SSS sets new loan amnesty program

By Iris C. Gonzales (The Philippine Star) Updated January 18, 2012 12:00 AM

MANILA, Philippines - The Social Security System (SSS), the state-owned pension fund for private employees, is offering a new loan amnesty program that would run from April 2 to Sept. 30.

SSS president and chief executive officer Emilio de Quiros Jr. said the amnesty program covers overdue salary, calamity, emergency, educational, study-now-pay-later, stock investment and privatization fund loans.

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Under the new program, self-employed workers and voluntary members who have unpaid loans may settle their unpaid principal and interest without paying the full amount of penalties.

De Quiros said the program is different from previous loan penalty condonation programs.

He said its terms and requirements for applicants would depend on the type of delinquent borrower.

“SSS will waive 100 percent of penalties of qualified applicants whose loan delinquency was not their fault, such as members whose employers failed to remit their amortizations to SSS despite deducting loan payments from their salaries,” De Quiros also said.

Members eligible to avail the program must have at least three contributions within the last six months before the month of application.

They must also present proof of deducted loan amortizations such as pay slips, company certification, and notarized affidavits to be eligible for full condonation of penalties.

“They can pay their loan principal and interest in full, or avail of a three-year installment payment scheme at an annual interest rate of three percent,” De Quiros said.