SSS members urged: Avail of this year’s loan restructuring program

By: Intern, Nestle L. Semilla April 24,2018 - 10:22 PM

MONTALBO

SOCIAL Security System (SSS) members in Cebu are encouraged to take advantage of the second offering of the state-run pension fund’s loan restructuring program.

Lawyer Alberto Montalbo, acting vice president of SSS-Visayas Division, said that as much as possible the members with unpaid obligations, especially those affected by the recent calamities and natural disasters, should avail the second round of the program.

“This is only up to six months. I hope they will grab the opportunity and avail of this program,” said Montalbo.

He said President Rodrigo Duterte signed the extension of the Loan Restructured Program with Penalty Condonation this year which would run from April 2, 2018 to October 1, 2018.

Montalbo said that it was only this year that President Rodrigo Duterte signed the extension of the Loan Restructuring Program with Penalty Condonation which is only up to October 1.

The first round of this program was done last April 2016 to April 2017.

Montalbo said that the SSS collected about P6 billion through the program in the whole country in that period.

He said the program would be a big advantage and an opportunity for those people who experienced a calamity and had existing loans.

He said those existing loans could be paid up to five years depending on the mode of payment with an interest of three percent per annum.

“The new payment would be your principal amount plus interest. It is up to you what is your mode of paying without penalty,” Montalbo explained.

Under the program, members can settle their overdue loan principal and interest in full or by installment under a restructured term depending on their capacity.

“If you will not be able to pay from the restructured plan, then the plan will be directed to Restructured Plan 2 plus the 10 percent annum and two percent interest by month until the member will be fully paid,” Montalbo added.

Montalbo said that he does not have the figures as to the members of SSS in Cebu since it’s increasing every month.

But he said that the paying members of SSS in Cebu province alone is about one million.

For this year’s loan structuring, the SSS expects to generate P1.2 billion in the entire country in the next six months. / with CNU Intern Bea Belle Redalosa

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