The Social Security System (SSS) said nearly 250,000 members availed of salary loans in the first three months this year totaling P3.6 billion, which was 41 percent higher than the P2.6 billion for the same period last year, a senior official said.
SSS Officer-in-Charge Edgar Solilapsi said the first quarter releases included renewals of employed members who regained loan eligibility after settlement of their overdue amortizations under a Loan Penalty Condonation program that started last January 3.
“Employers must be updated in remitting contributions and loan amortizations to enable their employees to be eligible for salary loans. We call on delinquent employers to avail of our Loan Penalty Condonation Program before it ends on June 30,” Solilapsi said.
The condonation program offers employers the opportunity to settle overdue loans of their employees without paying the one percent monthly penalty. Employers can pay in full within the six-month availment period or make installment payments for up to 24 months.
More than 215,000 borrowers during the first quarter this year were employees, who comprised P3.3 billion or 91 percent of the P3.6 billion loan releases within the three-month period. About 27,700 more were voluntary members, including 2,500 overseas Filipino workers.
“About 18,600 employees with a combined delinquency of P198.7 million have updated their loan accounts under the condonation program. But we anticipate a deluge of last-minute applications at our branches in the coming days,” Solilapsi said.
He said the biggest jump in loan releases was in the Central Luzon region with 55 percent increase, adding: “It grew from P143.8 million in the first quarter of last year to P222.5 million for January to March this year.”
The National Capital Region, where half of the agency’s 29 million members are based, accounted for 55 percent or almost P2 billion of total salary loan releases — up 50 percent from P1.3 billion from January to March last year, he added. -30- RAFFY RICO
