SSS Launches Conso Loan Program to Aid Members with Past-Due Loans
In a move to support its members in regaining good standing, the Social Security System (SSS) has announced a new initiative that aims to provide financial relief. The program, known as the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty (Conso Loan), was introduced by SSS President and CEO Rolando Ledesma Macasaet and is spearheaded by Executive Vice President for Investments Sector Rizaldy T. Capulong.
The Conso Loan program is designed to assist members who have fallen behind on their loan payments. By waiving the penalties on unpaid loans, SSS is making it easier for members to clear their debts and become eligible for future loans. “We are attentive to our members’ requests, and the launch of this condonation program is a direct response to their needs,” stated Capulong.
Eligibility for the program extends to members with outstanding obligations in salary, calamity, emergency, and restructured loans, including those under the Salary Loan Early Renewal Program (SLERP). To qualify, members must have a past-due short-term member loan at the time of application, no final benefits granted, no disqualification due to fraud against SSS, and an active My.SSS account.
Applications for the Conso Loan program can be submitted online, offering a convenient option for members. Once approved, members have the choice to settle their consolidated loan through a one-time payment or an installment plan. The installment option requires a down payment of at least 10% within 30 days of approval, with the remaining balance spread over up to 60 months.
However, Capulong warns that failure to adhere to the payment terms will result in the deduction of the outstanding balance from the member’s short-term and final benefits. This measure is authorized by the Social Security Commission (SSC) to ensure compliance.
The Conso Loan program has already seen significant uptake, with over half a million members availing of the opportunity and more than P7.3 billion in loan penalties condoned as of December 2023. This initiative reflects SSS’s commitment to providing financial solutions that meet the needs of its members.
For more information on the Conso Loan program and to apply, members are encouraged to visit the official SSS website or access their My.SSS account.
Date: 06 March 2024