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SSS exercises leniency on loan renewals

Posted on October 13th, 2009

The Social Security System (SSS) has trimmed the requirements and procedures for loans, as the agency was swamped with loan applications after the country was hit by two killer typhoons. They are easing up on the rules to be able to service more claims.

It used to be that before a member may avail of a new loan, he should have paid at least 50 percent of his existing loan before they can borrow again, now the agency has waived this requirement. SSS spokesperson Joel Palacios said however, that any balance in the existing loan would be deducted from the proceeds of the new loan.

SSS members applying for a loan must have paid at least 36 months contributions, of which 6 must be in the past 12 months. The salary loans range from a minimum of P1,000 to a maximum of P24,000 payable in two years with a two-month grace period.

Since relaxing its loan policy, SSS said applications for loan renewals ballooned to nearly 45,000. SSS also advices its members to get their checks at the Office Services Department at the 2nd floor of the SSS Corporate headquarters in Diliman, Quezon City.

SSS president and chief executive officer Romulo Neri explained, “SSS normally mails the checks to members, but we believe it would be faster and more secure if we release it directly to the members. Many of our members lost their homes and stay with relatives. Their checks might get lost or get returned to SSS.”

To follow up on their loans or to verify if their checks are ready for pick-up, members are advised to call the SSS hotlines at 917-7777, 920-6401 or 920-6446 to 55. Claimant must bring their SSS biometric card or identification documents such as tax identification number ID, driver’s license, passport, NBI clearance, permit to carry firearms, marriage contract or PRC ID. Members without IDs must present a barangay and police clearance.

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This entry was posted on Tuesday, October 13th, 2009 at 2:19 am and is filed under Announcements, Articles, Finance, Government, Money, Philippine Business News, Philippines. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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