SSS offers a GMA News Online conditional loan forgiveness program

The Social Security System (SSS) announced this weekend that it will offer a conditional loan tolerance program that will waive accumulated penalties for some borrowers.

According to the SSS, member borrowers with short-term loans in arrears can apply for the Short-Term Member Loans Condolence Program (STMLPCP) as part of its pandemic relief and restructuring programs offered by the SSS. ‘agency.

“We continue to meet the needs of our members who have been greatly affected during this pandemic,” SSS President and CEO Aurora Ignacio said in an emailed statement.

“Through the STMLPCP, SSS provides conditional loan tolerance by waiving their accrued penalties once the principal and interest on the loan are fully paid,” she added.

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

Among those qualified to apply for the Condominium Loan Program are members with short-term member loans that are at least six months past due from the first day of the concession’s availability period.

Also qualified are members who have not received any definitive benefit such as permanent total disability or retirement, those who have not committed fraud, heirs or beneficiaries.

“We encourage our member borrowers to take advantage of our short term member loan program,” said Ignacio.

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

The terms and conditions of the loan can be viewed online on the agency’s official website or on its social media accounts.

The mandate of the SSS is to ensure social justice and to protect members and their families from the risks of disability, illness, maternity, old age, death and other contingencies resulting in loss of income or a burden. financial. —LBG, GMA News

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