State-run Social Security System (SSS) said Thursday it was offering early renewal of loans to its qualified members as assistance to those who were affected by tropical storm Ondoy.
Meanwhile, the House of Representatives on Wednesday night adopted Joint Resolution 47 calling on all government financial institutions, including the SSS, to suspend for at least 90 days the payment of loans to them and the condonation of the interests and penalties.
In a statement, SSS President and Chief Executive Officer Romulo Neri said the pension fund also eased down the requirements for loan renewal to help those affected by Ondoy. SSS earlier lowered the interest rate of its home repair loans to help members affected by the storm.
“Early loan renewal means a member who has paid P14,000 out of his P24,000 salary loan can re-borrow P14,000 even if he still has a previous loan balance of P10,000,” Neri said.
Also, to qualify, a member must have paid at least 50 percent of the existing loan. The maximum salary loan available is P24,000.
The SSS salary loan is payable in two years with a two-month grace period before start of amortization payments. Applicants must have at least 36 posted contributions, six of which made within the past 12 months.
About 90,000 members are expected to benefit from the early loan renewal program.
Applicants will be required to present their SSS biometric card or two valid IDs, one of which should have a recent photo, when they file their applications at SSS branches.
“Members who lost their IDs would be allowed to present a barangay and police clearance for identification,” he said. “We will accept applications until December 31, 2009.”
The pension fund earlier said it would contribute P100 million to people who were affected by Ondoy.
Neri said P60 million will be released to the Department of Social Welfare and Development, which is heading relief and rehabilitation efforts; P30 million to the Office of the President; and P5 million each to labor and employer groups.
The donation and eased down loan requirements were approved by the Social Security Commission, the SSS governing board, where the government, labor and management sectors are represented. The SSS also donated P50 million after Typhoon Frank hit the country last year.
House measure
During a session on Wednesday night at the House, lawmakers adopted the joint resolution authored by Rep. Darlene Antonino-Custodio of South Cotabato that pushes for the mandatory suspension of loan payments to the SSS, the Government Service Insurance Service (GSIS) and the Pag-IBIG fund as a form of assistance to those affected by Ondoy.
“Whereas, in order to realize such a direct and immediate relief, government financial institutions must be mandated to step in and provide relief to victims of Ondoy in the form of suspension of loan payments,” said Custodio in her joint resolution.
The lawmaker said in her joint resolution that the SSS and the GSIS have assets amounting to P242 billion, P202 billion, respectively, and will not be affected by the 90-day loan payment suspension. Custodio also urged the private sector to follow suit.
“Private financial institutions are likewise encouraged to follow suit as a special policy for their corporate social responsibility program to address a unique and fortuitous situation,” she added.
13th-month pay
Meanwhile, the government announced that it was ready to release the balance of the 13th month pay to state employees who want to avail of it to cope with the difficulties caused by Ondoy.
Budget Secretary Rolando Andaya Jr. said in a press briefing that state employees would only need to inform their respective offices to get the remainder of their 13th-month pay in advance.
President Gloria Arroyo and Vice President Noli de Castro recommended the early release of the balance of the 13th-month pay for government workers during the Cabinet meeting on Tuesday. Half of the 13th-month pay of state employees was released in May.
“Today, we’ll start giving away the 13th-month pay. You only have to inform your respective offices,” Andaya told reporters. “This is purely voluntary.”
He said the government has enough money for that matter.
More emergency loans
The GSIS will also be ready to extend an emergency loan of P20,000 for each qualified member.
Also, the Home Development Mutual Fund, also known as the Pag-IBIG Fund, has put up windows in all of its branches to process calamity loans for members in areas hit by Ondoy.
Pag-IBIG said loan processing would take one to three days, which will then be credited to their accounts in the Land Bank of the Philippines. Pag-IBIG will require its members to only present a properly filled loan application. –Lailany P. Gomez, Angelo S. Samonte And Jomar Canlas, Manila Times
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