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SSS extends loan amnesty

First Posted 11:05:00 05/21/2009

THE Social Security System (SSS) has extended its amnesty program for delinquent short-term loans until December 31 this year to give members more time to settle their unpaid loans.

SSS president and chief executive officer Romulo Neri urged members to avail of the amnesty and enjoy full condonation of penalties.

?The amount of condoned penalties is proportionate to the outstanding principal and interest paid,? Neri said.

?If they pay half of their outstanding balance, then only half of their penalties would be condoned,? Neri said.

The amnesty covers delinquent short-term loans such as salary, calamity, emergency, educational, study now-pay later, vocational/technical, Y2K, stock investment and privatization fund loans.

SSS charges a one-percent monthly penalty on overdue loans.

SSS has condoned over P2 billion in penalties and collected a total of P1.92 billion in payments for principal and interest under the amnesty program since 2003.

He said SSS members should pay their loans on time to avoid deductions from their retirement, total disability or death benefit claims in the future.

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