Apply now for SSS Loan Restructuring Program!

Good news has come to those who have unpaid loans from SSS!

The government institution has developed a program for member-borrowers that will enable them to pay off their previous loans in a way that won’t be too heavy on their monthly pay.

It’s called SSS Loan Restructuring Program and it’ll be available to all members who have been forced to apply for their loans due to disaster or calamity.

The restructuring program is available to members until the 27^th of April, 2017.

The good thing about this program is that it’ll bring you back to being a good standing member of SSS no matter how much of your previous loan (due to calamity) hasn’t been paid off.

Another good thing is that if the need arises for another loan, your benefits and privileges will be accessible for your use without hindrances due to a previous outstanding balance.

Last but not the least, you will be assured that your benefits and pension will not decrease in value due to your standing balances because you’ll be able to pay them off quite easily.

This program was started as an answer to the widespread outcry of individuals and organizations for mitigation of the burden of disaster stricken workers, employees, and businesses who are suffering from the effects of the calamities that struck the country.

These people find it difficult to pay off their loans due to the implications and effects of the said events.

This restructuring program will create a gateway for delinquent member borrowers to regain a good SSS standing.

For example, a member may be able to renew his/her SSS loan after only six months of having fully paid their overdue principal and interest. The program will help each and every applicant to tailor the loan payments in such a way that it’ll be easy for them to arrange their contributions.

This also offers condonation of loan penalties. However, it can only be applied for once, after which, members will not be allowed to participate in any future SSS condonation or loan restructuring program.

Who are Eligible to Avail or Apply for SSS Loan Restructuring Program

All members who have past due Calamity Loans or Salary Loan Early Renewal Program

Members with previously due short-term loans and living or working in an area that has been struck by disaster or calamity as claimed by the National Disaster Risk Reduction and Management Council (NDRRMC) or in the special case of Ondoy, via the National Government.

Short-term loan program coverage as follows:
- Salary Loan
- Emergency Loan
- Old Educational Loan
- Study Now, Pay Later Plan
- Voc Tech Loans
- Y2K Loans
- Investments Incentive Loan

The SSS Loan restructuring program may be filed at any SSS branch while members’ statements of account may be monitored at the SSS website (www.sss.gov.ph).

This program not only covers calamity loan borrowers during recent years.

It extends to those who were affected by the Mount Pinatubo eruption in 1991, and the 1990 earthquake. Additionally, those affected by the assault of tropical storms and typhoons during the recent years.

These typhoons/storms include the following but are not limited to: Ondoy in 2009; Sendong in 2011; Pedring, Quiel and Pablo in 2012; Labuyo, Maring, Santi, Yolanda and Agaton in 2013; Glenda, Mario, Ruby and Seniang in 2014; Lando and Nona in 2015. The Zamboanga armed conflict and the Bohol-Cebu earthquake are included which both took place during 2013.

Just to be clear, members can’t just run past unpaid loans.

These overdue SSS loans are deducted from a borrower’s final benefit claims like retirement, total permanent disability, and death.

Just like any loan, a delay in payments will translate to an accumulation of interests and penalties. This is highly encouraged for those who are dealing with a lengthy backlog of unpaid loans.

Additionally, members may opt to pay the outstanding principal and interest in full. The institution will waive all existing loan penalties once the member-borrower has finished paying the restructured loan for both schemes.

How to Apply for SSS Loan Restructuring Program

Obtain an updated Statement of Loan Balances for the Loan Restructuring Program (you’ll need two(2) copies from the nearest SSS branch or foreign office (in selected countries) before submitting the SSS Loan Restructuring Program application form.
Accomplish and Affidavit of Residency that attests to your area of residence or work address. This should state that any of the two areas stated above is included in the calamity stricken area as announced by NDRRMC
Accomplish the SSS Loan Restructuring Application Form (you can find this form here: https://www.sss.gov.ph/sss/DownloadContent?fileName=mlp_loan_restructuring_application.pdf or at any SSS branch near you)
Never leave blanks. Put N/A or Not Applicable in fields as necessary. If you have erasures, always place your initials above the crossed out word. Additionally, do not forget to bring a valid ID/documents.
If a representative will be applying for the member-borrower, the additional requirements are: the original copy of a special power of attorney, photocopies of two valid IDs of both the member-borrower and the representative, with at least one (1) with a photo. Both presented identifications need to have signatures.
Submit the requirements and accomplished forms to the nearest SSS branch or selected foreign offices (documents are SSS Loan Restructuring Program Application form, Statement of Loan Balances for Loan Restructuring Program and the notarized Affidavit of Residency where applicable)
For instances of Death, Total Disability or Retirement, those who are eligible of the benefits will avail of the Loan Restructuring Program of SSS by turning in the Loan Restructuring Program Application Form and Statement of Loan Balances for Loan Restructuring Program together with the application for the DDR. Claim.
You may download the forms from the official SSS website, or you may claim them from any SSS branch.

Make it a point that you’ve double checked your documents and requirements before proceeding or lining up at the SSS branch near you for a smooth and fast application.

UPDATE: You may refer to this post with the LIST of Calamities and Affected Areas

SSS Answers

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View Comments

Salvador salvo says:

January 30, 2017 at 5:04 am

I would like to know the meaning of your LRP terms and condition under other condition Nos 5 which your branch sss office cannot explained to us if the retiree has an outstanding balance from the LRP program. Can be deducted the 18 month