Pag-Ibig, SSS ready calamity loan services
The Social Security System (SSS) has updated its calamity loan guidelines to fast-track the release of financial aid to affected members and pensioners, particularly in the wake of Tropical Storm “Crising” and amid persistent monsoon rains.
Meanwhile, the Pag-Ibig Fund there are four basic requirements for taking a calamity loan. These include a filled-out calamity loan application form, a valid ID, proof of income or certified income by employer on form and the member-borrower’s Pag-Ibig Loyalty Card Plus.
Regarding a housing loan insurance claim for material damage (all risks), Pag-Ibig requires a filled out application form for nonlife insurance claim, a report of loss, cost of damage/bill of materials, colored pictures of the damaged property and two valid IDs with signature.
In addition to the previously announced reduction in the interest rate—from 10 percent to 7 percent—SSS said on Wednesday it is also “streamlining” the activation process of the calamity loan program.
This means the loans will be made available within seven working days from the declaration of a state of calamity in a particular area. Previously, activation could take up to a month.
“With the issuance of the revised CLP guidelines, SSS will provide emergency financial relief to mitigate impact of natural disasters to members and help get them toward the path of recovery under liberalized terms and conditions,” said Joseph de Claro, president and CEO of SSS.
In 2024, the SSS disbursed nearly P10 billion in calamity loans to over 560,000 members. For this year, the state-run pension fund for private sector workers has set aside approximately P20 billion for the program.
Under the program, borrowers may avail themselves of a loan equivalent to one monthly salary credit (MSC), computed based on the average of the last 12 MSCs, rounded up to the nearest thousand or the amount applied for, whichever is lower. The maximum loanable amount is capped at P20,000.
Loan terms
Members must have at least 36 monthly contributions—six of which must be posted within the last 12 months prior to the month of filing. Individually paying members—such as self-employed individuals, voluntary members or land-based overseas Filipino workers—must also have at least six contributions posted under their current membership type.
Applicants must be registered with the SSS online portal (My.SSS) and must not have any past due loan accounts, outstanding restructured loans, or approved final benefit claims. The loan application must be submitted online via the member’s My.SSS account or through the SSS Mobile App.
Loan proceeds will be credited to the member’s active Umid-ATM card or to a bank account in the member’s name with any PESONet-accredited bank, provided the account is enrolled through the Disbursement Account Enrollment Module on the My.SSS portal.
The loan is payable over a two-year period in 24 equal monthly installments, with amortization beginning in the second month following loan approval. A service fee equivalent to one percent of the loanable amount will be deducted from the proceeds.
