The Social Security System (SSS) continues to encourage its members, including overseas Filipino workers (OFWs), to apply for loan restructuring program (LRP) with penalty condonation until October 1.
OFWs 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.
How can OFWs apply?
There are two ways OFWs can apply for LRP to settle their SSS debts without fine.
OFWs in the UAE can visit the Philippine Consulate in Dubai and the Philippine Embassy in Abu Dhabi and visit the SSS office.
OFWs may also opt to apply through the SSS office in the Philippines by providing a representative an authorization letter to process the application.
An application form for the program will be provided by the SSS officials
The applicant should present two valid IDs and other necessary documents. For calamity loans, applicants should also bring an affidavit of residency as proof place of residency during the disaster.
SSS, however, reminded applicants that failure to settle loans under the LRP in 5 years results to payment of bigger interest.
