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PIA Press Release
2005/12/02

SSS collects P896-M under amnesty program

Cagayan de Oro City (2 December) -- THE Social Security System has recovered more than P896 million in back payments from delinquent short-term loans that were collected under a one-year amnesty program that ended on September 30, a top SSS official said.

SSS Officer-In-Charge Horacio Templo said close to 100,000 members paid their loan balances with the institution either in full or in installment since the program was launched in October, last year.

"SSS is pleased with the kind of patronage and support shown by our members to the program," Templo said. "I'm glad most of them were able to meet the deadline."

Thousands of SSS members trooped to various banks and 43 SSS offices where teller facilities were offered before the deadline on September 30. The SSS teller facilities stayed opened beyond office hours to accommodate the payments of SSS members.

The amnesty program allowed members to settle their liabilities without paying penalties. The penalties on delinquent salary, calamity, emergency, educational, study-now-pay-later, vocational/technical, student, and Y2K loans were written-off.

Under the program, a member can make a one-time payment or pay in installment, which was an enhancement over previous amnesty programs. The installment scheme resulted in proportionate write-off of penalties.

Templo said the amnesty program has allowed SSS to clean its books and boost its investment earnings, adding that "the members' response is encouraging."

The amnesty offered members a raffle entry for every P500 payments and they get a chance to win P5,000, which will be applied to their loan balance, if any.

SSS held its final raffle on November 14 at the SSS main building in Quezon City to draw 100 winners from various parts of the country. The names of lucky winners were published in leading newspapers.

For inquiries, members can call the SSS hotline in Metro Manila: 920-6446 to 55; Cebu (032) 234-2053; and Davao (082) 227-7273; or the SSS headquarters in Quezon City, 920-6401. Members can also visit the SSS website at www.sss.gov.ph. (SSS-Normin/Ragcom) [top]

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