Saturday, September 15, 2007 SSS extends loan amnesty
THE Social Security System (SSS) has collected P268 million from delinquent housing loans during its amnesty program last year.
The SSS six-month amnesty program for the condonation and restructuring of penalty under the housing loan program started in December last year.
The guidelines are pursuant to the Social Security Commission, which are approved by President Arroyo.
There were 6,434 members who were gran-ted amnesty and the number is expected to rise because of further plans to extend the program, said Edgar Solilapsi, SSS senior vice-president for investments, in a press statement.
During the celebration of the agency’s 50th anniversary last Sept. 3, Solilapsi said Arroyo had asked SSS to extend the amnesty so more private sector employees will benefit.
SSS has about 22,000 delinquent housing loans and it expects at least 30 percent of the number to update their accounts under the extended amnesty period, he said.
He said SSS expects to collect P570 million in payments while P750 million in penalties will be condoned as a result of the amnesty.
SSS released a circular to all members, employers and financial institutions in December last year regarding the amnesty.
According to the SSS circular, among those who are qualified to apply for amnesty are delinquent borrowers under the Direct Housing Loan Facility for Trade Union members and overseas Filipino workers with foreclosed properties whose ownership have not yet been transferred to the government. (TEP)
