The Social Security System(SSS) will administer the calamity relief packages of all SSS members and pensioners who are victims of Typhoon Sendong in Cagayan de Oro and Iligan provinces with a six-month suspension of loan payments, and three-month advances for SSS pensioners, and reducing the interest rate of new loans under the SSS Housing Loan Program for Repairs/Improvements.
All members in Cagayan de Oro and Iligan with existing loans will have an option to apply for a six-month suspension in loan payments without penalties and extends the amortization term on housing loan for six months. Eligible members with salary loans can avail the early renewal of their loan with the balance deducted to their new loan. All members can apply for the early renewal of loan at the nearest SSS branches.
The SSS will also reduce the interest rate if members who will avail the Housing Loan Program for Repairs/Improvements by 13 % to 8% for members who were victims of the damage brought by Typhoon Sendong.
The maximum loanable amount is P300,000. application will start from January 1 to June 30, 2012.
For SSS pensioners, SSS will advance their pensions for February to April, 2012, the total amount will be credited to the pensioner's bank accounts by January 2012.
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