CALAMITY LOAN. Social Security System (SSS) President and Chief Executive Officer Michael Regino assures Tuesday (Nov. 14, 2022) that the agency has sufficient funds to cater to members and pensioners affected by Tropical Storm Paeng who wish to avail of their Calamity Loan Assistance Program (CLAP).  Based on the SSS Circular No. 2022, the availment period for the CLAP will start on Nov. 17 until Feb. 1, 2023. (PNA photo by Che Palicte)

DAVAO CITY – A top official of the Social Security System (SSS) assured Tuesday that the agency has ample funds to cater to members and pensioners affected by Severe Tropical Storm Paeng who wish to avail of their Calamity Loan Assistance Program (CLAP).

Michael Regino,  SSS president and chief executive officer, said they have “more than enough” funds since the agency has a PHP700-billion budget for loans and other programs.

“You don’t need to worry. SSS is well-managed and there's enough money for such a program,” he said in an interview with local reporters.

However, Regino said he was not certain as to the amount to be disbursed under CLAP since it will be based on the availment period of borrowers.

Based on the SSS Circular No. 2022, the availment period for the CLAP will start on Nov. 17 until Feb. 16, 2023.

“Honestly, we do not know the amount of how much we will be giving, but definitely we are going to give the loan to whoever applies and qualifies for it,” he said.

Those who can avail of the CLAP are member-borrowers whose residences are in the areas affected by calamity or those declared under a state of calamity by the National Disaster Risk and Reduction and Management Council. (PNA)