Halfway through a six-month amnesty program on loan penalties, the Social Security System has rung up a total of P748 million in collections from some 59,000 member-borrowers who have availed themselves of the relief.
SSS President Emilio de Quiros Jr. called on other delinquent borrowers to sign up by September 30 or be liable to full penalties.
De Quiros said in a statement the pension fund had recorded P748.03 million in principal, interest and collectible penalties since the condonation program started last April 2.
Through the program, the SSS offers to waive 50 percent to 100 percent of outstanding loan penalties.
As of July 2, members who have availed themselves of the program reached 58,995 and accounted for some P426.83 million in unwaived penalties.
De Quiros said full payments of arrears from 35,644 borrowers reached P378.44 million while an additional 23,351 members have started monthly payments to settle a total of P369.58 million.
“Three out of every 10 member-borrowers who applied for condonation chose to make full payments, which indicates growing awareness among members of the immediate need to settle unpaid loan obligations and the advantages of taking the opportunity offered by SSS,” De Quiros said.
“Those who cannot afford outright payments may still avail themselves of the program at lighter terms,” he added. “Members have the option to pay in equal monthly installments spanning 12, 24 or 36 months with an annual interest rate of 3 percent.”