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PIA Press Release
2007/09/25

SSS collects P268-M from housing loans amnesty program

Cagayan de Oro City (25 September) -- The Social Security System (SSS) has collected P268 million in back payments from delinquent housing loans during its six-month amnesty program which started last December, a top official said yesterday.

Edgar Solilapsi, SSS Senior Vice President for Investments, said 6,434 members were given amnesty, and the number is expected to rise because of plans to extend the program.

"President Arroyo has asked SSS to extend the amnesty, and we are preparing to implement it," Solilapsi said.

The President sought an extension of the amnesty program for housing loans during the SSS 50th anniversary celebration at its corporate headquarters in Quezon City last September 3, 2007.

SSS has been one of the major sources of funds for housing loans for private sector employees. It has about 22,000 delinquent housing loans. Officials expect at least 30 percent of these will update their accounts under the extended amnesty period.

"About 350 members have written the SSS requesting for an extension of the amnesty period," Solilapsi said.

There are members who continued to pay their housing loans even after the deadline last June 15, hoping to be included in the amnesty program, he added.

About P570 million in payments are expected to be collected and penalties worth P750 million will be condoned in the extension, Solilapsi further said. (SSS-10) [top]

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