-month salary credit, up to a maximum of P20,000. To qualify, members must have at least 36 monthly contributions, six of which must be posted within the last 12 months before the application month, reside in the declared calamity area, be below 65 years old, have no final benefit claim, no past due SSS short-term member loans, and no outstanding restructured or calamity loans.
Members can apply for the calamity loan via their My.SSS account on www.sss.gov.ph. Once approved, loan proceeds will be credited to the member’s registered Unified Multi-Purpose Identification (UMID)-ATM Card or active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating bank. The loan can be repaid over 24 equal monthly installments with an annual interest rate of 10%.
Meanwhile, GSIS has allocated P18.5 billion in emergency loans for 864,089 members and pensioners affected by the recent calamities. Eligible members and pensioners can apply for loans from July 26 to Oct. 28. Members with existing emergency loan balances may borrow up to P40,000, while those without existing loans may apply for up to P20,000. The loan features a low interest rate of 6% per annum and a three-year repayment period.
To qualify for the GSIS emergency loan, active members must not be on unpaid leave, have no pending administrative or legal cases, and have made at least six monthly premium payments before applying. Their net take-home pay should not be less than P5,000. Old-age and disability pensioners must have a net monthly pension of at least 25% of their gross pension after loan amortization.
GSIS members can apply for the loan online through the GSIS Touch mobile app or the GSIS Wireless Automated Processing System (GWAPS) kiosks located in all GSIS branches and major government offices. For more information, members can visit the GSIS website at www.gsis.gov.ph.
(JREC)
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