SSS provides a disaster loan to members affected by the earthquake in Taiwan

The Social Security System (SSS) announced that members affected by the recent 7.4 magnitude earthquake in Taiwan can benefit from the disaster loan until August 20, 2024.

This is the first time that SSS has provided financial assistance to members outside the Philippines, underscoring the organization's commitment to supporting its members globally.

Rolando Ledesma Macasait, President and CEO of SSS, detailed the Disaster Loan Assistance Program (CLAP) designed for members living, residing or working in Taiwan at the time of the earthquake on April 3, 2024.

“The disaster loan to members in Taiwan was a historic first for SSS since we have never provided financial assistance to disaster-affected members outside the Philippines until now. This proves that we are always ready to help our members wherever they are,” Macasait said.

Affected members can submit loan applications online through their My.SSS account from May 21 to August 20, 2024. However, they must first visit the SSS Taiwan Foreign Affairs Office in Neihu District, Taipei City, to obtain the Disaster Loan Reference Number. (CLRN). , a unique 12 alphanumeric identifier required for the application.

Eligible members can borrow up to one monthly salary balance or a maximum of P20,000, explained Pedro T. Pawe, Senior Vice President of SSS Asset Management and Lending Group.

To be eligible, members must:

– Have a My.SSS account on www.sss.gov.ph;

– Have at least 36 monthly contributions, of which six were published within the last 12 months prior to submission;

– Be a member of the Overseas Filipino Workers SSS;

– You were living, residing or working in Taiwan during the earthquake;

– You must be 65 years of age or younger at the time of submitting your loan application;

He was not granted any final benefit such as permanent total disability or retirement.

– Do not have SSS short-term member loans that are past due;

– You do not have a restructured loan or disaster loan.

“Once approved, the loan proceeds will be credited to the member’s Multi-Purpose Unified Identification (UMID)-ATM card or active accounts with a participating bank in the Philippine Electronic Fund Transfer System and Operations Network (PESONet),” Bowie explained.

The loan can be repaid over two years in 24 equal monthly installments at an annual interest rate of 10 percent. The one percent service fee has been waived. Amortization of the first loan will begin in the second month following the date of loan approval. For example, if the loan is approved on May 22, 2024, repayment will begin in July 2024.

Bowie also reminded member borrowers that the loan repayment 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 the next business day. A monthly late payment penalty of one percent will be imposed.

For more details and application procedures, members are advised to visit the official website of the Social Security System (SSS) or contact the Taiwanese Ministry of Foreign Affairs for the Social Security System (SSS).

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