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CIRCULAR NO. 2012 - 003


TO          :       SSS MEMBERS AFFECTED BY TYPHOON SENDONG


SUBJECT     :       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.2011
dated 22 December 2011, approving the assistance to SSS members who were
affected by Typhoon Sendong, the following guidelines and procedures are hereby
issued:

      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)
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
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
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 CEO




APPROVED BY:

SOCIAL SECURITY COMMISSION


        (Original Signed)
       JUAN B. SANTOS
            Chairman




12 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 Loan




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

                                                Page 4 of 4

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Circular 2012-003

  • 1. CIRCULAR NO. 2012 - 003 TO : SSS MEMBERS AFFECTED BY TYPHOON SENDONG SUBJECT : 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.2011 dated 22 December 2011, approving the assistance to SSS members who were affected by Typhoon Sendong, the following guidelines and procedures are hereby issued: 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 CEO APPROVED BY: SOCIAL SECURITY COMMISSION (Original Signed) JUAN B. SANTOS Chairman 12 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 Loan Guidelines on the Moratorium Program and Direct Repair and Improvement Housing Loan for SSS Member Affected by Typhoon Sendong Page 4 of 4