More than 265,000 borrowers of Social Security System (SSS) short-term loans have benefited from affordable payment terms and conditional condonation of loan penalties under the ongoing SSS Loan Restructuring Program (LRP).
SSS Assistant Vice President for Member Loans Department Boobie Angela A. Ocay said the LRP, which opened its one-year availment period last April 28, already helped 265,705 member-borrowers settle their overdue loan obligations of P4.28 billion based on figures as of end-September 2016.
“We encourage other delinquent borrowers to apply for LRP now to avoid the stress of filing last-minute applications. While their penalties may be condoned, if they don’t avail of the LRP right away, the loan interest which they’ll have to pay will continue to accrue with every month of delay,” Ocay said.
The LRP offers delinquent SSS borrowers the rare opportunity to settle their overdue loans by only paying their loan principal and interest, and incur significant savings from the conditional condonation of loan penalties once their obligation has been paid in full. The deadline for availment falls on April 27, 2017.