SSS Conditional Loan Condonation Program – To Waive Accumulated Penalties

Guide on SSS Conditional Loan Condonation Program Offer for Short-Term Loan Borrowers

SSS CONDITIONAL LOAN CONDONATION PROGRAM – The Social Security System (SSS) has an offer for short-term loan borrowers to waive accumulated penalties.

The impacts of the COVID-19 pandemic include limited operations for several companies due to the restrictions set. While some companies managed to stay afloat, there are firms that were not able to meet the demands of the pandemic and had no choice but to temporarily or permanently close.

The closure of businesses affect the employees who lost their jobs and source of income amid the crisis. Many of them have existing loans to pay and can hardly put food on the table amid the crisis now.

The national government called for private and public agencies to do what they can to help the people. In the case of the Social Security System or more commonly called SSS, it has an offer for those who have short-term loans with the social insurance institution.

Based on a report on GMA News, qualified short-term loan borrowers who accumulated penalties in their loans may turn to the SSS Conditional Loan Condonation Program. The offer is to waive the accumulated penalties and be updated with your loan.

According to SSS President and Chief Executive Aurora Ignacio, under the SSS Conditional Loan Condonation Program, the penalties will be waived once the borrower has paid off their loan principal and interest. It is open for members who have short-term loans that are past due for at least six (6) months as of November 15.

The said SSS offer is also open for members who were not granted any final benefit, have not committed fraud, heirs and beneficiaries of deceased member borrowers who will file the death benefit applications, and member-borrowers who will pay their consolidated loan under installment basis. Based on the report, the said SSS offer is up until February 14, 2022.

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