DAVAO CITY, Philippines – Anticipating to collect more than a billion in the next six months, the Social Security System (SSS) announced it is offering a Loan Restructuring Program (LRP) to member-borrowers starting April 2 until October 1.
According to Mario Daray, SSS Public Information Officer-Southern Mindanao, the loan restructuring will enable individual member-borrowers to fully avail of the benefits offered by the SSS.
The SSS targets to collect P1.2 billion from about 250,000 members in the next six months.
Member-borrowers who have past due short term loans are covered by the program provided they have resided or worked in a calamity or disaster stricken area.
In Mindanao, member-borrowers affected by Typhoon Sendong and Pablo, Zamboanga Siege can avail of such program.
Daray said the qualified borrowers will be paying only the principal and interest though a restructured term or payment done in full. Member-borrowers should religiously pay to avoid the monthly 5% penalty.
In 2016-2017, the SSS generated P6B for the pension fund and said it benefited 800,0000 members.
Asteria Relon, a resident of Agdao, Davao City filed an application to the LRP program to cover her P23,000 loan acquired four years ago.
I applied to the program to decrease my overdue loan. Fortunately, it is now reduced to P7,000, Relon added.
Disqualified in the program are member-borrowers who have availed loan restructuring in 2016-2017, claimants of final benefit prior to the period of the LRP and those have committed fraud. (davaotoday.com)
