SSS loan restructuring is once again offered to delinquent members.
Starting April 2 to October 1, 2018, Social Security System (SSS) will re-implement the Loan Restructuring Program (LRP) with penalty condonation.
According to SSS President and Chief Executive Officer Emmanuel F. Dooc LRP was decided to be re-implemented in response to the insistent of those members who failed to avail of the LRP offered last April 2016 to April 2017.
“While many have benefited from the Loan Restructuring Program implemented in 2016, we have also received numerous requests from members to extend or re-implement it. As I can recall, members flocked to our branches on the deadline of the previous LRP last April 27, 2017. So for those who were not able to apply, this is your time to clean your outstanding loan balance and regain your good-standing with SSS” Dooc stated.
He also mentioned that this is SSS’ way of thanking the President.
“We would like to express our gratitude to Pres. Rodrigo Duterte for granting us the authority to allow our member-borrowers to clean up their loan accounts with SSS to be able to fully enjoy their benefits as members of the pension fund,” he said.
SSS loan restructuring program will enable member-borrowers to pay their overdue loan principal and interest.
Member may opt to pay in full or by installment under a restructured term depending on their capacity.
Here ase some guidelines for LRP:
- Loan covered: Salary Loan, Emergency Loan, Educational Loan (old), Study Now Pay Later Plan, Voc-Tech Loans, Y2K Loans and Investments Incentive Loan.
- Only loans that are past due for at least six months from the start of the second implementation of LRP will be qualified.
- Borrowers who have approved LRP applications in 2016 to 2017 are no longer qualified to apply under the second LRP.
- Member-borrowers must be residing or working as of the date of the disaster in a calamity/disaster-stricken area declared by the National Disaster Risk Reduction and Management Council (NDRRMC) or in the case of Ondoy, by the National Government.
- Starting April 2, 2018, a total of 256 SSS branches and service offices nationwide will start accepting applications for LRP
- Members granted with any final benefit claim prior to the LRP availment period and those who committed fraud against the SSS are disqualified from the program.
- LRP applicants cannot participate in any future SSS loan condonation or restructuring programs to instill credit discipline.