SSS reports P2.1B in loan restructuring gains

The Social Security System as of end-August gained P2.1 billion from the second round of its loan restructuring program, boosting the state-run pension fund’s income as it struggles to finance the pension hike approved by President Duterte last year.

In a statement, SSS president and chief executive Emmanuel F. Dooc said the additional income came from 296,086 members who availed themselves of loan restructuring in its first five months of implementation.

“We’re glad that the loan restructuring program has once again served its purpose of providing members an immense relief from paying their loan delinquencies through flexible and affordable payment terms and conditional condonation of loan penalties,” Dooc said.

“Within five months of the second loan restructuring program implementation, the SSS has already condoned P4.3 billion penalties, resulting in P4.9 billion in restructured loans,” Dooc added.

In March, Dooc said the SSS expected to generate P1.2  billion from about 250,000 member-borrowers during the six-month program running from April 2 to Oct. 1.