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About 5.6 million Social Security System (SSS) members can pay their overdue loans at discounted penalties of 50 to 100 percent under a new amnesty program which will open for availment on April 2, a top official said.
SSS President and Chief Executive Officer Emilio de Quiros, Jr. said the amount of condonable penalties under its Loan Penalty Condonation Program for Individual Members will depend on the borrowers’ history of loan payments.
"Borrowers whose delinquency was not their fault and those who have shown more initiative to pay monthly amortizations will get a higher rate of condonable penalties as compared to members who waited until retirement to settle their obligations," he said.
Applicants who fall under "Situation 1," which refers to members whose deducted amortizations were unremitted by their employers and beneficiaries of deceased delinquent borrowers, will be granted full condonation of penalties that have accrued as of April 1.
"Beneficiaries of borrowers who died with unpaid loans can apply for amnesty on penalties if they file their death claim within the availment period. In effect, they will receive a higher amount of benefits because SSS will no longer deduct penalties from their claim," he said.
Members with a minimum of three paid amortizations, who are classified as "Situation 2," can avail of amnesty as long as they have least three contributions within the last six months before the month of application.
De Quiros said SSS will waive 90 percent of loan penalties of borrowers under Situation 2 if they pay in full, and 80 percent if they avail of an installment payment scheme of one, two or three years with a three percent annual interest.
"Delinquent borrowers filing claims for retirement or total disability within the availment period are also covered under ‘Situation 3.’ Fifty percent of their penalties will be waived and the rest will be automatically deducted from their retirement or total disability benefit," he said.
The condonation program will be open for availment from April 2 to September 30, 2012. Beneficiaries filing death claims can apply for the program until March 13, 2013.