SSS opens calamity loan program for members affected by pandemic

STATE-RUN pension fund Social Security System (SSS) allotted a total of P20.4 billion for its Calamity Loan Assistance Program (CLAP) for its more than 1.74 million member-borrowers affected by the Luzon-wide lockdown due to the pandemic.

In a webinar on Wednesday, SSS Member Education Department Officer in Charge Section Head Jeric R.

Mallari said the program, which offers a calamity loan of up to P20,000 is targeted to be implemented on April 24.

All SSS members who are residents of the Philippines affected by the community quarantine due to the global health pandemic Covid-19 are qualified to avail CLAP.

CLAP covers contingencies starting March 2020 to May 2020.

The filing of CLAP applications shall be made online through the SSS web site (www.sss.gov.ph) or

SSS Mobile Application by accessing MY.SSS account.

Once approved, loan proceeds will be credited through the member’s enrolled bank account.

Filing of CLAP applications will be announced immediately when the system is ready for launch.

The loan is also payable in 27 months, inclusive of three-month moratorium period. Amortization shall start on the fourth month after the date of approval of the loan.

The loan is subject to an interest rate of 10 percent per annum which will start on the fourth month, computed on a diminishing principal balance.

SSS also waived the service fee of 1 percent of loan amount.

The pension fund earlier announced that it is imposing a 3-month moratorium on shortterm loan payments of SSS members affected by Covid-19 situation for applicable months of February to April.