Social security system will implement a package of disaster relief to members and retirees who are victims of deadly floods caused by Typhoon “Sendong” in Cagayan de Oro and Iligan, starting with a six-month loan payment suspension members, three-month advance payment of pensions and reduction of the interest rate on new loans filed under SSS housing loans Program to repair/improvement.
President and chief executive officer Emilio s. De Quiros, Jr. made the announcement following the annual Christmas gift-SSS provide a variety of chari institutions in the SSS main office Tuesday in Quezon City.
Members in Cagayan de Oro and Iligan with SSS salary loan-is it there, residential or business loans – have the option to apply for a six-month suspension of the payment of their loans, without penalty, with the expansion of their amortization term by six months. For members with loans, paycheck or they can avail themselves of the renewal of their salary loan early, with the balance of the existing loans to cut from the results of their new loans. Qualified members may submit their application for suspension of payment of the loan or loan renewal beginning with branches of their nearest SSS. Utilizing the suspension of loan payments will not be eligible for the renewal of the initial loan, and vice versa.
The SSS also have reduced the interest rate of loan Programs for housing repairs/improvements, from 13 percent to eight percent, exclusively for members of the House was damaged by “Sendong.” The application period this loan program that offers maximum loan up to P300, 000, from 1 January to 30 June 2012.
“The validity period of the suspension of loan payments is November 2011-April 2012, loan payments that fall due December 2011 to may 2012. This applies to the suspension of payments as well as for members who buy the assets of the SSS is obtained and pay in installments. They can defer payments for six months without incurring any penalty, “explained De Quiros. “Period of Availment is from 2 January to 30 April 2012.”
For retirees in Cagayan de Oro and Iligan City, the SSS will automatically forward their retirement for February to April, the total amount will be credited to a bank account retired in January 2012. Retirees in other affected areas can apply for advanced certification from retirement and now Chairman of barangay that they are the inhabitants of the region hit by the disaster.
Membership data shows about SSS 1.6 million registered members in Northern Mindanao alone. There are currently 845 housing loan accounts and account assets obtained 48 is located in a region hit by the disaster. About 122,000 borrower loan paycheck is located in Cagayan de Oro and Iligan, while 43,802 SSS retired in Northern Mindanao.