My Google Page Rank

SSS salary loan releases to 1-M members reach P15.8-B in 2011

PDFPrintE-mail

Philip Cesar (not the basketball player) wasted no time in encashing the P17,000 check he received from the Social Security System (SSS) last December 2011.

The amount was for an SSS Salary Loan he took out to fix the faulty transmission of his car. His salary as an employee in a private agency was just enough for his family regular expenses; funds for emergencies – such as a busted transmission – have to be sourced elsewhere. Hence, the SSS Salary Loan that Philip would have to repay for the next 24 months.

Philip is just one of the 1.06 million SSS members who were granted salary loans in 2011. The pension institution disbursed a total of P15.8 billion for members’ salary loans last year, 41 percent higher than the P11.17 billion it released in 2010 for over 803,000 member-borrowers.

"The salary loan is among the most popular SSS programs, with loan releases growing at an average rate of 14 percent for the past five years," SSS Officer-in-Charge Edgar Solilapsi observed. "The fact that the number of borrowers has hit the one-million mark shows the tremendous personal need that our salary loans fill in our members’ lives."

The SSS Salary Loan is a privilege granted to active members with at least 36 monthly contributions, six of which must be within the 12-month period prior to the month of loan application. Salary loans are payable in two years in 24 equal monthly installments at 10 percent annual interest. The last time the number of borrowers reached one million was in 2009, whem 1.29 million members availed of the Salary Loan.

"Majority of the salary loan borrowers in 2011 were employees. Only nine percent if the P15.8 billion, or P1.47 billion, went to self-employed and voluntary members, including overseas Filipino workers," Solilapsi added.

"These numbers highlight the value of active SSS membership, since only those who are updated in their SSS payments are entitled to salary loans."
Also important for members to retain that privilege is for them to ensure that their salary loans are repaid on time. Salary loan delinquency has long been a problem for the pension institution, which is the reason behind its latest offering of the Loan Penalty Condonation Program.

Under this new amnesty program, members are given the opportunity to pay their overdue obligations and have 50 to 100 percent of their accumulated penalties written off. The program opened last April 2 and will run until September 30, 2012.

"We urge members with delinquent loans to take advantage of this opportunity before the program ends on September 30. Otherwise, they will have to pay the full amount of penalties, and possibly have their total loan balance deducted from final benefit claims, which by then could balloon to the tens of thousands," said Solilapsi.

This is something that members, like Philip, want to avoid. He is aware that borrowing comes with the responsibility of repayment. And if he is to continue relying on the SSS Salary Loan for personal emergencies, he knows that it is a privilege that must not be taken for granted.

by: PNA/PIA9-ZBST




Related news items:
Newer news items:
Older news items:

Comments   

 
0 #1 Sandhya 2012-05-24 15:25
Find and compare the Best Rate in Madikeri for Personal Loans and get Approval in 48 Hours. Apply Online Now / Call 98 78 98 11 66
Quote
 

Add comment


Security code
Refresh

Cocolisap funds await PCA, City Hall coordination gab

22 Mar 2017 Hits:52 Be the first to comment!

Funds to rehabilitate the coconut industry following the cocolisap devastation cannot be released as of yet until after the Philippine Coconut Authority (PCA) regional office 9 and the city government of Zamboanga through the City Agriculturist’s Office shall have coordinated with each other and reconciled their respective figures as to the exact number of coconut trees affected by the coconut scale insects (cocolisap). This, despite the Sangguniang Panlungsod had already passed a resolution declaring a state of calamity in Zamboanga City due to cocolisap attack on the local coconut industry, affecting at least 42 barangays. Accordingly, the PCA had reported between 100,000 to 120,000 coconut trees killed by the insects, but the City Agriculturist Office had accounted for more or less 94,000 [...] Read more

Prev Next Page:

Koko sees okay of free internet access, six key bills this year

22 Mar 2017 Hits:73 Be the first to comment!

Senate President Aquilino “Koko” Pimentel III said Congress is expected to approve this year the bill on free internet access in all public places and six other key priority measures [...] Read more


Ateneo shines anew in Physician Licensure Exam

22 Mar 2017 Hits:69 Be the first to comment!

The Ateneo de Zamboanga University School of Medicine (ADZU-SOM) once again came up with an impressive performance during the recent Physician Licensure Examination (PLE) given by the Board of Medicine [...] Read more


Globe At Home Customers Meet the Cast of Wicked

21 Mar 2017 Hits:63 Be the first to comment!

The year is just beginning, but one of the highlights of 2017 is the staging of the Wicked, the West End musical, which transformed the Theatre at Solaire into the [...] Read more


