DBM OKs SSS education aid
MANILA, Philippines - Members of the Social Security System (SSS) who are looking to complete a 4-year college education program or pursue vocational courses may now seek financial assistance from a P3.5-billion education fund.
In a statement on Monday, January 7, the Department of Budget and Management (DBM) announced that it has released the amount to the SSS. The amount will be taken out of the government's unprogrammed funds in the 2012 national budget.
"With this fund release, the SSS can extend financial aid to qualified members who wish to obtain their college degrees or finish tertiary schooling. Member-beneficiaries can thus hone their talents in preparation for sustainable employment and compete effectively in the job market," Budget and Management Secretary Florencio Abad said.
The P3.5 billion is part of the government's P5 billion counterpart fund under the Government Service Insurance System (GSIS)-SSS Educational Assistance Fund Program (EAFP). The remaining P1.5 billion has been released to the GSIS.
Under the EAFP, qualified SSS members may apply for loans amounting to P15,000 for 4-year degree courses, and P7,500 per term for degree courses and technical/vocational courses, respectively.
|Course||Per semester assistance||Total Loanable Amount||Interest rate||Repayment period|
|4-year degree||P15,000||P120,000||6%||5 years to start 1 year from graduation|
|Vocational/Technical course||P7,500||P30,000||6%||3 years to start 1 year from graduation|
"The employment market is likely to pick up further this year, with more opportunities opening up for our college graduates. We want to respond sufficiently to that demand by giving more Filipinos a chance to secure their tertiary degrees and become actively involved in shaping our growing economy," Abad said. - Rappler.com