Personal Loan Application Form by Nick Youngson CC BY-SA 3.0 Alpha Stock Images

In a response to the recent earthquake in Taiwan, the Social Security System (SSS) has announced the rollout of a special calamity loan program designed to assist Overseas Filipino Workers (OFWs) impacted by the natural disaster. The earthquake, which struck Taiwan on April 3, 2024, caused widespread damage and displacement, affecting thousands of Filipinos working in the region.

Financial Relief for OFWs

The calamity loan aims to provide immediate financial relief to OFWs who are facing difficulties due to the earthquake. Eligible OFWs can apply for the loan through the SSS website or at designated SSS branches. Here are the key details of the program:

1. Loan Amount: Qualified OFWs can borrow up to PHP 20,000 to cover urgent expenses such as medical bills, temporary shelter, and necessities.

2. Interest Rate: The interest rate for the calamity loan is set at a low 10% per annum, significantly lower than regular loan rates.

3. Loan Term: Borrowers have a maximum repayment period of 24 months, allowing them to manage their finances during the recovery phase.

4. Eligibility Criteria:

   • Must be an active SSS member.

   • Must have at least 36 monthly contributions, with six contributions made within the last 12 months.

   • Must be an OFW affected by the Taiwan earthquake.

5. Application Process:

   • OFWs can apply online through the SSS website or visit any SSS branch.

   • Required documents include a valid passport, proof of employment in Taiwan, and proof of residence in the affected areas.

6. Fast Approval:

   • The SSS aims to process applications swiftly to ensure timely assistance to affected OFWs.

   • Once approved, the loan amount will be credited directly to the borrower’s designated bank account.

 

Rebuilding Lives

The earthquake in Taiwan has disrupted the lives of many OFWs, leaving them without homes, jobs, and stability. The SSS’s initiative aims to alleviate their immediate financial burdens and help them rebuild their lives. As the recovery efforts continue, the SSS encourages eligible OFWs to take advantage of this loan facility and seek assistance promptly.  SSS will release its guidelines for calamity loan on April 8, 2024.

For more information and to apply for the calamity loan, OFWs can visit the official SSS website or contact their nearest SSS branch.