OVER 265,000 borrowers of the Social Security System’s short-term loans have benefited from affordable payment terms and conditional condonation of loan penalties under its loan restructuring program within just five months of launch in April.
Assistant vice president for Member Loans Department Boobie Angela Ocay said the loan restructuring program has already helped 265,705 member-borrowers settle their overdue loan obligations of P4.28 billion. The program opened its one-year availment period on April 28.
It is offering delinquent borrowers the “rare” opportunity to settle their overdue loans by only paying their loan principal and interest, and incur significant savings from the conditional condonation of loan penalties once their obligation has been paid in full. The program ends on April 27, 2017.