Circular 2012-003
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Circular 2012-003

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Guidelines on the Moratorium Program and Direct Repair and Improvement Housing Loan Program for SSS Members affected by Typhoon Sendong

Guidelines on the Moratorium Program and Direct Repair and Improvement Housing Loan Program for SSS Members affected by Typhoon Sendong

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  • 1. CIRCULAR NO. 2012 - 003TO : SSS MEMBERS AFFECTED BY TYPHOON SENDONGSUBJECT : GUIDELINES ON THE MORATORIUM PROGRAM AND DIRECT REPAIR AND IMPROVEMENT HOUSING LOAN PROGRAM FOR SSS MEMBERS AFFECTED BY TYPHOON SENDONG Pursuant to the Social Security Commission (SSC) Resolution No. 1185-s.2011dated 22 December 2011, approving the assistance to SSS members who wereaffected by Typhoon Sendong, the following guidelines and procedures are herebyissued: I. TYPE OF ASSISTANCE 1. A six-month moratorium on monthly loan amortization and payments falling due from December 2011 to May 2012 under the following programs: • Member Loans Program • Housing Loans Program • Acquired Asset Disposal Program (Housing) 2. Reduction of interest rate to 8% (from 13%) for new loans under the SSS Direct Repair/Improvement (R/I) Housing Loan Program when the purpose of the loan is to repair/reconstruct the house that was damaged or destroyed due to Typhoon Sendong, effective until December 2012. II. COVERAGE A. Borrowers under the following SSS loan programs whose residence or place of work was affected due to Typhoon Sendong: 1. Member Loans Program 2. Housing Loans Program 3. Acquired Asset Disposal Program (Housing)
  • 2. B. The calamity areas are the following: Region VII Negros Oriental Region VIII Cagayan de Oro Iligan City Region IX Zamboanga del Norte Region X Bukidnon Misamis Oriental Misamis Occidental Lanao del Norte Region XI Davao Region Compostela Valley Davao del Sur CARAGA Surigao Sur Agusan del Sur ARMM Lanao del Sur Other areas affected by Typhoon Sendong C. TERMS AND CONDITIONS A. Moratorium 1. Definition of Moratorium. Moratorium shall mean the suspension of monthly amortization/installment payments consisting of principal and interest without penalty accruing on the monthly amortization/installment during the moratorium period. 2. Period of Moratorium. The Moratorium shall be for a period of six months covering payments of monthly amortization and installment payments falling due in the months of December 2011 to May 2012. 3. Terms and Conditions A borrower may avail himself of the Moratorium for Salary Loan Amortization Program or the Salary Loan Early Renewal Program (SLERP). a. Eligibility Requirement. The borrower must be current or updated in the payment of his loan amortization/installment payment as of 30 September 2011. b. Availment Period. The availment period for filing the application for moratorium is up to 31 May 2012.Guidelines on the Moratorium Program and Direct Repair and Improvement Housing Loan for SSS Member Affected by Typhoon Sendong Page 2 of 4
  • 3. c. In the case of Housing Loans and Acquired Assets sales payable on installment, the borrower must apply for restructuring of his loan/sales contract and sign a Supplementary Mortgage Contract/Supplementary Deed of Conditional Sale. d. During the Moratorium period, the interest portion of the loan shall be accrued and shall be capitalized together with the outstanding principal balance after the Moratorium period. e. The loan amortization/installment shall resume for payments falling due starting in the month of June 2012. f. After the Moratorium period, the loan term shall be extended by six (6) months. B. Direct Repair and Improvement Housing Loans 1. The loan shall bear an interest rate of eight percent (8%) per annum, fixed for the term of the loan. 2. The purpose of the loan is to repair or reconstruct the house damaged or destroyed by Typhoon Sendong. 3. All other requirements and terms and conditions under the regular R/I Housing Loan Program shall apply. 4. The availment period for filing the application for Repair and Improvement Housing Loan Program is six (6) months, until the last working day of June 2012. C. DOCUMENTARY REQUIREMENTS 1. Application for SSS Moratorium Program on the Payment of Salary Loan Amortization Form (MLP12-2011), copy attached, and Application for the Moratorium Program on the Payment of SSS Housing Loan Amortization Form, copy attached. 2. Certification issued by any of the following: a. Barangay/Local Government Unit b. National Disaster Risk Reduction and Management Council (NDRRMC) c. Dept. of Social Welfare and Development (DSWD)Guidelines on the Moratorium Program and Direct Repair and Improvement Housing Loan for SSS Member Affected by Typhoon Sendong Page 3 of 4
  • 4. 3. For Repair and Improvement, the usual requirements under the regular Direct Housing Repair and Improvement Loan Program shall prevail 4. Employer Certification is required, if the employer of member- borrower is the one affected. Please be guided accordingly. (Original Signed) EMILIO S. DE QUIROS, JR. President and CEOAPPROVED BY:SOCIAL SECURITY COMMISSION (Original Signed) JUAN B. SANTOS Chairman12 January 2012 Date(Policies and Procedures – Loans Granting)Attachments: Application Form for SSS Moratorium Program on the Payment of Housing Loan Amortization Application for Repair/Improvement LoanGuidelines on the Moratorium Program and Direct Repair and Improvement Housing Loan for SSS Member Affected by Typhoon Sendong Page 4 of 4