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SSS to condone loan penalties

December 31 - January 6, 2017

MAASIN CITY – The Social Security System (SSS) has launched the Loan Restructuring Program (LRP) for members with past due loans and other short-term loans for members who reside or work in calamity areas as declared by the National Disaster Risk Reduction and Management Council (NDRRMC) or the national government.

SSS Branch Head Gregorio Baroza said members can clean up their overdue loan principal and interest in full or by installment under a restructured term depending on their capacity. Both payment schemes offer condonation of loan penalties.

"The LRP is a way of helping the prevalent demand from individuals and organizations to alleviate the burden of calamity stricken workers, who face difficulties in paying their loans after suffering from disasters that have devastated lives in recent years," Baroza said.

The program gives delinquent borrowers a chance to regain their good SSS standing and enjoy SSS benefits and privileges in the future.

Borrowers can only avail of the LRP once and, thus, cannot participate in any future SSS condonation or restructuring programs to instill credit discipline.

Members can file their LRP application at any SSS branch and monitor their loan statements of account at the SSS website.

Apart from instalment payments, the borrower can also opt to pay the outstanding principal and interest in full. For both schemes, SSS shall waive all the loan penalties after the member has completed paying the restructured loan.

To qualify, the loan must be past due for at least six months and the member must be living or working in a declared calamity area.

Baroza confirmed that Southern Leyte SSS members can avail of the condonation program due to super typhoon Yolanda that devastated the province three years ago.

“In fact, as of now, there are 900 individuals in the province who have already applied for the LRP program set by the national agency,” Baroza disclosed.

Requirements needed are two valid ID’s, the statement of loan balance and affidavit of residency.(By MARK L. RIMAS)








 

 

 

   

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