By: Elsa S. Subong
THE SOCIAL Security System has opened its six-month Loan Penalty Condonation Program, starting April 2, for delinquent borrowers to settle their overdue loans.
SSS President and Chief Executive Officer Emilio de Quiros, Jr. said the program offers delinquent borrowers discounted penalties of 50 to 100 percent and ensure their settlement to the full amount of SSS benefits in the future.
De Quiros and some top SSS officials were in Iloilo Thursday for a press briefing and for consultation meetings with employers, pensioners and workers’ groups to gather feedback on the condonation program.
He said there were over a thousand members in Western Visayas with a combined loan delinquency of about P17 million have applied so far.
“We hope other borrowers will file their applications before the program ends on September 30,” De Quiros said.
The program covers delinquent borrowers whose employers failed to remit their loan payments to SSS; beneficiaries of members who dies with unpaid loans; those with at least three paid amortizations; and, members filing retirement or total disability claims within the availment period.
The SSS CEO said members have the option to pay in full or settle in monthly installments of up to 36 months, while beneficiaries of deceased delinquent borrowers can apply for the condonation program until March 31, 2013.
Meanwhile, the SSS has released a total of P132.89 million for salary loans of some 10,200 members in Western Visayas.
De Quiros, said the amount was disbursed during the first quarter of the year, a five percent increase from its P126.89 million loan release for the same period in 2011.
He said salary loans are granted as a privilege of actively-paying SSS members, so they are encouraged to ensure regular payment of contributions to become eligible for salary loans.
Members with a minimum of 36 contributions and at least six premiums within the 12-month period prior to application qualify for a one-month salary loan payable in 24 equal monthly installments, and those with 72, are eligible for a two-month loan.
SSS has 2.15 million members under its Western Visayas Division, which supervises SSS branches in the cities of Bacolod, Bago, Bais, Dumaguete, Kabankalan, Sagay, San Carlos, Victorias, Iloilo and Roxas and in the towns of Kalibo, Aklan and San Jose, Antique.