THE Social Security System (SSS) will implement a calamity relief package for its members and pensioners who are victims of the deadly floods caused by Typhoon Sendong in Cagayan de Oro and Iligan, starting with a six-month suspension of member loan payments, a three-month advance payment of pensions, and a reduction in the interest rate of new loans filed under the SSS Housing Loan Program for Repairs/Improvements.
President and chief executive officer Emilio S. De Quiros, Jr. made this announcement following the annual SSS Christmas gift-giving to various charitable institutions, held on December 20, 2011 at the SSS main office in Quezon City.
Members in Cagayan de Oro and Iligan with existing SSS loans – whether salary, housing or business loans – have the option to apply for a six-month suspension of their loan payments, without penalties, with an extension of their amortization term by six months.
For members with current salary loans, they can alternatively avail themselves of an early renewal of their salary loans, with the balance of the existing loan to be deducted from the proceeds of their new loan. Eligible members may file their applications for either loan payment suspension or early loan renewal with their nearest SSS branches. Those who avail of the loan payment suspension will no longer be eligible for early loan renewal, and vice versa.
The SSS has also reduced the interest rate of its Housing Loan Program for Repairs/Improvements, from 13 percent to eight percent, specifically for members whose homes were damaged by Typhoon Sendong. Application period to this loan program, which offers maximum loanable amounts up to P300,000, is from January 1 to June 30, 2012.
“The applicable period of the loan payment suspension is November 2011 to April 2012, for loan payments falling due in December 2011 to May 2012. This payment suspension is applicable also to members who bought SSS acquired assets and are paying on installment. They can suspend payments for the next six months without incurring any penalties,” de Quiros explained. “Availment period is from January 2 to March 30, 2012.”
For pensioners in Cagayan de Oro and Iligan, the SSS will automatically advance their pensions for February to April 2012, the total amounts of which will be credited to the pensioners’ bank accounts by January 2012. Pensioners in other affected areas may apply for advanced pension and present a certification from the Barangay Chairman that they are residents of the calamity-stricken area.
SSS membership data show about 1.6 million registered members in Northern Mindanao alone. There are currently 845 housing loan accounts and 48 acquired asset accounts located in the calamity-stricken areas. About 122,000 salary loan borrowers are situated in Cagayan de Oro and Iligan, while there are 43,802 SSS pensioners in the Northern Mindanao region.
“Our priority areas are Cagayan de Oro and Iligan, which were the hardest hit by Sendong. Fortunately, our SSS offices there sustained only minimal typhoon damage and our employees will be ready to service our members in their time of great need,” de Quiros said. “We recognize the gravity of the devastation caused by Typhoon Sendong in Northern Mindanao, and we want to help our members there in recovering and rebuilding their lives.” [SSS]
