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The Social Security System said it has collected P1.7
billion in back payments from more than 500,000 accounts since the
implementation of the amnesty program in 2004.
“We are pleased with the
overwhelming response shown by our members to the extension of the
program,” SSS President and Chief Executive Officer Corazon de la
Paz said
The amnesty allows delinquent
borrowers to pay their loans without penalties and other charges. It
also covered employers and cooperatives that were remiss in
remitting their employees’ loan amortization. Borrowers were given
options to pay a one-time payment without penalties or in
installment, which will result in proportionate write- off of
penalties.
For the short-term loans, SSS
collected P245.5 million from delinquent accounts during the
six-month extension of the amnesty last year.
More than 63,000 members availed
of the extension and paid their loan balances in full or in
installment.
Addition to this, de la Paz said
SSS is studying the possibility of extending the implementation
another six-month amnesty program due to the wide clamor of members
who were not able to beat the deadline.
Other than the short-term loans,
SSS have an on-going home loan amnesty and restructuring program.
Under this program, borrowers can
settle their loans by installment or pay in full without penalties,
or restructure their accounts for a 10-year term at lower interest.
--Maricel E. Burgonio
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