With the
amnesty
program, the
SSS hopes to
ease the
burden on
Filipino
workers trying
to cope with
rising prices.
amnesty
program, the
SSS hopes to
ease the
burden on
Filipino
workers trying
to cope with
rising prices.
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Delinquent borrowers may settle account at huge discount
MANILA
The Social Security System has implemented a year-long amnesty program for
short-term loans to help ease the burden on Filipino workers coping with rising
prices.
SSS President and chief executive Corazon de la Paz-Bernardo said the
pension fund would condone penalties on loans of members who would avail
of the amnesty, which is part of the non-wage benefits package offered to
workers to mark Labor Day.
“This is an excellent opportunity for delinquent borrowers to settle their unpaid
accounts at a huge discount,” she said.“Under the amnesty, they would only
pay the principal and interest, with their penalties written off.”
The SSS expects to collect P2.62 billion in principal and interest from about
620,000 delinquent short-term borrowers. The amnesty will end on April 30
next year.
The amount of penalties to be condoned would be proportionate to the arrears,
or the outstanding principal and interest, paid by the borrower. Payments may
be partial or in full.
“If only half of the arrears are paid during the amnesty, then only half of the
penalties would be condoned, while the balance would continue to accumulate
penalties,” De la Paz-Bernardo said.
“This is why we urge borrowers to fully pay their delinquencies within the
amnesty to enjoy 100 per cent condonation of penalties.”
The SSS has been granting salary loans to actively paying members with at
least 36 contribution payments. Previous loans granted to members include
calamity, emergency, educational, study now-pay later, vocational/technical,
Y2K, stock investment and privatization fund loans.
De la Paz-Bernardo said 721 delinquent members from 19 cooperatives which
borrowed under the SSS Members’ Assistance for the Development of
Entrepreneurship could also avail of the amnesty. The MADE program, which
ended in 1994, released over P140 million to cooperatives, which in turn lent
the funds to members for livelihood activities.
More than 540,000 delinquent borrowers benefited from five amnesty periods
for SSS short-term loans.
MANILA
The Social Security System has implemented a year-long amnesty program for
short-term loans to help ease the burden on Filipino workers coping with rising
prices.
SSS President and chief executive Corazon de la Paz-Bernardo said the
pension fund would condone penalties on loans of members who would avail
of the amnesty, which is part of the non-wage benefits package offered to
workers to mark Labor Day.
“This is an excellent opportunity for delinquent borrowers to settle their unpaid
accounts at a huge discount,” she said.“Under the amnesty, they would only
pay the principal and interest, with their penalties written off.”
The SSS expects to collect P2.62 billion in principal and interest from about
620,000 delinquent short-term borrowers. The amnesty will end on April 30
next year.
The amount of penalties to be condoned would be proportionate to the arrears,
or the outstanding principal and interest, paid by the borrower. Payments may
be partial or in full.
“If only half of the arrears are paid during the amnesty, then only half of the
penalties would be condoned, while the balance would continue to accumulate
penalties,” De la Paz-Bernardo said.
“This is why we urge borrowers to fully pay their delinquencies within the
amnesty to enjoy 100 per cent condonation of penalties.”
The SSS has been granting salary loans to actively paying members with at
least 36 contribution payments. Previous loans granted to members include
calamity, emergency, educational, study now-pay later, vocational/technical,
Y2K, stock investment and privatization fund loans.
De la Paz-Bernardo said 721 delinquent members from 19 cooperatives which
borrowed under the SSS Members’ Assistance for the Development of
Entrepreneurship could also avail of the amnesty. The MADE program, which
ended in 1994, released over P140 million to cooperatives, which in turn lent
the funds to members for livelihood activities.
More than 540,000 delinquent borrowers benefited from five amnesty periods
for SSS short-term loans.
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SSS launches 1-year loan amnesty program