The Social Security System (SSS) encouraged its members to settle unpaid loans through the loan restructuring program (LRP) with penalty condonation.
Starting April 2 until October 1, 2018, SSS will accept applications of those who wish to settle their loans under the LRP.
Those who have short-term member loans including calamity, salary, educational, and emergency loans are welcomed to apply.
Under the program, members will no longer pay the additional penalties for the unsettled loans. Members only need to pay for the annual interest alongside the principal loan.
Payments can be done in whole or on a monthly basis as long as the payment terms will not exceed 5 years.
Those who wish to apply may visit the nearest SSS branch and fill up the form provided for LRP application.
The applicant should also present two government IDs.
For calamity loans, applicants should also bring an affidavit of residency as proof place of residency during the disaster.
Overseas Filipino workers (OFWs) are also urged to apply by providing a representative an authorization letter to process the application.
SSS, however, reminded applicants that failure to settle loans under the LRP in 5 years results to payment of bigger interest.
