CEBU, Philippines - Over 80,000 borrowers were granted the last general amnesty and condoned of their penalties by the Social Security System on the occasion of their 55th anniversary celebration.
This was announced in a press conference simultaneously held for journalists in Manila, Baguio and Cebu City yesterday.
The condoned penalties amount to P590.79 million.
According to the SSS President and Chief Executive Officer Emilio de Quiros, Jr., the 80,994 borrowers who have availed of the Member Loan Penalty Condonation Program borrowed a total of P1.03 billion.
SSS head for Central Visayas Division, Helen Solito, reminds the borrowers who may have forgotten their SSS loans’ obligations that this may be the last condonation that they will give to borrowers.
She further said that the loan should be paid back to avoid the hassle of having deductions since the loan had its interest increased.
“Mao gyud ni ang opportunity nila to update their accounts with us, para by the time they will be filing for their benefits, wala nay deductions.”
The penalty ranges to one percent per month. Failure to pay the loan increases the penalty in the following years.
Solito said that they allow their delinquent members to pay on an installment basis if they cannot pay it in full.
The six-month availment period of the condonation program for the delinquent members will end on Sept. 30, 2012.
They grant condonable penalties of 50 to 100 percent, depending on the borrower’s situation and mode of payment under the program.
According to De Quiros, members can file their applications for penalty condonation at the nearest SSS branch.
Those who no longer need to submit their supporting documents can apply via Internet by logging on to www.sss.gov.ph.
Members, who are here and abroad, can freely visit the website and check their accounts using the internet in order avoid penalties.
De Quiros urged the members to enroll in the SSS website to access to their records such as membership data and posted contributions.
Registered web users can also perform online SSS transactions including loan applications and maternity notifications.
Aside from the website, they also improved their system through the project, Automated Tellering System (ATS), which will prevent unpostable or missing contributions caused by incorrect security numbers.
De Quiros said that the ATS will alert their frontline personnel if the member’s name does not match the given SS number.
“The over-the-counter verification ensures accurate posting of contributions and reduces the need to reconcile members’ records for immediate release of benefits,” he added.
This year’s anniversary theme, “Sa SSS, Kabuhayang Pinagsikapan, Seguridad Maaasahan,” they highlighted their role as an instrument for workers to reap the benefits of their hard work until their retirement years to provide security for their family. - THE FREEMAN