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PIA Press Release
Tuesday, January 17, 2012

SSS amnesty program set in April

by Phres A. Evardone

QUEZON CITY, Jan. 17 (PIA) -- The more than 5 million members Social Security System with delinquent loans should take advantage of the agency's loan condonation program which will run from April 2 to September 30 this year.

Ma. Luz Generoso, Assistant Vice President for Lending and Asset Management, said that there are 5,000,500 SSS members with delinquent loans. The total value of said loans amount to P80 billion.

President Benigno S. Aquino previously approved the loan penalty condonation program last October 13, 2011 as aid to the SSS members.

Generoso, however, said that unlike other condonation program of SSS, the conditions that will be implemented under this new amnesty program is dependent on the reason or cause of delay in the loan payments.

She added that only those borrowers who filed for loans and were amortized by their employers but whose payments were not remitted to SSS are to be exempted from the 100 percent penalty.

Moreover, Generoso said that those who wish to apply for the program should have contribution of at least three months prior to the month of their application.

They also have to present a proof of deducted loan amortization like company certification, payments or notarized affidavit.

Generoso was today's guest at Talking Points radio program aired over Radyo ng Bayan and sponsored by the Presidential Communications Operations Office and the Philippine Information Agency.(PAE/PIA-GHQ)

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