SSS offers conditional loan condonation program

The Social Security System (SSS) over the weekend said it will offer a conditional loan condonation program which will waive accumulated penalties for select borrowers.

According to the SSS, member borrowers with past due short-term loans can apply for the Short-Term Member Loan Penalty Condonation Program (STMLPCP) as part of its Pandemic Relief and Restructuring Programs offered by the agency.

“We continue to respond to the needs of our members who were greatly affected during this pandemic,” SSS President and Chief Executive Aurora Ignacio said in an emailed statement.

“Through the STMLPCP, SSS offers conditional loan condonation by waiving their accumulated penalties once their loan principal and interest are fully paid,” she added.

The program was made available starting November 15, and will last until February 14, 2022. It is available through the online portal of the agency.

Among those qualified to apply for the loan condonation program are members with short-term member loans that are past due for at least six months as of the first day of the condonation availment period.

Also qualified are members not granted any final benefit such as permanent total disability or retirement, those who have not committed fraud, heirs or beneficiaries of deceased member borrowers who will file the death benefit applications, and member-borrowers who will pay their consolidated loan under installment basis.

“We encourage our member-borrowers to avail of our short-term member loan condonation program,” said Ignacio.

“With this program, they can update their loans and avoid further accumulation of penalties,” she elaborated.

Terms and conditions under the loan can be viewed online through the agency’s official website, or through its social media accounts.

The SSS is mandated to provide social justice and provide protection to members and their families against the hazards of disability, sickness, maternity, old age, death, and other contingencies resulting in loss of income or financial burden. —LBG, GMA News