SSS offers financial relief through loan condonation amid crisis
By Renelle L. Escuadro
BUTUAN CITY (PIA) — In response to President Ferdinand Marcos Jr.’s call for a whole-of-government response to the Middle East crisis, the Social Security System (SSS) encourages its members to use and take advantage of its consolidated loan with penalty condonation or the SSS conso loan.
Assistant Branch Head Jessejev Y. Tenecio of SSS Butuan shared, during an interview with the Philippine Information Agency (PIA) Caraga on April 14 in Butuan City.
“Having past due loans and accumulated penalties will add to the financial burden of the members, especially with the recent economic pressure. This will also affect the total amount members will receive from SSS when needed,” Tenecio said. “This program will ensure members are worry-free from penalty accumulation on their existing loans and empower them to keep their premium contribution current and secure their pension benefit.”
Since primary and frontline services of SSS are now 95 percent digital, he added that the submission of the conso loan application shall be through the member-borrower’s My.SSS account, and enjoy the benefits of the penalty condonation program, namely:
· Upon full payment, all penalties will be condoned
or waived
· Extended repayment terms
· No service fee
· Easy application process
· Restoration of good standing status with SSS
All member-borrowers with past due loans or loans
that have an unpaid obligation consisting of principal, interest, and penalties
equivalent to more than three monthly amortizations, or the loan has a
remaining unpaid balance after its maturity. The covered loans are the
following:
1. Salary Loan, including Salary Loan Early Renewal Program (SLERP)
2. Calamity Loan
3. Emergency Loan
4. Restructured Loan
Payment options and penalty condonation
The condonation of consolidated penalties shall
depend on whether the past due loan is paid in a one-time payment or through
installment:
1. One-time Payment Term
- The SSS conso loan
must be paid in full within 30 calendar days from receipt of the notice of
approval of the SSS conso loan application.
- 100 percent of the consolidated penalty shall be condoned upon full payment of the SSS conso loan within the said 30 calendar days.
- The SSS conso loan amount up to P5,000 must be paid through a one-time payment only.
2. Installment Plan
- Down payment of at
least 10 percent of the total consolidated amount within 30 calendar days from
receipt of the notice of approval of the SSS conso loan application. However, a
higher percentage may be elected as a down payment.
- The remaining balance shall be payable in equal monthly amortization based on the loan range below:
* Penalty proportionate to the percentage of the down payment shall be condoned upon payment of the required down payment within 30 calendar days.
* The remaining amount of penalty shall be fully condoned after full payment of the outstanding SSS conso loan within the approved terms and conditions.
Meanwhile, SSS Butuan Branch Head Arnold O. Pepino
shared the ongoing efforts of SSS in bringing its services closer to the
members, especially those residing in far-flung and island areas, by
capacitating local government units, including the barangays, to handle
on-the-ground assistance, basic inquiries, and transactions of members about
their SSS.
“For Butuan City, we have boarded 12 barangays in
this arrangement, making our services nearer, convenient and cost-efficient to
our members.”
He emphasized the importance for members to keep
their contributions current and updated despite the ongoing crisis.
“Ang usa ka bulan nga kontribusyon nga P760 mas
maayo kaysa walay bayad sulod sa taas nga panahon kay kining bayad nagpadayon
sa proteksyon ug benepisyo sa miyembro sa SSS” (The one-month premium payment
of P760 is better than no payment at all, especially for a long time, because
the payment will ensure the security and benefits of the SSS member),” the
officer said.
During life’s contingencies and hard times, the state insurer remains sincere and tangible to the Filipino people by fulfilling its commitment on “Sa SSS, Sigurado ang Bukas.” (RLE, PIA Dinagat Islands)