State-run Social Security System condoned P9.5 billion in short-term loan penalties of over 658,000 calamity-affected members under its second Loan Restructuring Program, and strongly urged member-borrowers to pay religiously the monthly amortization of the restructured loans.
SSS president and chief executive officer Aurora Ignacio said the program, which ran from April 2018 to April 2019, had restructured P10.9 billion worth of loans and generated an income amounting to P4.4 billion.
“Members who paid their outstanding loans in full through LRP will again enjoy their loan privileges after six months from the time that they have paid their loans. They are now worry-free from any loan deductions on their future benefits such as their retirement pension. We encourage those who are paying their restructured loans in installment terms to ensure that they are paying their loan obligations on time to eventually regain their good standing with the pension fund,” said Ignacio.