PIA Press Release
Tuesday, January 17, 2012

SSS assistance programs for Sendong victims ongoing

QUEZON CITY, Jan. 17 (PIA) -- The Social Security System (SSS) branch offices in Cagayan de Oro and Iligan City are now accepting applications for the Salary Loan Early Renewal Program (SLERP), a calamity relief package that particularly caters for the ‘Sendong’ victims.

In today’s Talking Points radio program aired over ‘Radyo ng Bayan,’ SSS Assistant Vice-President for Lending and Asset Management Luz Generoso said that during times of calamity, members with outstanding loans are offered the chance to apply for early renewal of their salary loans.

The policy for regular salary loan program, as Generoso said, is that borrowers must pay their loans in full, and that they can only renew application for salary loans after two years. This policy, however, is waived in cases of calamity.

“In SLERP, members can renew their salary loans--with the balance of the existing loan to be deducted from the new loan,” Generosa said in Filipino.

She said SLERP was also offered to members affected by the onslaught of typhoon ‘Ondoy’ in 2009.

“As soon as the system enhancement is in place, we will start processing [the applications]. The process is not done manually. The salary loans may reach P6 million to P7 million, so it has to be computerized. As soon as we are able to complete that, then we will already start processing,” said Generosa.

Generoso said aside from the SLERP, SSS is also offering members who have existing loans the option to apply for a six-month moratorium of loan payments, without penalties, with an extension of amortization by six months.

In a press release published by SSS in its website (www.sss.gov.ph), members who avail of the loan payment moratorium will no longer be eligible for SLERP, and vice versa. (PCCC/PIA-GHQ)