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SSS declares moratorium on loans in badly hit areas

Wednesday, July 23, 2008 [ manilatimes.net ]

STATE-RUN Social Security System said it has six-month moratorium on loans of members in seven regions in the country that were badly hit by typhoons.

In a statement, Thelmo Cunanan, Social Security Commission chairman said loan amortizations were suspended in the Regions III, IV-B, V, V1, VIII, IX and XII to help workers cope with the damage caused by the typhoon.

“We hope this would help alleviate the plight of our members affected by Typhoon Frank. The commission has also approved a P50 million donation for relief, relocation and rehabilitation of people affected by the typhoon,” Cunanan said.

The moratorium covers the period starting June 21, which was the day the typhoon hit Central and Southern Philippines, until December 31 this year. Payment of amortizations would resume next year.

Under the program, SSS members would not be charged penalties for unpaid loan principal and interest during the six-month period.

Cunanan said eligible members should present a certificate from their employers in the declared calamity areas, or a certification from the barangay captain to prove they are residents in the affected area.

“To qualify in the program, they should file their applications on or before December 31 this year,” he said.

Expected to benefit from the moratorium are SSS members from Obando and Paombong, Bulacan, Marinduque, Roblon, Albay, Antique, Iloilo, Capiz and the municipality of Carigara, Leyte.

Also covered by the program are borrowers from nine barangays in Zamboanga City, the provinces of Sarangani, Sultan Kudarat, and North Cotabato and the municipalities of Lake Sebu, Surallah, Sto.Niño and Tiboli in South Cotabato.

The institutions last implemented a loan moratorium from December 2006 to May 2007 in the province of Albay, which was declared a calamity area due to Typhoon Reming. -- Chino S. Leyco

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