Applicants rush for loan scheme

ASEAN+ July 18, 2017 01:00


THE PHILIPPINE state-run pension fund Social Security System (SSS) expects to collect an additional 8.6 billion pesos (Bt5.7 billion) in the next five years on top of the 5.2 billion pesos it already collected during the last 12 months from its loan condonation programme.

In a statement Sunday, SSS president and chief executive Emmanuel F Dooc said over 850,000 members accessed the loan restructuring programme implemented for one year starting April 2016.

“We are very much overwhelmed by the huge volume of applicants, especially during the last few days before the deadline. We hope that members will be faithful in paying their restructured loan amortisation’s to avoid further penalties. We are expecting 8.6 billion pesos in collection until the end of the five-year instalment term,” Dooc said.

Total collections from the loan restructuring programme were expected to reach 13.8 billion pesos by 2022, Dooc said.

The program allowed delinquent borrowers to settle their unpaid loans in full within 30 days without added interest.