SSS sets release of P260M for pensioners in CDO, Iligan

MANILA, Philippines - The Social Security System (SSS) is set to disburse an estimated P260 million this month to depository banks for pensioners based in Cagayan de Oro (CDO) and Iligan City, the two areas severely affected last December by tropical storm Sendong.

SSS president and chief Executive Officer Emilio de Quiros Jr. said the P260 million represents the advance pensions for February to April of about 29,000 affected pensioners in CDO and Iligan cities.

“Pensioners residing in the declared calamity areas can apply for early release of pensions at the nearest SSS branch until March 30,” De Quiros said.

The early release of their pensions is part of the agency’s assistance to members in the affected areas.

Aside from this, the calamity relief package for members also includes six-month suspension of payments, early loan renewal and a five-percent cut in the interest rate of house repair loans.

De Quiros said loans for house repairs come at a lower interest rate of eight percent.

“They can borrow a maximum of P300,000, which is payable in 20 years, to repair their homes and install water facilities such as deep well and motor pump,” De Quiros said.

To ease the burden on affected members, SSS’ six-month moratorium will cover “amortizations for salary and housing loans that fall due in December 2011 to May 2012.”

“Buyers of acquired SSS houses and lots in declared calamity areas can also apply for a six-month suspension of monthly installments,” de Quiros also said.

Members who wish to avail themselves of the pension fund’s assistance package can apply on: March 30 this year for SLERP or the Salary Loan Early Renewal Program; May 31 for the moratorium on payments of loan borrowers and buyers of acquired SSS assets; and June 30 for the special interest rate on house repair loans

The Salary Loan Early Renewal Program is available to borrowers for up to P24,000.

The balance will be deducted from the loan proceeds, or the six-month moratorium, de Quiros said.

Tropical storm Sendong hit the Philippines last Dec. 16, killing at least 1,000 people and leaving thousands homeless and missing.