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Circular 2012-001

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Guidelines on the Salary Loan Early Renewal Program for SSS Members affected by Typhoon Sendong

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Circular 2012-001

  1. 1. CIRCULAR NO. 2012 - 001TO : ALL SSS MEMBERSSUBJECT : GUIDELINES ON THE SALARY LOAN EARLY RENEWAL PROGRAM FOR SSS MEMBERS AFFECTED BY TYPHOON SENDONG Pursuant to Social Security Commission (SSC) Resolution No. 1185-s.2011dated 22 December 2011 approving the Salary Loan Early Renewal Program formember-borrowers affected by Typhoon Sendong, the following guidelines for salaryloan are hereby issued: I. COVERAGE Currently employed, self-employed or voluntary (SE/VM) members, whose residence or place of work are in the affected areas, as follows: Region VII Negros Oriental Region VIII Cagayan de Oro Iligan City Region IX Zamboanga del Norte Region X Bukidnon Misamis Oriental Misamis Occidental Lanao del Norte Region XI Davao Region Compostela Valley Davao del Sur CARAGA Surigao Sur Agusan del Sur ARMM Lanao del Sur Other areas affected by Typhoon Sendong
  2. 2. II. ELIGIBLE APPLICANTS 1. Borrowers who have at least 36 monthly contributions (for a one-month loan) or 72 monthly contributions (for a two-month loan), 6 of which should be posted within the last 12 months prior to the month of filing of application. 2. Borrowers who are up-to-date in the payment/remittance of existing loans. 3. Borrowers who availed of the penalty condonation program and have fully paid their loans. III. TERMS AND CONDITIONS 1. Availment period is up to 30 March 2012. 2. Service fee shall be waived. 3. The loans shall be charged an interest rate of 10% per annum. First and second years’ interests shall be incorporated in the monthly amortizations. 4. The net amount of the loan shall be the difference between the approved loan amount and the previous loan balance, but shall not be less than P1,000.00. 5. Penalty of one percent (1%) per month on loan remittance not remitted on due date shall be imposed. 6. Repayment term shall be two (2) years. 7. Deadline for filing of application shall be on 30 March 2012. IV. AVAILMENT OF THE PROGRAM 1. Secure the Member Loan Application Form (SS Form ISL-101) from any SSS branch office or download from the SSS website (www.sss.gov.ph). 2. Submit the SS Form ISL-101 either thru your employer, if employed member, or to the nearest SSS branch office, if SE/VM.Guidelines on the Salary Loan Early Renewal Program for Member-Borrowers Affected by Typhoon “Sendong” Page 2 of 3
  3. 3. V. RELEASE OF CHECK 1. Checks for employed members shall be released either through their employer’s authorized representative or mailed to their employer’s address. 2. Checks for SE/VMs shall be mailed to the member’s address indicated in the SS Form ISL-101. Please be guided accordingly. (Original Signed) EMILIO S. DE QUIROS, JR. President and CEOApproved by:SOCIAL SECURITY COMMISSION (Original Signed) JUAN B. SANTOS Chairman12 January 2012 Date(Policies and Procedures – Loans Granting)Attachment: Member Loan Application Form (ISL-101) Guidelines on the Salary Loan Early Renewal Program for Member-Borrowers Affected by Typhoon “Sendong” Page 3 of 3

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