LAOAG CITY, Ilocos Norte (PIA) – The Social Security System (SSS) is still accepting applications for its loan penalty condonation program for member-borrowers with outstanding loan penalties.
 
Member borrowers can apply for the SSS Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty online through their My.SSS accounts.
 
According to Christian Andrew Rillota, SSS-Region 1 communications officer, the agency has not yet issued a deadline for the program.
 
“Wala pang na-set na deadline ang SSS sa condonation program na ito so huwag na nating sayangin at hangga’t may time pa para sa mga concern members natin, ayusin na po natin ang obligations sa SSS,” he said during the PIA Kapihan with SSS on August 25.
 
This condonation program is open for members currently paying off their loans under Salary Loan, including the Salary Loan Early Renewal Program (SLERP), Calamity Loan, Emergency Loan, and Restructured Loan.
 
Under the Loan Restructuring Program, all outstanding principal and interest of the member borrower’s past due loans will be combined into one consolidated loan.
 
The unpaid penalties will be consolidated separately and will be subjected to conditional condonation.
 
Member borrowers can pay through a one-time payment or in installment terms.

For the one-time payment option, member borrowers can pay the consolidated loan in full within 30 days after receiving the approved application.
 
Meanwhile, for installment terms, member borrowers can pay a down payment of the consolidated loan amount within 30 days and the remaining balance will be payable in equal monthly amortization.
 
The amortization is based on the loan range: six months for loans of P5,000 to P10,000 loans; 12 months for P10,001 to P18,000 loans; 24 months for P18,001 to P36,000 loans; 36 months for P36,001 to P54,000 loans; 48 months for P54,001 to P72,000; and 60 months for loans ranging more than P72,000. (JCR/AMB/EJFG/PIA Ilocos Norte)