SSS offers new loan penalty condonation

INQUIRER FILE PHOTO

The Social Security System (SSS) on Thursday urged its members with unpaid short-term member loans to take advantage of its new loan penalty condonation program.

SSS president and chief executive officer Michael Regino said in a statement that salary loans, calamity, emergency and restructured loans are covered by the new program.

Regino said the principal and interest of a member’s past-due short-term loans would be consolidated while all unpaid penalties shall be condoned upon full payment of the consolidated loan.

Members may pay their consolidated loan through a one-time payment within 30 days after receiving the approval notice or they may also opt to pay through installment.

They can also pay outstanding balances over up to 60 months, depending on the amount.

READ: SSS extends 2 loan condonation programs to May