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Cebu News

SSS offers loan restructuring to delinquent borrowers

Mitchelle L. Palaubsanon - The Freeman

CEBU, Philippines - Social Security System-Cebu branch has urged its members with delinquent loans to avail of the restructuring program.

Maria Cleotilde Cabañero, information officer, said the deadline for application is on April 27.

"Settle now while the program is still here," Cabañero said in a radio interview.

 Cabañero said that unpaid loans, including interest and penalties, will be deducted from the member-borrower’s retirement benefits.

SSS Assistant Vice President for Member Loans Department Boobie Angela A. Ocay said members can clean up their overdue loan principal and interest in full or by installment under a restructured term depending on their capacity.

"Both payment schemes offer condonation of loan penalties," Ocay said, adding that the LRP is in response to the widespread clamor from individuals and organizations to alleviate the burden of calamity-stricken workers, who face difficulties in paying their SSS loans after suffering from natural and manmade disasters in recent years.

The program, which can only be availed once, gives delinquent member-borrowers a chance to regain their good SSS standing and enjoy SSS benefits and privileges in the future.

The LRP covers calamity loan borrowers in the 1990s following the Mt. Pinatubo eruption and 1990 earthquake, and members with past due short term loans in declared calamity areas after the onslaught of tropical storms in 2009 to 2015.

Also included are the Zamboanga armed conflict and the Bohol-Cebu earthquake which both occurred in 2013. (FREEMAN)

SOCIAL SECURITY SYSTEM
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