(ON LOANS. SSS-Angeles City manager Normita Cruz, SSS VP for Central Luzon Gloria Corazon Andrada and Pampanga Press Club president Deng Pangilinan at the Talk Widus forum. Photo by Bong Lacson)
CLARK FREEPORT – The Social Security System (SSS) has reiterated that it has extended its loan restructuring program (LRP) until April 1 next year.
Gloria Corazon Andrada, SSS vice president for Central Luzon-2, urged borrowers of short-term loans like salary loans, calamity loans or Y2K loans to pay in full or at one time or installment up to five years. She said borrowers should take advantage of the LRP so that penalties can be condone and borrowers will only pay the principal amount and interests.
She said the extension was made to accommodate more members who have outstanding short-term obligations.
Andrada made the announcement on Wednesday during the media forum “Talk Widus” organized by the Pampanga Press Club at the Widus Hotel and Casino here. With Andrada was Normita Cruz, SSS Angeles City branch manager at Marquee Mall.
SSS launched the LRP with condonation program last April 2 and has since collected more than P2 billion income from nearly 300,000 availees for the first five months of implementation.
From April 2 to August 31, SSS was able to condone P4.3 billion penalties, resulting in restructured loans amounting to P4.9 billion.
Andrada also said would-be borrowers should pay their previous loan or one half of the principal to avail of new loans.
“We are encouraging our members to immediately file their LRP applications and do not wait for the last-minute filing next year. We’d like to remind them that their outstanding loan will still incur interests. SSS will only condone their penalties,” SSS president Emmanuel Dooc said in a statement.
To qualify for the LRP, member-applicants should be residing or employed in any of the calamity areas declared by the National Disaster Risk Reduction and Management Council or the national government. The short term loan must also be overdue for at least six months.
Meanwhile, Andrada also said pensioners can now avail of the new SSS “pension loan assistance program.”
“We understand that some of our pensioners who are in dire need of money look for other sources. Now, they can borrow directly from the SSS,” she said.
“SSS pensioners can avail of loans for up to a maximum of P32,000,” she added.
Andrada clarified that SSS will not clean out the ATMs of the pensioners but will still leave some amount for them unlike if they borrow money from loan sharks who hostage their ATMs and clean them out.
