SSS Offers Calamity Loans for Earthquake-Affected Members in Taiwan – Apply by August 20, 2024

The Social Security System (SSS) is reaching out to its members in Taiwan who have been affected by the recent Magnitude 7.4 earthquake that struck the island on April 3, 2024. In response to this calamity, SSS has launched a special financial assistance program known as the Calamity Loan Assistance Program (CLAP). Members are encouraged to apply for this loan until August 20, 2024.

SSS President and Chief Executive Officer Rolando Ledesma Macasaet emphasized the significance of this initiative. “This calamity loan is a historic first for SSS, as we have never provided financial assistance to members impacted by a disaster outside of the Philippines until now. This demonstrates our unwavering commitment to assist our members, no matter where they are located,” Macasaet stated.

Application Process for Calamity Loan

Affected members can easily submit their loan applications online through their My.SSS accounts. The application period is open from May 21 to August 20, 2024.To begin the application process, members must first obtain a Calamity Loan Reference Number (CLRN). This unique identifier is essential for loan applications and can be secured by visiting the SSS Taiwan Foreign Office located in Neihu District, Taipei City.

Eligibility Requirements

To qualify for the calamity loan, members must meet the following criteria:

• Possess a My.SSS account at www.sss.gov.ph.
• Have at least 36 monthly contributions, with a minimum of six contributions made within the last 12 months prior to the application.
• Be an Overseas Filipino Worker (OFW) SSS member.
• Reside, live, or work in Taiwan at the time of the earthquake.
• Be 65 years old or younger at the time of the loan application.
• Not have received any final benefits such as permanent total disability or retirement.
• Have no overdue SSS Short-Term Member Loans.
• Have no outstanding restructured loans or calamity loans.

Loan Amount and Repayment Terms

Under the CLAP, qualified members can borrow an amount equivalent to one monthly salary credit, or up to P20,000.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 participating bank in the Philippine Electronic Fund Transfer System and Operations Network (PESONet).

Members will have a repayment period of two years, or 24 equal monthly installments, with an annual interest rate of 10 percent. Notably, the one percent service fee has been waived.

The first loan amortization payment will commence in the second month following the loan approval date. For instance, if a member’s loan is approved on May 22, 2024, they will begin making payments in July 2024.

Payment Deadlines and Penalties

It is important for member-borrowers to note that the loan payment deadline is the last day of each month. If the deadline falls on a weekend or holiday, payments can be made on the next working day. However, late payments will incur a penalty of one percent per month.

Wrap Up

The SSS calamity loan program is a vital resource for members in Taiwan who are facing financial challenges due to the recent earthquake. The SSS encourages all eligible members to take advantage of this opportunity to secure the assistance they need during this difficult time.

For more information, please visit the SSS website or contact the SSS Taiwan Foreign Office.