Tuesday, October 09, 2007 SSS here is highest in delinquency rate
THE Social Security System-Southern Mindanao (SSS) has the highest delinquency rate in housing loans after Metro Manila and yet SSS-Southern Mindanao chief Manolito Tagalod insists the agency is in the "pink of health."
Tagalog said in Monday's Kapehan sa Dabaw at SM City Davao that of the 7,000 active accounts that they have, more than 5,000 accounts are delinquent.
"More or less about P67 million would be the total of the delinquent accounts," Tagalog added.
There are various reasons as to why borrowers are unable to pay their loans on time, Tagalog said. One of which is the plain and simple unavailability of funds.
Moreover, Tagalog also revealed that they have suspended the foreclosure of units for the year because they want to give ample time for the delinquent payers to avail of the special condonation promo that the SSS offers.
"We would condone as much as 50 percent of the continuing interest until March 10, 2008," Tagalog added.
Nonetheless, despite the poor showing in the payment of loans in the housing aspect, the SSS was still able to grant a 10 percent across the board increase in the pension starting August of 2007.
"It shows that we are on the right track to financial viability," Tagalog said. (CPM)
