SSS offers loan renewal for members in calamity areas

The Social Security System (SSS) offered early renewal of loans to members in areas hit by floods caused by Tropical Storm Ondoy that cut a trail of destruction across the main island of Luzon last weekend, a top official said today.

 

SSS President and Chief Executive Officer Romulo Neri said the agency eased down the requirements for loan renewal to help members cope with the effects of floods that submerged large areas in the National Capital Region and other provinces in the country.

 

"Early loan renewal means a member who has paid P14,000 out of his P24,000 salary loan can re-borrow P14,000 even if he still has a previous loan balance of P10,000," Neri said.

 

The SSS salary loan is payable in two years with a two-month grace period before start of amortization. Applicants must have at least 36 posted contributions, six of which within the past 12 months.

 

An estimated 90,000 members are expected to benefit from the early loan renewal program. Applicants will be required to present their SSS biometric card or two valid IDs, one of which with a recent photo, when they file their applications at SSS branches.

 

"Members who lost their IDs would be allowed to present a barangay and police clearance for identification," he said. "We will accept applications until December 31, 2009."

 

To qualify, a member must have paid at least 50 percent of the existing loan. SSS grants salary loans of up to P24,000.