MANILA — Some 250,000 Social Security System (SSS) members are expected to avail of the agency’s second loan restructuring program (LRP), which is projected to bring in PHP1.2 billion in the pension fund’s coffers.
In a briefing Thursday, SSS President and Chief Executive Officer (CEO) Emmanuel Dooc said the six-month loan condonation program, which will run from April 2 to October 1, 2018, will be conducted to allow members in disaster-hit areas pay their loans.
Among those who are qualified to avail of the program are those living or working in areas affected by the siege in the cities of Marawi and Zamboanga and the eruption of Mayon Volcano.
Under the second LRP, member-borrowers will be allowed to settle their unpaid overdue loan principal and interest in full or by installment.
“We encourage borrowers to take advantage of this opportunity,” Dooc said, noting that the LPR will be done to allow more borrowers clean up their obligations.
Citing SSS records, Dooc said there are about 250,000 SSS members who have past due account of at least six months.
It also shows that employers’ delinquency amounts to around PHP13 billion.
To date, SSS has about 36 million members but only 15 million are active members, Dooc said.
The SSS chief said there are members who have been clamoring for the extension of the first LPR, which was done for a year and ended in April 27, 2017.
He, however, said they cannot extend it without the authority of Malacanang or Congress.
“Kaya minarapat namin na i-reimplement ito. Dumulog kami sa Malacanang upang bigyan kami uli ng pagkakataon na maisagawa ito with President’s approval. So, for the second time only we are offering the second LRP. (That’s why we decided to re-implement it. We requested Malacanang to give us another chance to implement it with the President’s approval. So for the second time only we are offering the second LRP),” he said.
Dooc said about 850,000 SSS members availed of the first loan condonation program, which allowed the agency to collect about PPHP6 billion worth of loans and penalties.
He said they are doing their best to collect unpaid dues to be able to efficiently service the needs of their members without tapping the funds for investments.
“This year, expected benefit payout is PHP191 billion,” he said. (PNA)
