SSS President and Chief Executive Officer Emilio de Quiros, Jr. on Monday said the amnesty is different from past SSS loan penalty condonation programs.
"SSS will waive 100% of penalties of qualified applicants whose loan delinquency was not their fault, such as members whose employers failed to remit their amortizations to SSS despite deducting loan payments from their salaries," he said.
The amnesty program covers overdue salary, calamity, emergency, educational, study-now-pay-later, stock investment and privatization fund loans. The terms and requirements for applicants will depend on the type of delinquent borrower.
To be eligible for full condonation of penalties, the SSS member must have at least 3 contributions within the last 6 months before the month of application and present proof of deducted loan amortizations such as pay slips, company certification and notarized affidavits.
The SSS member can pay the loan principal and interest in full or avail of a three-year installment payment scheme at an annual interest rate of 3%.
"Members with at least 3 paid amortizations will have 90% of their penalties condoned if they pay in full. Those who will pay in monthly installments over three years at a 3% annual interest rate will have 80% of their loan penalties waived," de Quiros said.
SSS will also offer amnesty to beneficiaries of deceased borrowers who will file their death claim applications within the period. SSS will also waive 100% of penalties and the member's delinquent loan principal and interest will be deducted from the death benefit.
The amnesty program will begin on April 2. The deadline for applications will be on September 30. Beneficiaries of borrowers who passed away without settling their delinquent obligations can apply until March 30, 2013.
Source: ABS-CBN News
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