For the Grant of Emergency Loans to Displaced Workers
Letter of Implementation No. 150, effective January 2, 1984, allows ECC-SSS members laid off after September 1, 1983, to apply for a three-month emergency loan, provided they can show proof of separation. To qualify, members must have at least one year of service, and loans must be repaid within one to two years with a simple interest rate of 5% per year. Loans will be disbursed in installments, with subsequent releases contingent on continued unemployment. The issuance applies solely to those laid off due to economic crisis, and applications can be processed at SSS offices.
Quick Answers
- What is For the Grant of Emergency Loans to Displaced Workers about?
- Letter of Implementation No. 150, effective January 2, 1984, allows ECC-SSS members laid off after September 1, 1983, to apply for a three-month emergency loan, provided they can show proof of separation. To qualify, members must have at least one year of service, and loans must be repaid within one to two years with a simple interest rate of 5% per year. Loans will be disbursed in installments, with subsequent releases contingent on continued unemployment. The issuance applies solely to those laid off due to economic crisis, and applications can be processed at SSS offices.
- What type of law is Letter of Implementation No. 150?
- For the Grant of Emergency Loans to Displaced Workers (Letter of Implementation No. 150) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was For the Grant of Emergency Loans to Displaced Workers enacted?
- For the Grant of Emergency Loans to Displaced Workers (Letter of Implementation No. 150) was enacted on May 1, 1984.
- What is the citation for For the Grant of Emergency Loans to Displaced Workers?
- For the Grant of Emergency Loans to Displaced Workers, Letter of Implementation No. 150, May 1, 1984 (Philippines)
Law Information
- Reference Number
- Letter of Implementation No. 150
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Implementation
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 1, 1984
LETTER OF IMPLEMENTATION NO. 150
FOR THE GRANT OF EMERGENCY LOANS TO DISPLACED WORKERS
1. Effective January 2, 1984, ECC-SSS members who were laid-off on or after September 1, 1983, may be granted a three-month emergency loan, provided that they can submit proof of their separation from employment;
2. To qualify for this loan, the Member must have been an employee who has rendered an aggregate service of one (1) year;
3. A one-month emergency loan shall be repaid Within ONE (1) YEAR. A TWO (2) or THREE (3)-month emergency loan shall be repaid in TWO (2) YEARS;
4. A loan granted under these implementing guidelines shall bear simple interest rate of FIVE PERCENT (5%) a year, and shall not be deductible in advance. No service fee shall be charged and any previous loan, balance shall not be deducted from the new loan;
5. The grant of the loan shall be made in TWO (2) releases as a two-month loan, and THREE (3) releases for a three-month loan. The second and third releases shall be supported by a certification that the subject borrower is still separated from employment and not-employed;
6. In case of re-employment under the same employer, and previously laid-off Member-Borrower shall notify the SSS immediately. If the separated Member is re-employed under different employer, the Member shall duly notify the SSS.
7. This issuance shall apply only to ECC-SSS members who have been laid-off due to the present economic crisis, as certificate its employer, or by any other proof of termination or loss of employment. Members separated from employment before September 1, 1983 shall be entitled only to ONE (1) MONTH-salary loan to existing policies of the SSS;
8. Application for the three-month emergency loan may be found processed at the Main Office, or at any regional, provincial district offices of the SSS; and
9. This issuance shall take effect immediately.
ISSUED, this 1st day of May, 1984 at Manila, Philippines.
Cite This Law
For the Grant of Emergency Loans to Displaced Workers, Letter of Implementation No. 150, May 1, 1984 (Philippines)
For the Grant of Emergency Loans to Displaced Workers, Letter of Implementation No. 150 (Phil. 1984)
Related Laws
- Setting Aside P300 Million for the Grant of Emergency Loans to Laid-off or Dislocated WorkersLetter of Instructions No. 1403 • May 1, 1984 • Presidential Issuances
- Organization of an Inter-Agency Emergency Task Force on the Sugar IndustryLetter of Instructions No. 1452 • Mar 28, 1985 • Presidential Issuances
- On the P50 Million Rice Loan Program for the Sugar Workers Pursuant to LOI 1452Letter of Implementation No. 154 • May 22, 1985 • Presidential Issuances
- Authorizing the Grant of COVID-19 Special Risk Allowance to Private and Public Health Workers Directly Catering to or in Contact with COVID-19 Patients during the State of National EmergencyAdministrative Order No. 36 • Nov 16, 2020 • Presidential Issuances
- Authorizing the Grant of Gratuity Pay for Fiscal Year 2020 to Contract of Service and Job Order Workers in GovernmentAdministrative Order No. 38 • Dec 28, 2020 • Presidential Issuances
- Authority to Grant Loans for Construction of Ship-Building Facilities and StructureLetter of Instructions No. 294 • Jul 15, 1975 • Presidential Issuances
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law