The “Paseguruhan ng Kapanatagang Panlipunan” or Social Security System (SSS) which began in 1957, is a social insurance program for workers in the Philippines. It is a government agency that provides retirement and health benefits to all enrolled employees in the Philippines. Members of the SSS can also make ‘salary’ or ‘calamity’ loans. Salary loans depend on the monthly salary of the employee. Calamity loans are for such times when there is a calamity that has been so declared by the government, in the area where the SSS member lives, such as flooding, earthquake and natural disasters.
Employees of the Philippine National Government do not contribute to SSS but rather have their own system, the Government Service Insurance System or GSIS.
Loans thru the SSS
Loans that can be availed are:
- Salary loans
- Pari-passu Housing Loan (partnership between SSS and affiliated partners)
- Housing Loan for Repairs and Improvement
- Corporate Housing Program
- Individual Housing
- Housing Development Loan
- Apartment and Dormitory
- Housing Loan for OFWs
- Housing Loan for Workers Organization Members
- Assumption of Mortgage
How to avail of these loans
- Only currently employed, currently contributing self-employed or voluntary member is qualified to avail of the program:
- For a one-month loan, the member-borrower must have 36 posted monthly contributions, six (6) of which should be within the last 12 month Prior to the month of filing of application.
- For a two-month loan, the member-borrower must have 72 posted monthly contributions, six (6) of which should be within the last 12 months prior to the month of filing of application.
- If the member-borrower is employed, his employer must be updated in contributions and loan remittances.
- The member-borrower must be updated in the payment of his obligations in his member loans, which include salary, calamity, emergency, educational, stock investment, Member Assistance for the Development of Entrepreneurship (MADE) and housing loans granted under the Unified Housing Loan Program (UHLP) or direct from SSS.
- The member-borrower has not been granted final benefit, i.e., total permanent disability, retirement and death.
- The member-borrower must be under sixty-five (65) years of age at the time of application (SSC Res. No. 434 dated 09 November 2005)
- The member-borrower has not been disqualified due to fraud committed against the SSS.