Tuesday, 23rd September 2014

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
Traffic jams

September 24, 2014 01:08 AM

By: Modesto P. Sao-noy

BACOLOD Traffic Authority chief Butch Ebreo is being taken to task for a job that is as difficult as Sisyphus pushing the rock to the top of the hill. The guy is doing a yeoman’s job that like the floods that visit the Philippines on a regular basis and occasionally in Bacolod, traffic in this city is a Gordian knot that needs a surgical solution. Read more...

Other prisms

September 24, 2014 01:06 AM

By: Juan L. Mercado

A DIFFERENT prism on martial law came, over the weekend, from a Filipino who grew up in Argentina. To mark the 42nd anniversary of Marcos’ saving “democracy by bayonets,” Bino A. Realuyo wrote about “my belated awakening (that) came mostly from a Buenos Aires education.” Read more...

Why I write

September 24, 2014 01:04 AM

By: Manuel “Boy” Mejorada

I OFTEN encounter people who couldn’t understand why I am making column writing a living. There’s no money in it, they tell me. I could easily find more profitable pursuits, they add. And those who like the fact that I write regularly add another element to the equation: fear. They are afraid for my safety because of what I write about. Read more...

Money can’t buy happiness

September 24, 2014 01:02 AM

By: Alex P. Vidal

“Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants.” – Benjamin Franklin

DESPITE their fortune, some of the wealthiest people on earth are also the loneliest if not the saddest. Read more...

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