Issue of June 21, 2020
Mt. Province
Other Links:
SSS opens COVID Calamity Loan Assistance Program
by Press release

The Social Security System opened its Calamity Loan Assistance Program (CLAP) for its members who are affected by the Covid-19.

SSS President and CEO Aurora C. Ignacio said the SSS estimates around 1.74 million potential borrowers for the program.

Depending on the average of their monthly salary credit in the last 12 months, members may apply for a loan of up to P20,000. 

“We recognize that the impact of the Covid-19 is greater than other calamities we have faced in the past. With that in mind, we have extended the payment term of this particular CLAP to 27 months, inclusive of a three-month moratorium period, and have lessened the interest rate to six percent per annum,” Ignacio said.

Normally, CLAP has a payment term of 24 months and an interest rate of 10 percent per annum.

Loan amortizations for the Covid-19 calamity loans will begin in the fourth month from their respective approval dates. No advance interest will be charged for the loan. A service fee of one percent of the loan amount will be charged and deducted from the loan proceeds.

Loan payments not remitted on its due date will bear a one percent penalty per month.

To qualify for the loan, a member must have at least 36 monthly contributions, six of which should be posted within the last 12 months before the application, have a work or home address within the Philippines as reflected in the SSS database, have not been granted any final benefit such as total permanent disability or retirement, and have no outstanding loans under the Loan Restructuring Program or previous CLAP.

Members must also be registered at the My.SSS web portal on the SSS website at to apply for the loan.

“The threat of the Covid-19 will likely remain in the coming months. To this end, we have developed an online facility in the My.SSS web portal in which we will receive all calamity loan applications to reduce face-to-face transactions in our branches,” Ignacio said.

Documents proving that a member is a resident of a declared calamity area, which is a usual requirement for the CLAP, will no longer be required for Covid-19 calamity loans since the country is placed under the state of calamity.

Borrowers may choose to receive their loan proceeds via their respective unified multipurpose identification cards enrolled as an ATM, Union Bank of the Philippines quick card, or through checks sent to their preferred mailing address.

“Through the CLAP, we are hoping to help with the financial needs of our members who may have lost their sources of income or suffered financial burden due to the Covid-19 situation,” Ignacio said.

Qualified members may apply for the CLAP until Sept. 14.

Your Ad Here

2nd wave of SAP aid released

Tramlines expected to boost agri productivity in Bokod

Dine-in services in food chains and restaurants resume at SM

Tourism activities in Benguet still suspended under MGCQ

Atok FMR almost complete

Filipinos encouraged to raise investments in gov’t securities

DTI opens livelihood program focused on marginalized grps

Artisans market at UPB gives boost to local arts & crafts

DBP taps financial firms to improve delivery of services

PH must speed up reforms to sustain competitiveness

Philippine National Police – Police Regional Office – CAR
R.A Gapuz Review Center

Baguio Central University
Baguio Country Club
Benguet Electric Cooperative Inc.
Congressman Mark Go
Data Center of the Philippines of Baguio City, Inc.
Department of Health – CAR
Kings’ College of the Philippines
Mayor Benjamin B. Magalong
Pines City Colleges
Sangguniang Panlungsod
SM City Baguio
Social Security System
Veterans Bank

Albergo Hotel and Residences
Baguio Center Mall
Baguio Water District
C & Triple A Supermart
Congressman Nestor B. Fongwan
Curamed Pharmacy
Department of Agriculture – CAR
Department of Environment and Natural Resources – CAR
Ganza & Solibao Restaurants
GMS Technology
Governor Melchor D. Diclas
John Hay Management Corporation
Mayor Romeo K. Salda
MMS Development Training Center Corporatino
Mother Earth Deli Basket
Philipppine Science High School
Regional Development Council – CAR

Home | About Us | Editorial Policy | Contact Us  
News | Opinion | Snapshots | Week's Mail | Obituaries  
Copyright © 2007-2015. All Rights Reserved.