Friday, 12th February 2016

Click Icon to Share this post

Share

December 6, 2012 12:40 AM

THE SOCIAL Security System (SSS) said it raised its members' maximum loanable amount and provided more flexible terms.

The agency's revised lending guidelines took effect on December 1.

SSS President and Chief Executive Officer Emilio de Quiros, Jr. said the new guidelines aim to align the SSS salary loan program with prevailing market conditions.

"Amid the current low interest rates, the SSS relaxed its lending terms and conditions that result in a higher maximum loanable amount, bigger net loan proceeds, lower computation of interest payments and earlier loan renewals for members," he said, in a statement.

Under the new salary loan guidelines, members can file for renewal if they have already paid at least 50% of the principal loan amount and at least half of the two-year loan term has lapsed. Previously, members can only renew their loan if the outstanding balance is P500 or lower.

While loanable amount remains based on the average of the members’ latest 12 posted monthly salary credits, the new guidelines provide a maximum salary loan of P30,000, higher than SSS’ previous cap of P24,000.

"Members paying at the current P15,000 maximum MSC become entitled to the full amount of a two-month salary loan, which is now P30,000. As added flexibility, members can indicate how much they want to borrow as long as it is within their loanable amount," de Quiros said.

The loan shall be amortized over a 24-month period and the 10 percent annual loan interest will apply to the diminishing principal balance.

The first year’s 10 percent interest shall no longer be deducted in advance, which translates to bigger net loan proceeds.

Earlier, the SSS deferred the implementation of the guidelines in preparation for its computerized loan system for the changes and to avoid disrupting the processing of members’ applications for the loan penalty condonation program. (ABS-CBNnews.com)

Opinion new Banner
Click image for full view
4Ps, Mar Roxas, and the Presidency

February 12, 2016 03:38 AM

By: Manuel “Boy” Mejorada

THE STANDARD-Laylo poll survey published a few days ago determined that much of Mar Roxas' 22% rating for the period Jan 27-Feb 4 could be attributed to the 4Ps program of the national government. Read more...

Gamboa reacts-2

February 12, 2016 03:36 AM

By: Modesto P. Sao-noy

LET’S CONTINUE examining the reaction of Bacolod Councilor Wilson Gamboa, Jr. contained in his press release on my series on the report of the Commission on Audit and the findings of a group after Acting Mayor Greg Gasataya took over from suspended Mayor Monico Puentevella.

Read more...
Petilla for senator

February 12, 2016 03:24 AM

By: Limuel Celebria

SHOULD HE reach the Senate, former Energy Secretary Carlo Jericho Petilla who’s now running for senator under the Liberal Party would have Health and Education as top priorities in his legislative agenda. Read more...

Prof. Copernicus thinks I am right (Last of 2 parts)

February 12, 2016 03:29 AM

By: Alex P. Vidal

"I'm sorry, if you were right, I'd agree with you." – Robin Williams

NEW YORK CITY – Three big historical events in February, March and April juxtaposed in the calendar of topics Dr. Jozef Copernicus wanted to discuss with me one breezy afternoon in the blizzard-drenched Central Park. Read more...

All roads lead to Miagao

February 12, 2016 03:26 AM

By: Benito T. Jimena

ALL ROADS lead to Miagao for the celebration of its 300th founding anniversary. It is a first class municipality, 40 kilometers south of Iloilo City, an hour ride passing the towns of Oton, Tigbauan, and Guimbal. Read more...

Negros News New Banner
Sports News New Banner
Business News New Banner
Community Events new Banner
About Us New banner
Order newspaper
order Newspaper New Banner
interval banner