The Social Security System (SSS) said member-borrowers with past due short-term loans can now apply for the Short-Term Member Loan Penalty Condonation Program (STMLPCP) through Feb. 14, 2022.
SSS President and Chief Executive Officer Aurora C. Ignacio said the program is part of pandemic relief and restructuring programs offered by the state-run insurance agency.
“We continue to respond to the needs of our members who have been severely affected during this pandemic. Through STMLPCP, SSS offers conditional loan condonation by waiving their accrued penalties when their loan principal and interest are paid in full. ” Said Ignacio.
The program includes those with outstanding Salary, Calamity, Salary Loan Early Renewal Program (SLERP), Emergency Loans and Restructured Loan under the Loan Restructuring Program (LRP) implemented in 2016 to 2019.
Members with short-term loans beyond the due date of at least six months from the first day of the condonation availment period are eligible to apply; members who have not been granted any final benefit such as permanent total disability or retirement; members who have not been disqualified for fraud committed against the SSS; and members who will file their final benefit application for permanent total disability or retirement.
Meanwhile, for member-borrowers to repay their consolidated loan under installment basis, their age must be less than 65 years old at the end of the installment term.
“We encourage our member-borrowers to use our short-term member loan condonation program. With this program, they can update their loans and avoid further accumulation of penalties, ”Ignacio added.
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