SSS disburses P260-M pensions in CDO, Iligan

RIC CLET and MARIZ REVALES The Social Security System (SSS) would release an estimated P260 million this month to depository banks of pensioners in the cities of Cagayan de Oro and Iligan, which were devastated by Tropical Storm "Sendong" last December, a top official said. SSS President and Chief Executive Officer Emilio de Quiros, Jr. said the amount represents the advance pensions for February to April of about 29,000 pensioners in CDO and Iligan cities. "Pensioners residing in the declared calamity areas can apply for early release of pensions at the nearest SSS branch until March 30," De Quiros said. The early release of pensions is part of SSS' calamity relief package for members in areas affected by Sendong. The package also offers a six-month suspension of payments, early loan renewal and a five-percent cut in the interest rate of house repair loans. "Members in affected areas can avail of house repair loans at a lower interest rate of eight percent. They can borrow a maximum of P300,000, which is payable in 20 years, to repair their homes and install water facilities such as deep well and motor pump," De Quiros said. SSS' six-month moratorium covers amortizations for salary and housing loans that fall due in December 2011 to May 2012. Buyers of acquired SSS houses and lots in declared calamity areas can also apply for a six-month suspension of monthly installments. De Quiros said current borrowers can avail of the Salary Loan Early Renewal Program (SLERP) of up to P24,000 and the balance will be deducted from the loan proceeds, or the six-month moratorium. The deadline for applications fall on March 30 this year for SLERP; May 31 for the moratorium on payments of loan borrowers and buyers of acquired SSS assets; and June 30 for the special interest rate on house repair loans.