Zambo harvests 80 gold medals in ZPRAA

21 Mar 2017 Hits:79 Be the first to comment!

The Zamboanga delegation ranked second in the secondary level and third in the elementary level in the recently concluded Zamboanga Peninsula Regional Athletic Association (ZPRAA) meet held in Dipolog City [...] Read more


Lamitan in state of calamity

18 Mar 2017 Hits:128 Be the first to comment!

The city council of Lamitan, last Wednesday, declared a state of calamity in the entire city. Vice Mayor Roderick Furigay said, the City Council concurred with the request of the barangay [...] Read more


Double barrel reloaded nets four more

18 Mar 2017 Hits:119 Be the first to comment!

Four more suspected drug pushers were arrested in another Project Double Barrel-Reloaded operation in Zamboanga City, last Thursday. Arrested were Gilbert Johnston y Dagoy, 48, single, of Sitio Lantawan, Barangay Pasonanca; [...] Read more


SSS releases March differential of P1,000 additional benefit

17 Mar 2017 Hits:113 Be the first to comment!

The state-run Social Security System on Thursday said it has already released about P2.1 billion to its partner banks for the release of the last tranche of the retroactive P1,000 [...] Read more


Aboitiz, DTI partner anew for Matigsalug livelihood project

16 Mar 2017 Hits:108 Be the first to comment!

AboitizPower subsidiary Therma South, Inc. (TSI) in partnership with Aboitiz Foundation, Inc. (AFI), has tied up with the Department of Trade and Industry (DTI) 11 to implement a comprehensive crafts [...] Read more


6th InfoCar meets with 100 IDPs

16 Mar 2017 Hits:96 Be the first to comment!

Some 100 internally displaced persons (IDPs) met with local and government agencies for a half-day engagement to discuss the progress and developments of the City’s rehabilitation and recovery efforts. Spearheaded by [...] Read more


Forwarding company robbed

15 Mar 2017 Hits:112 Be the first to comment!

The office of a forwarder company was robbed by unidentified burglars who carted away computer accessories, bank checks and cash. Police Station 11 report showed that the officer-in-charge of the Overseas [...] Read more


PAGASA forecasts late El Niño

14 Mar 2017 Hits:145 Be the first to comment!

The Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA) forecasts the probability of El Niño in the country sometime in the later quarters of 2017. Chief Meteorological Officer Maribel G. Enriquez [...] Read more


NGCP launches program for aspiring transmission line personnel

14 Mar 2017 Hits:107 Be the first to comment!

System operator and transmission service provider, NGCP, formally introduces the Line Ranger School, a program that seeks young individuals who want to become the new generation of transmission line experts. During [...] Read more


NGCP to continue massive facility improvements in 2017

13 Mar 2017 Hits:108 Be the first to comment!

In its continuing pursuit of upgrading and strengthening the country’s power transmission network, NGCP is poised to undertake several major facility improvement programs this year. “When we took over, it was [...] Read more


Beng commits to Duterte’s order to use powers toward peace

13 Mar 2017 Hits:146 Be the first to comment!

Mayor Beng Climaco has strongly committed to implement President Rodrigo Duterte’s directive for mayors and governors to fully exercise their powers and supervision over the police and help him maintain [...] Read more


Presidential Communications Office shiftsa to 2nd gear - Andanar

12 Mar 2017 Hits:136 Be the first to comment!

Presidential Communications Secretary Martin Andanar on Thursday, announced “revitalizing” changes to be made to his office this week during a meeting with the Kapisanan ng mga Broadcasters ng Pilipinas (KBP). The [...] Read more


Job Fair hires 74 on the spot

11 Mar 2017 Hits:142 Be the first to comment!

Despite the inclement weather condition yesterday, job seekers trooped to the Red Cross Training Center in Pettit Barracks for the day-long Job Fair facilitated by the Public Employment Service Office [...] Read more


Three more nabbed for illegal drugs

11 Mar 2017 Hits:156 Be the first to comment!

Three more suspected drug pushers were arrested in the continuous anti-illegal drugs operations of the different police stations in the city. Police Station 7 Drugs Enforcement Team arrested Eric Bejerano y [...] Read more


City meets with Chinese state investors

11 Mar 2017 Hits:155 Be the first to comment!

The City Government presented its investment pitches to Chinese state officials in an investment briefing last week as part of its continued efforts to boost economic opportunities and investment partnerships. The [...] Read more