Baguio city: The Social Security System (SSS)-North Luzon 1 office has announced that members affected by continuous rains may avail themselves of the existing Emergency Loan Program (ELP) to help address their financial needs.

According to Philippines News Agency, Christian Andrew Rillorta, Corporate Communications officer, stated in an interview that members can avail of PHP20,000 as a relief amid the difficult financial situation due to the effect of the continuing rains. The borrower is given a six-month grace period from the release of the loan before starting to pay. With an annual interest of 7 percent per annum, the loan is payable for 30 months.

Rillorta noted that the ELP is available to members who have paid at least 18 months of contribution and at least six months posted contributions in the last 12 months. All member categories -- self-employed, voluntary, non-working spouse, and land-based overseas Filipino workers (OFW) -- can avail of the loan. Upon application with complete documents, the loan amount can be released in three to five days.

Rillorta also shared a message from SSS President and Chief Executive Officer Robert Joseph de Claro, emphasizing that the ELP is part of SSS' continuing commitment to provide immediate financial relief to members affected by unforeseen events. Through the ELP, qualified members affected by Tropical Storm Maymay and the enhanced southwest monsoon may access much-needed financial assistance under more flexible eligibility requirements.

The ELP is available together with an SSS salary loan, subject to the eligibility requirements. The whole of north Luzon has been experiencing heavy rains due to the successive weather disturbance brought by tropical cyclones Luis and Maymay, aggravated and extended due to the northwest monsoon.