SSS accredits new partner agent

MANILA, Philippines — The state-run Social Security System (SSS) has accredited a
Mandaluyong-based cooperative as a servicing and collection agent in line with efforts to make its services more convenient and accessible to members.

In a statement, SSS said it has signed a memorandum of agreement with the Mandaluyong Traders Development Cooperative (MTDC), making the cooperative its 67th partner agent to date.

This is in line with the SSS’ Partner Accreditation Program, which selects qualified organized groups, like cooperatives and microfinance institutions, to provide SSS services to their respective members.

As SSS’ servicing and collecting partner agent, MTDC is now authorized to receive and screen various benefit and loan applications of their members. They are also allowed to collect SSS contributions, loan amortizations, and other miscellaneous payments.

Meanwhile,  SSS has allocated P284.92 million for the provision of  Calamity Assistance Packages (CAP) to 28,680 members and pensioners in Batangas and Cavite who were affected by the Taal Volcano eruption.

The package includes the Calamity Loan Assistance Program (CLAP), which offers members a maximum loan amount of P20,000, payable in two years with an annual interest rate of 10 percent.

To qualify for this loan program, members should be residing in the affected areas, and have a minimum of 36 monthly contributions, six of which had been paid within the 12-month period preceding the application.

However, members who still have outstanding loans under the SSS’ Loan Restructuring Program and have previous calamity loans are not qualified to avail of loan program. Also disqualified are those receiving pensions for total permanent disability and retirement, and those who have availed of the Pension
Loan Program (PLP).

In addition to CLAP, pensioners may also apply for three-month advance pension, while members with houses damaged due to the calamity may apply for the Direct House Repair and Improvement Loan.

Under the house repair loan program, members may borrow up to P1 million. The program offers a six-month moratorium on amortization and interest payments, and carries an interest rate of eight or nine percent per annum, depending on the loan amount.

To qualify for this loan assistance, the applicant must not be more than 60 years old, and have at least 24 monthly contributions, three of which must have been paid within the 12-month period prior to the filing the loan.