The Social Security System (SSS) announced that members affected by the recent Magnitude 7.4 earthquake in Taiwan can avail of a calamity loan until August 20, 2024.
This is the first time SSS has extended financial assistance to members outside the Philippines, underscoring the organization’s commitment to supporting its members globally.
SSS President and CEO Rolando Ledesma Macasaet detailed the Calamity Loan Assistance Program (CLAP) designed for members living, residing, or working in Taiwan at the time of the earthquake on April 3, 2024.
“The calamity loan offered to members in Taiwan was a historic first for SSS since we have never extended financial assistance to calamity-hit members outside of the Philippines until now. It only proved that we are always ready to assist our members wherever they are,” Macasaet said.
Affected members can submit loan applications online via their My.SSS account from May 21 to August 20, 2024. However, they must first visit the SSS Taiwan Foreign Office in Neihu District, Taipei City, to obtain a Calamity Loan Reference Number (CLRN), a unique 12-alphanumeric identifier required for the application.
Pedro T. Baoy, SSS Senior Vice President for Lending and Asset Management Group, explained that qualified members could borrow up to one monthly salary credit or a maximum of P20,000.
To be eligible, members must:
– Have a My.SSS account at www.sss.gov.ph;
– Have at least 36 monthly contributions, with six posted within the last 12 months before applying;
– Be an OFW SSS member;
– Have been living, residing, or working in Taiwan during the earthquake;
– Be 65 years old or below at the time of loan application;
– Have not been granted any final benefit such as permanent total disability or retirement;
– Have no past due SSS Short-Term Member Loans;
– Have no outstanding restructured loan or calamity loan.
“Once approved, the loan proceeds will be credited to the member’s registered Unified Multi-Purpose Identification (UMID)-ATM Card or their active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating bank,” Baoy explained.
The loan can be repaid over two years in 24 equal monthly installments with an annual interest rate of 10 percent. The one percent service fee has been waived. The first loan amortization will begin in the second month following the loan approval date. For instance, if a loan is approved on May 22, 2024, repayments will start in July 2024.
Baoy also reminded member-borrowers that the loan payment deadline is the last day of the month following the applicable month. If the deadline falls on a weekend or holiday, payments can be made on the next working day. Late payments will incur a one percent monthly penalty.
For further details and application procedures, members are encouraged to visit the official SSS website or contact the SSS Taiwan Foreign Office.
