The Social Security System is offering another round of loan restructuring starting April 2 to members with unpaid obligations, especially those affected by the recent calamities and natural disasters.
SSS president and chief executive Emmanuel F. Dooc said the second round of loan restructuring program that would end on Oct. 1 was a follow-through to the first one offered from April 2016 to April 2017, through which the SSS collected about P6 billion from more than 800,000 members, Dooc said.
“The reimplementation of the loan restructuring program that condones penalties of borrowers with past-due loans is a response to the widespread clamor of those members who were not able to avail themselves of the [previous] program,” Dooc explained.
“While many have benefited from the loan restructuring program implemented in 2016, we have also received numerous requests from members to extend or reimplement it. As I can recall, members flocked to our branches on the deadline of the previous program on April 27, 2017. So for those who were not able to apply, this is your time to clean your outstanding loan balance and regain your good standing with SSS,” Dooc added.
Dooc said that those affected by the Marawi siege as well as Mayon Volcano eruption could avail themselves of the program.
For this year’s loan structuring, the SSS expects to generate P1.2 billion from about 250,000 members in the next six months.
Under the program, members can “settle their overdue loan principal and interest in full or by installment under a restructured term depending on their capacity,” the SSS said.
“For both schemes, the SSS shall waive all the loan penalties after the member has completed paying the restructured loan,” it added.
“The program covers all member-borrowers who have past-due loans like the salary loan, emergency loan, (old) educational loan, study now pay later plan, voc-tech loans, Y2K loans and investments incentive loan,” according to the SSS.