SSS offers loan condonation to delinquent borrowers

By Leonilo D. Lopido

Sunday 5th of February 2012

TACLOBAN CITY, Leyte, Feb 5 (PIA) –- Starting April up to September of this year, the Social Security System will implement a six-month loan condonation program for its members who have delinquent loans.

This was disclosed by Lilibeth A. Cajucom of SSS Regional Office 8 manager during the recent episode of the Suruswerte ha PIA radio program.

According to Cajucom, a member should have at least three monthly contributions within the last six months before they can apply for availment of the program.

Cajucom said that for delinquent borrowers who have paid at least three monthly amortizations, 90 percent of their penalty will be condoned if they will pay their loan in full. On the other hand, if they prefer to pay in installment basis, 80 percent of their penalty will be condoned with an interest of three percent annually.

The condonation program also applies to death benefits, total disability, and retirement with corresponding percentage discount of the penalty which will be condoned, the SSS manager said.

Cajucom said that last year, SSS offered a condonation program for employers only, but this time the program is offered to all members.

However, Cajucom emphasized that the delinquent borrowers will still have to pay for the principal and the interest. Those who will opt to pay in installment can pay for a period of up to three years at three percent annual interest, she said.

Cajucom called on those who wish to avail of the program to visit the SSS office nearest them this early so that their records will be checked if they already paid monthly amortization before. If they have not paid said amortizations yet, they still have time to pay for the required three monthly payments since the implementation will still be in April. (PIA-8)