SSS reports earning P1.31 billion from loan restructuring program

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The Social Security System (SSS) earned P1.31 billion from the three months of implementation of the loan restructuring program (LRP).

In a statement Wednesday, July 11, the state pension fund said the LRP, which was offered starting April 2, has condoned more than P3.35 billion worth of penalties from 200,960 members until end-June.

In turn, SSS has earned about P1.31 billion from the first three months of the second LRP implementation.

“LRP is serving its purpose of providing immense financial relief to our members by giving them the opportunity to clean up their loan records,” SSS President and Chief Executive Officer Emmanuel F. Dooc was quoted in the statement.

“I’m encouraging all member-borrowers with past-due short-term loans to avail of the program on or before October 1.”

Members who wish to avail the LRP must be residing or working in a calamity-stricken area declared by the government.

The program covers all member-borrowers who have past due loans such as Salary Loan, Emergency Loan, Educational Loan (old) and Study Now Pay Later Plan among others. — Karl Angelo N. Vidal