The Social Security System will start receiving Loan Restructuring Program with penalty condonation applications today, April 2, in all SSS branches nationwide.
Member-borrowers who have past due loans like salary, calamity, emergency loans, educational loan (old), study-now-pay-later plan, voc-tech, Y2K, and investments incentive loans are covered by the program provided they have resided or worked in a calamity/disaster stricken area as declared by the National Disaster Risk Reduction and Management Council or in the case of Ondoy, by the national government.
LRP applicants should bring with them a duly accomplished LRP Application Form which can be downloaded from SSS website (www.sss.gov.ph), and two valid identification cards.
The program allows member-borrowers to clean up their overdue loan principal and interest in full or by installment under a restructured term depending on their capacity.
Qualified members only have six months to avail of the program or until Oct. 1.
Disqualified from the program are thos who have approved LRP in 2016 to 2017; members with final benefit claim prior to the LRP availment period; and those who committed fraud against SSS.