SSS members can borrow up to P20,000 while Pag-IBIG members can borrow up to 80 percent of their regular savings when they apply for a calamity loan

Parts of Metro Manila and Luzon are still reeling from the effects of Typhoon Carina, which brought nonstop rains that caused flooding. While the typhoon with the international name Gaemi reportedly exited the Philippine area of responsibility (PAR) Thursday morning, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa), it has left the entire National Capital Region (NCR) together with Oriental Mindoro, Batangas, Cavite, Bataan, and Bulacan under a state of calamity.

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The Office of Civil Defense estimates that at least 189,014 families, or 910,536 persons have been affected by Carina. Some of the most affected areas, according to the Metro Manila Council are the cities of Caloocan, Malabon, Navotas, Valenzuela (Camanava), and Marikina. 

Recovery through calamity loans

To assist those affected, the Social Security System (SSS) has already announced that its members living in typhoon-stricken areas can avail of calamity loans to aid in their recovery.

SSS president and chief executive officer Rolando Ledesma Macasaet said in a statement that members can avail of a loan equal to their one monthly salary, or up to a maximum of P20,000. 

Applications to the loan, which is payable over 24 equal monthly installments with an annual interest rate of 10 percent, can be made through the www.sss.gov.ph website. A digital copy of the calamity loan application form can also be downloaded here.

How to apply for an SSS calamity loan

To avail of the loan, the SSS member should:

• have at least 36 monthly contributions, six of which must be posted within the last 12 months before the month of filing the application
• be living or residing in the declared calamity area
• be below 65 years old at the time of loan application
• have no final benefit claim 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,” Macasaet explained.

SSS also has an upcoming webinar about calamity loans on July 31.

How to apply for a Pag-IBIG Fund calamity loan

Pag-IBIG Fund likewise offers calamity loans to its members but has not yet announced whether it will be open to applications from those affected by Typhoon Carina.

According to its website, the Pag-IBIG Fund calamity loan seeks to provide immediate financial aid to affected Pag-IBIG Fund members in calamity-stricken areas as declared by the Office of the President or the Sangguniang Bayan.

To qualify for a calamity loan, a Pag-IBIG member must:

• Have at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings
• Have an active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of the loan application
• Not have an existing Pag-IBIG housing loan, multi-purpose loan and/or calamity loan in default
• Present proof of income

Successful applicants can borrow up to 80 percent of their total Pag-IBIG regular savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned. 

For members with an outstanding Pag-IBIG multi-purpose loan, the amount you may borrow shall be the difference between 80 percent of your total Pag-IBIG Regular Savings and the outstanding balance of your Pag-IBIG multi-purpose loan.

Unlike SSS, the Pag-IBIG Fund calamity loan is payable within 36 months or three years with the initial payment due on the third month after the loan release. Members may also opt to pay their loans for a shorter period of two years or 24 months. It also has a relatively lower annual interest of 5.95 percent.

Once the program is made available, eligible members can apply for a Pag-IBIG calamity loan within a period of ninety (90) days from the declaration of a state of calamity.

You can send your application via Virtual Pag-IBIG. Just upload a duly accomplished loan application form along with requirements, or complete the Pag-IBIG Calamity Loan application online form. You can also submit your documents over the counter through your employer or personally at any Pag-IBIG Fund branch.