The Social Security System has announced a six-month moratorium on loans of members in regions greatly affected by typhoon “Frank”.
Loan amortizations have been suspended in Regions III, IV-B, V, VI, VIII, IX and XII to help workers cope with the massive damage caused by the typhoon, said Social Security Commission Chairman Thelmo Cunanan.
SSC has also approved a P50 million donation for relief, relocation and rehabilitation of the victims of typhoon Frank.
“We deeply hope this would help alleviate the plight of our members affected by Typhoon Frank,” Cunanan said.
The program provides that SSS members would not be charged penalties for unpaid loan principal and interest for six months starting June 21 until December 31 this year. Payment of amortization shall resume on January 2009.
To be eligible to the program, members should apply on or before December 31, Cunanan said. Eligible members are also required to present a certification from their employer or a certification from the barangay captain to prove that they are residents of the declared calamity area.
SSS President and Chief Executive Officer Corazon de la Paz encouraged companies to automate their submission of reports to avoid delay. It also allows employees to immediately avail of SSS benefits and loans, De la Paz said.
De la Paz further said it would take time to encode paper-based reports, especially those submitted at the end of the quarter, particularly if there are clerical errors such as discrepancy in the SSS number or employees’ names.
Contributions can be posted in five days under the R-3 Diskette program or in two days under the SSSNet facility. Last year, more than four million employees from 72,300 companies benefited from quick posting of contributions through electronic technology. — Jessica Ann R. Pareja/JMO