SSS reminds LRP applicants to pay obligations by May 27

MANILA – The Social Security System ( SSS) on Friday reminded its members who availed of the Loan Restructuring Program (LRP) and opted for full payment of their loan obligations to settle their dues on or before May 27 at any Bayad Center branch.

SSS President and Chief Executive Officer Emmanuel Dooc said those who have opted to pay their restructured loan under the full payment scheme should immediately return to the SSS branch where they have submitted their LRP application.

“As you may recall, we have accepted LRP applications last April 28 and May 2 due to some holiday announcements our condonation program. Applicants during the period were advised to submit their LRP applications with their contact numbers to allow SSS employees to inform them if their application was approved or not,” Dooc said.

“For our members who have not received any advisory, we are requesting you to immediately return to the branch where you submitted your LRP application to know its status to give you ample time to pay your dues,” he added.

The LRP was offered by SSS on April 28, 2016 and ran until April 27 this year to assist member-borrowers clean up their overdue calamity and other past due short-term SSS loans.

SSS said all LRP applications encoded from April 27 onwards have an effectivity date of April 27. Thus, those who chose the full payment term have until May 27 to pay their one-time obligation while those who availed of the installment term have until June 10 to make their first payment for the May 2017 amortization.

“Since May 27 falls on a Saturday, our members may pay at our partner collecting- agency such as Bayad Center branches. They accept SSS loan repayments even on Saturdays, Sundays and even Holidays,” Dooc said.

Dooc added that payments on the next banking day, May 29, will be considered as past prescribed period will forfeit the condonation of their loan penalties.

While the restructured loan is existing or outstanding, the member- borrower cannot avail of other SSS short-term loan programs such as the salary loan and the calamity loan assistance, including Educational Assistance Loan Program. The member- borrower may only avail of the SSS short-term loan program after six months from the date of full payment of the restructured loan.

Latest available data showed that as of April this year, a total of 824,155 members have benefited from LRP which has an equivalent collection of P3.3 billion./