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

1. CIRCULAR NO. 2012 - 001
TO : ALL SSS MEMBERS
SUBJECT : 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.2011
dated 22 December 2011 approving the Salary Loan Early Renewal Program for
member-borrowers affected by Typhoon Sendong, the following guidelines for salary
loan 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. 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”
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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 CEO
Approved by:
SOCIAL SECURITY COMMISSION
(Original Signed)
JUAN B. SANTOS
Chairman
12 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”
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