Social Security System (SSS) President and Chief Executive Officer Michael G. Regino urges members with past-due loans to avail of the Short-Term Member Loan Penalty Condonation Program (STMLPCP) or Pandemic Relief and Restructuring Program 5 (PRRP 5) before it ends on May 14, 2022.
As part of the Pandemic Relief and Restructuring Programs, PRRP 5 is being offered by SSS since November 15, 2021 to provide financial relief to its pandemic-hit members. Outstanding loan principal and interest may be settled either through one-time full payment or installment term while the accumulated penalties will be waived upon full payment of the restructured loan.
Included in the program are those with outstanding Salary, Calamity, Salary Loan Early Renewal Program (SLERP), Emergency Loans, and Restructured Loan under the Loan Restructuring Program (LRP) implemented in 2016 to 2019.
“We want our members to gain back their good standing with SSS through this condonation program that offers affordable and flexible payment terms. Also, they can conveniently submit their application online through their My.SSS account,” Regino said.
Further information on the penalty condonation, payment schemes, and other terms and conditions can be accessed through this link https://bit.ly/3kB4Ao8.
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