Starting November 15, the Social Security System (SSS) Davao will accept application for the Loan Penalty Condonation Program, one of the five programs under the Pandemic Relief and Restructuring Program of SSS.
Guesting at the One Davao Virtual Presser, SSS Davao Regional Communications Officer Greta Fe Quayle discussed the long-awaited Short-term member loan condonation program recently launched by the SSS to allow members with delinquent loan payments to settle without having to pay the incurred penalties and return to a good standing member of the SSS and continue receiving benefits and loan programs.
“Members who have delinquent payment for more than 6 months in the following short-term loan programs such as salary loan, calamity loan, salary loan early renewal program, emergency loan, and restructure loans under the Loan Restructuring Program implemented from 2016 to 2019 may avail of this condonation program,”Quayle said.
Members who will avail this condonation program will be offered two payment options. The first is a One-time full payment which would require the member to make one payment transaction within 30 calendar days from the day that the notice of application approval was received.
For members who can’t afford a one-time full payment may opt for the second option is installment. A single payment of the 50 percent consolidated loan must be made within 30 calendar days upon receipt of the notice of approval. The remaining 50 percent of the consolidated loan will form part as Restructure Loan 1 (RL1) which is payable in the next six months starting on the month after the 30-calendar day period.
The SSS, however, clarified that member-borrowers aged 65 years and above who decided not to file for final benefit claim within the availment period of the condonation program, may only be offered the one-time full payment option.
Quayle said this condonation program would be beneficial to most of the qualified members since only a 3% interest rate per annum is computed based on the principal balance for the 6-month installment payment term.
This penalty condonation program, under the One-time Payment term will condone 100 percent of the consolidated penalty once the payment is made within the approved payment period.
For the Installment term, condonation of the 50% of the consolidated penalty will take effect upon payment of the 50% downpayment within the approved payment period. Penalty condonation for the remaining 50% will only apply upon completion of the installment payment within the approved period.
Quayle reminded interested members to check out the online portal of the SSS for the application in the said condonation program.
Members may also visit the SSS website www.sss.gov.ph, uSSSap Tayo Portal, crms.sss.gov.ph and social media accounts: Facebook Account: Philippine Social Security System, Instagram Account @mysssph, Twitter Account @PHLSSS, Youtube Account MySSSPhilippines. (PIA XI/Frances Mae Macapagat)
