SSS extends 2 loan condonation programs to May

The SSS main office in Quezon City (File photo from the Philippine Daily Inquirer)

MANILA, Philippines—The state-run Social Security System (SSS) has extended by three more months, or until May, the application for two of its ongoing loan condonation programs to allow more borrowers, with delinquent payments as a result of the pandemic, to get relief.

In a circular issued last Tuesday (Feb. 15), SSS president and chief executive Aurora Cruz-Ignacio said the period to apply for the short-term member loan penalty condonation program was extended to May 14 from its original Feb. 15 deadline.

The short-term member loan penalty condonation program will consolidate the total amount of a borrower’s outstanding principal and interest accumulated from past due loans. Settlement can either be a one-time full payment or through installments.

In another circular also on Tuesday, Ignacio said the deadline to apply for the housing loan restructuring and penalty condonation program was moved to May 21 from the earlier Feb. 22 cut-off date.

For the housing loan relief, the SSS now also allowed successors-in-interest and legal heirs, who have yet to meet the required 12 successive contributions on top of a minimum of 24 monthly contributions to apply. However, they will be eligible for condonation without restructuring only.

The housing loan restructuring and penalty condonation program will condone all unpaid penalties upon full payment.

The Inquirer asked the SSS for updates on loan condonation programs, but a representative said the SSS has yet to consolidate figures.

The SSS also offered two penalty-free condonation programs — the social security (SS) contribution penalty condonation program and the enhanced installment payment program — to employers who had been unable to remit their employees’ contributions amid the harder times wrought by the prolonged pandemic.

TSB