Manila, Philippines – Business Inquirer reports the COVID-19 Calamity Loan program from the Social Security System (SSS) on April 15. According to SSS Vice President, Fernando F. Nicolas expressed the intention of the government institution to provide a nationwide launch of the much-needed calamity loan. The application starts on April 24, Friday.
How can members apply for COVID-19 Calamity Loan?
All SSS members can apply for up to Php20,000, which is equivalent to a ‘one-month salary credit.’ They can use the money for their March to May expenses, considering the quarantine period is this devastating time. The agency has more than 1.74 million members. About Php20.4B will go to the members who need the loan the most.
With the enhanced quarantine period still in effect, members can apply online through the SSS website or mobile app. They need to sign up for a My SSS account. Members can claim their loans from their enrolled bank accounts.
Members need to prepare the following:
- Duly accomplished Calamity Loan Assistance Application Form (accessible in the sss.gov website)
- Barangay Certification
- At least one (1) primary ID:
- Unified Multi-Purpose ID (UMID)
- Driver’s License
- Professional Regulation Commission (PRC) ID
- Seaman’s Book
- Or two (2) secondary IDs
- Company ID
- Taxpayer’s Identification Number (TIN) ID
- Senior Citizen ID
- Voter’s ID
- PhilHealth ID
- For Overseas Filipino Workers
- An authorization letter from the OFW
- Printed copies of valid ID of the OFW plus original valid ID of the representative
SSS gives its members 27 months to pay with a ‘three-month moratorium period’ and a waived 1% service fee. Payments start 4 months after approval. There’s also a 10% interest per annum, which they will compute through the members’ ‘diminishing principal balance.’
Nicolas added SSS is working on a moratorium for its pension and housing loans. The agency is taking the necessary steps to release pensions early, suspend ‘proof of life requirement’ for the meantime, and extend the deadlines for contributions. They’re also in the talks to provide more assistant as the COVID-19 pandemic continues to affect lives.
The quarantine period will end on April 30, but there are speculations that the government might extend another week or two. The COVID-19 situation is far from over, but authorities and all front-liners are doing everything they can to help patients and other affected families. When will this end? The truth is, no one knows right now. But, we must hope for the best and put our trust in God that He will heal our land in time.