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Sunday, February 26, 2006
SSS extends loan amnesty program
THE Social Security System (SSS) announced a six-month extension of an amnesty program it launched in October 2004 to help members settle their delinquent salary loans and other short-term debts to the institution, a senior official said.
SSS Executive Vice President for Operations and Chief Actuary Horacio T. Templo said President Gloria Macapagal-Arroyo has approved our recommendation of the Social Security Commission to extend the amnesty period to June 30 this year following a clamor for extension from members, who failed to meet the deadline last year.
"We are glad to announce that Malacañang has approved our recommendation to extend the amnesty program for short-term loans," Templo said.
Under the program , members could pay their loans without penalties, and they can choose to make a one-time payment or in installment.
But unlike total write-off for one-time payment, the installment payment would result in proportionate write-off of penalties.
Covered by the amnesty program are salary, calamity, emergency, educational, study-now-pay-later plan, vocational and technical, student and Y2K loans. SSS short-term loans carry a penalty of one percent a month.
Templo said the amnesty program, has allowed the SSS to clean its books and boost its investment earnings and the members' response "has been encouraging."
"SSS is pleased with the patronage and support of the members, and I am glad we are able to give those who missed the amnesty last year a chance to settle their obligations with a new deadline in June, " he said.
SSS recovered more than P 896 million in back payments from delinquent loans during the one-year amnesty program that ended in September 30 last year. (Press release)
(February 26, 2006 issue)
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