CLARK FREEPORT – Social Security System is offering six-month grace period for its members to avail of the loan restructuring program to avoid accumulated penalties of their borrowed money as “condonable” penalties hike to P2.85 billion, key official of the semi-government insurer firm announced Wednesday.
“We’re offering six months loan restructuring which started last April 2 until Oct 1, 2018 for those SSS members who have standing debt, to come forward and avail of our program. This is a rare opportunity for us to settle our loan,” said SSS officer-in-charge Vice President Gloria Corazon M. Andrada.
Andrada, who was the guest of Pampanga Press Club May edition of “Talk Widus”, a regular monthly forum held at the Widus Hotel and Casino, said SSS is targeting around 250,000 member-borrowers who have outstanding loan with SSS.
Some P1.55 billion SSS funds, Andrada said have been released to member-borrowers for various loans including salary, housing, education, emergency etc. She said the amount earned P1.2 billion in interest alone.
“Under the program, SSS condoned the penalties. What we’re going to collect is the principal and interest only,” said Andrada adding that long overdue account must be settled by the borrowers.
Andrada said SSS have embarked on information and awareness campaign to reach out to its members about the “condonation” program.
Meanwhile, SSS will be opening soon another branch at Dau, Mabalacat City, the 10th in Luzon. The new services office is situated at the business district and can be easily accessible.
The putting up of another branch, Andrada said is to decongest (SSS) Marquee Mall which have been noted to be congested by members on a daily basis.
Andrada said another SSS services office will be in place at Guagua, Pampanga. Services offered include data capture for member UMID, data amendment and loan application. “Members from western section of the province will no longer travel to City of San Fernando to avail of our services.”