MANILA, Philippines — For the first time, the Social Security System (SSS) announced on Friday that members affected by the recent Magnitude-7.4 earthquake in Taiwan may avail of a calamity loan until Aug. 20, 2024.

The agency is offering the Calamity Loan Assistance Program (CLAP) to its members living, residing, or working in Taiwan where an earthquake took place on April 3, SSS President and Chief Executive Officer Rolando Ledesma Macasaet said in a statement.

"The calamity loan offered to members in Taiwan was a historic first for SSS since we have never extended financial assistance to calamity-hit members outside of the Philippines until now," Macasaet said.

"It only proved that we are always ready to assist our members wherever they are," he added.

The SSS said calamity-affected members can submit their loan applications online using their My.SSS account from May 21 to Aug. 20, 2024.

"However, members must first visit the SSS Taiwan Foreign Office in Neihu District, Taipei City, to secure a Calamity Loan Reference Number (CLRN) needed in their loan applications. The CLRN is a unique 12-alphanumeric identifier provided to SSS members and among the requirements for the calamity loan," the SSS chief said.

Under the CLAP, qualified members can borrow a loan equivalent to one monthly salary credit or up to P20,000.

To qualify, affected members must have a My.SSS account at www.sss.gov.ph; have at least 36 monthly contributions, six of which must be posted within the last 12 months before the month of filing of application; and must be an OFW (Overseas Filipino Workers) SSS member.

Members must also be living, residing, or working in Taiwan during the time of the earthquake; must be 65 years old and below at the time of loan application; have not been granted any final benefit such as permanent total disability or retirement; have no past due SSS Short-Term Member Loans; and have no outstanding restructured loan or calamity loan.

"Once approved, the loan proceeds will be credited to the member's registered Unified Multi-Purpose Identification (UMID)-ATM (automated teller machine) card or their active accounts with a Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating bank," the SSS said.

Members could pay the calamity loan in two years or 24 equal monthly installments with an annual interest rate of 10 percent, and the one percent service fee has already been waived.