- Published on Tuesday, 06 November 2012 19:43
- Written by Jonathan L. Mayuga
A TOP official of the
Social Security System (SSS) on Wednesday said the pension fund
recovered P1.984 billion in back payments from overdue short-term loans
during its six-month amnesty program
A total of 150,415
members availed themselves of the program that ended in September,
according to SSS Assistant Vice President for Lending and Asset
Management Ma. Luz. C. Generoso.
The amnesty condoned the penalties of delinquent salary, calamity, emergency, stock investment and other short-term loans.
Members have demanded
for a way for the agency to help them settle their ballooning payments,
and in the process, Generoso said, the SSS was able to condone P1.1
billion worth of penalties from delinquent members all over the country.
A total of 1,010,674
members were able to update their accounts with SSS in various amnesty
periods for short-term loans since 2004.
“We continue to study
and look for best practices that can help increase our collections and
returns in our loan investments in order to suffice our fund for future
availments,” Generoso said
Meanwhile, Generoso
revealed that the SSS will implement a revised set of guidelines of
short-term loans starting next month to allow members to take home
bigger amount of loan proceeds.
(Jonathan L. Mayuga)
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