The Social Security System (SSS) on Wednesday urged members with unpaid loans to avail of the loan penalty condonation program to help them regain their good standing and be able to avail of loans.
SSS executive vice president for Investments Sector Rizaldy Capulong echoed the statement of SSS president and CEO Rolando Ledesma Macasaet about the condonation of penalties for members with past-due loans.
“We listen to the clamor of our members and one of which is to offer a condonation program for those who have past-due loans,” he said.
The state pension fund shall combine the principal and interest of a member’s past-due short-term member loans into one consolidated loan, while all unpaid penalties would be consolidated and condoned or waived upon full payment of the consolidated loan.
Members with outstanding loan obligations in their salary, calamity, emergency and restructured loans, including the salary loan early renewal program, are qualified to avail of the program.
“We want to persuade our members with unpaid loans to grab this opportunity to pay their past-due loans without penalties through an easy payment scheme. We launched this program as a relief to aid our members who find it challenging to fulfill their loan obligations with the SSS. This offer is available while the program lasts,” Capulong said.
Any interested member must have a past-due short-term member loan at the time of their application, have not been granted any final benefit, have not been disqualified due to fraud committed against the SSS and have an active My.SSS account, and one may submit one’s application for the program online.
“Members may pay their consolidated loan through a one-time payment within 30 calendar days after receiving the approval notice, or they may also opt to pay through installment,” Capulong said.
As of December 2023, over half a million members have availed of the program.
SSS has already condoned more than P7.3 billion loan penalties.