The Social Security System (SSS) will start receiving Loan Restructuring Program (LRP) with penalty condonation applications this April 2, in all SSS branches nationwide.
Member-borrowers who have past due loans like Salary, Calamity, Emergency Loans, Educational Loan (old), Study Now Pay Later Plan, Voc-Tech, Y2K and Investments Incentive Loans are covered by the program provided they have resided or worked in a calamity/disaster stricken area as declared by the National Disaster Risk Reduction and Management Council (NDRRMC) or in the case of “Ondoy,” by the national government.
LRP applicants should bring with them a duly accomplished LRP Application Form which can be downloaded from SSS website (www.sss.gov.ph), and two valid identification cards.
The LRP allows member-borrowers to clean up their overdue loan principal and interest in full or by installment under a restructured term depending on their capacity. Qualified members only have six months to avail of the program or until October 1, 2018.
SSS reminded borrowers who have approved LRP in 2016 to 2017, members with final benefit claim prior to the LRP availment period and those who committed fraud against SSS, are disqualified for the program. (PR)