The Social Security System has announced a six-month moratorium on loans of members in seven regions in the country that were badly hit by typhoon “Frank” on June 21.
SSS chairman for policy-making Thelmo Cunanan said loan amortizations were suspended in Central Luzon, Bicol Region, Western Visayas, Eastern Visayas, Zamboanga Peninsula, Region IV and XII to help workers cope with the damage caused by the typhoon.
"We deeply hope this would help alleviate the plight of our members affected by Typhoon Frank," said Cunanan.
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 on January 2009.
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 certification from their employer in the declared calamity areas, or a certification from the barangay captain to prove their residence 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, Romblon, Albay, Antique, Iloilo, Aklan, Capiz, and the municipality of Carigara, Leyte. Also covered by the program are borrowers from nine barangays in Zamboanga City, Sarangani, Sultan Kudarat and North Cotabato, and the municipalities of Lake Sebu, Surallah, Sto. Nino and Tiboli in South Cotabato.
The institution 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.
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