Pag-Ibig, SSS offers Penalty Condonation For Unpaid Loans
According to officials, Social Security System (SSS) and the Pag-Ibig Fund (HDMF) offered some of their
members and employers partial or full relief on penalties for unremitted contributions and unpaid
SSS president and chief executive Emilio de Quiros Jr. said that the new amnesty program will permit members to settle overdue loans without paying penalties.
SSS offers its members emergency, salary, calamity, study-now-pay-later, educational, privatization fund and stock investment loans.
Members may apply for the amnesty until September 30, 2012. But beneficiaries of deceased borrowers without settling their arrears have until March 30, 2013.
De Quiros said that SSS will waive 100% of penalties of qualified applicants (failure of loan payments was not their fault) such as those whose employers were unable to remit their amortizations to SSS even though their loan payments are deducted from their salaries.
In order to qualify for the full condonation of penalties, an SSS member must have at a minimum of 3 contributions within the last 6 months before the month of Amnesty Application and must present proof of deducted loan amortizations.
Members can pay their interest and loan principal either full, or avail of a 3-year installment payment at annual interest rate of 3%.
The beneficiaries of deceased borrowers who file their death claims, proceeds from which the unpaid loan principal and interest will be deducted are also qualified for the amnesty.
"Members with at least three paid amortizations will have 90 percent of their penalties condoned if they pay in full,” De Quiros added.
This article was written by admin under the Finance / Wealth category. It has been viewed times and generated 11 comments. The article was created on 11-January-2012.
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What can I do if I had a Pagibig MPL availed which I have not started payment yet when I was terminated by my employer. The benefits received was insufficent to cover it. What will I do now that I have a new employer? What will be the effect of this?
Member po ako ng SSS, pero na po ako sa dating employer at napatigil na po yung monthly contributon ko. Last contribution ko po ay nung pang May 2007. Ngayon po ay nasa government na po at gusto ko po sanang ituloy ang paghuhulog. Ano po ang dapat ko pong gawin?
good day! sir/madam tanong ko lang po kung anu po yung tama kung gawin,may previous loan po kasi ako di ko nabayaran at gusto ko po magloan ulit,makakaloan pa po ba ako? sana po matulungan nyo po ako.. salamat!
Dear Sir, I am member of sss but i did not continue this since i went abroad now i regret...i have previous loan how can i apply that amnesty if im here abroad.Please advise what to do because i want to continue this.
if installment basis how much do i need to pay?because the requirment.members much have minimum of 3 contribution within the past 6 mo.i have loan 24kbefore and have 4k interest 6k penalty?total of 31k balance