SSS officer-in-charge Horacio Templo said President Gloria Arroyo has approved a recommendation of the Social Security Commission to extend the amnesty period to June 30 this year following the clamor for an extension from members who failed to meet the deadline last year.
"We are glad to announce that Malacañang has approved our recommendation to extend the amnesty program for short-term loans," Templo said.
Under the program, members can pay their loans without penalties, and they can choose to make a one-time payment or by installment. But unlike total write-off for one-time payment, the installment payment will result in proportionate write-off of penalties. Covered by the amnesty program are salary, calamity, emergency, educational, study-now-pay-later plan, vocational/technical, student and Y2K loans. SSS short-term loans carry a penalty of one percent a month.
Templo said the amnesty program has allowed the SSS to clean its books and boost its investment earnings, and that the response of the members "has been encouraging." "SSS is pleased with the patronage and support of the members, and I am glad we are able to give those who missed the amnesty last year a chance to settle their obligations with a new deadline in June," he said.
SSS recovered more than P896 million in back payments from delinquent loans during the one-year amnesty program that ended last September 30. - Jasmin R. Uy