Social Security System President and Chief Executive Officer Emilio De Quiros on Monday reminded in a statement Western Visayas SSS members with delinquent loans that they have until September 30, 2012 in which to avail of a loan amnesty which offers delinquent borrowers an opportunity to settle their overdue loans at 50 to 100 percent discounted penalties called the Loan Penalty Condonation Program, as the SSS has disbursed a total of P132.89 million in salary loans to nearly 10,200 members in Western Visayas during the first quarter of this year, five percent more than the amount of loans given during the same period in 2011.
"Over a thousand members in Western Visayas with a combined loan delinquency of about P17 million have applied for the condonation program so far. We hope other borrowers will file their applications before the program ends on September 30 this year," said De Quiros.
Under the condonation program, which also covers all delinquent SSS borrowers nationwide and delinquent borrowers whose employers failed to remit their loan payments to the SSS, members have the option to pay in full or settle in monthly installments of up to 36 months.
Settled loans ensures members’ entitlement to the full amount of SSS benefits in the future should they need it.
The Loan Penalty Condonation Program was launched last April 2, 2012.
According to the SSS, the agency has 2.15 million members in its Western Visayas Division, with SSS branches in the cities of Bacolod, Bago, Bais, Dumaguete, Kabankalan, Sagay, San Carlos, Victorias, Iloilo and Roxas and in the towns of Kalibo (Aklan) and San Jose (Antique). — DVM, GMA News
source: gmanetwork.com
