SSS collects P318M; says loan amnesty to end March 10

The Social Security System (SSS) has collected P317.94 million from 8,000 delinquent housing loan borrowers under an amnesty program that started in December 2006, a top official said.

SSS President and Chief Executive Officer Corazon de la Paz-Bernardo said full payments by 994 delinquent borrowers totaled P155.79 million, and another P162.15 million was collected from 7,006 members who paid by installment.

“Other delinquent borrowers have a few days left to update their SSS housing loans before the amnesty ends on March 10,” she said. “Under the amnesty, borrowers will only pay the principal and interest, without penalties.”

Borrowers who fail to pay amortization for six months are considered delinquent. The SSS has about 20,000 delinquent housing loans.

Members can apply for loan restructuring under the amnesty program, which will allow them to pay lower amortization at longer terms. Over 4,700 borrowers had their loans restructured since 2006.

“With restructuring, the remaining amortization can be paid for up to ten years,” De la Paz-Bernardo said. “However, the restructured term must end before the borrower turns 70 and should be shorter than the original loan term.”

The pension fund extended its housing loan amnesty last year because of a clamor from SSS members who missed the June 15 deadline.

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