SSS offers emergency loans to monsoon-hit members

Under its existing Emergency Loan Program (ELP), qualified members may borrow up to P20,000 at an interest rate as low as seven percent per annum. The loan is payable over 30 months, inclusive of a six-month moratorium.

STAR / File

MANILA, Philippines — The Social Security System (SSS) is offering emergency loans of up to P20,000 to qualified members affected by Tropical Storm Maymay and the enhanced southwest monsoon, to help them meet financial needs arising from the calamity.

Under its existing Emergency Loan Program (ELP), qualified members may borrow up to P20,000 at an interest rate as low as seven percent per annum. The loan is payable over 30 months, inclusive of a six-month moratorium.

Robert Joseph de Claro, SSS president and CEO, said the ELP remains available to members nationwide as a source of financial assistance for those facing financial difficulties due to calamities and other emergencies.

“Under the ELP, which has been in effect since May 1, 2026, the required number of monthly contributions has been reduced from 36 to 18, provided that the member has at least six posted contributions in the last 12 months,” De Claro said.

He said self-employed, voluntary, non-working spouse and land-based overseas Filipino worker members must have at least six monthly contributions under their current membership type before the month of loan application.

To qualify, members must be under 65 years old at the time of application, have a valid Philippine home address and updated contact information on their SSS database.

Members must also have no past-due emergency, calamity, salary or educational assistance loans or other short-term or long-term member loans.

They must have no outstanding restructured loans, must not have been disqualified for fraud against the SSS and must not have been granted final benefits such as retirement or permanent total disability benefits.?Those availing of the loan also have an active disbursement account enrolled through the Disbursement Account Enrollment Module in the My.SSS portal.

“Members are not required to make monthly amortization payments during the first six months from the date of loan approval. No penalties will be imposed during this period. Regular monthly amortization payments will begin in the seventh month,” De Claro said.

He said members affected by the tropical cyclone may also apply for an SSS salary loan at the same time, subject to the eligibility requirements.