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2010 - 119
Availment period of the Program is six (6) months from 03 January 2011 to
30 June 2011.
3. Restoration of loan privileges
Penalties already paid before the effectivity of the Program shall no longer be
subject of condonation.
Those who settled their arrears partially before the effectivity of the Program
should pay the balance in full or installment under the Program in order that
accrued penalties corresponding to the balance can be condoned.
In case the employer fails to pay in full the loan amortizations or defaults in
the payment of any installment within the period provided in the approved
installment proposal, the penalties shall be re-imposed on the remaining
balance and shall continue to accrue until the delinquent account is paid in
full.
Guidelines for the Penalty Condonation Program for Unremitted or Delinquent Loan Amortizations of Employees of
Employers
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8. Modes of Payment under the Program
Pay within the period of effectivity of the Program the full amount of the
delinquent loan (principal and interest) through any SSS Branch with
tellering facilities or authorized collection agent of the SSS
The proposal shall indicate the amount and number of months to pay.
Guidelines for the Penalty Condonation Program for Unremitted or Delinquent Loan Amortizations of Employees of
Employers
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10. Terms and Conditions on Installment Proposal
10.1 Submit application form together with the installment proposal and
promissory note to pay the balance of the delinquency in equal
monthly installment within a period not exceeding twenty-four (24)
months from the date of the approval of the proposal.
10.2 The first monthly installment shall be paid on the 10th day of the
succeeding month after the approval of the proposal.
10.3 The total amount due shall bear an interest rate of three percent (3%)
per annum. The monthly installment payments shall be computed
using the Amortization Factor Table (Annex C).
10.5 The managing head, director or partner shall sign the proposal and the
promissory note if the employer is an association, partnership,
corporation or any other institution.
10.6 The managing head, director or partner shall sign the proposal and the
promissory note if the employer has already ceased operations.
10.7 Upon approval of the proposal, the employer shall issue corresponding
post-dated checks payable to the SSS to cover all monthly
installments. The checks shall be under the corporate’s name, if the
company is a corporation, or under the business name/name of owner,
if single proprietorship.
10.8 Failure by the employer to comply with the above requirements shall
automatically terminate the approved installment proposal and shall
have the same effect as in case of default in the payment of any
installment.
Guidelines for the Penalty Condonation Program for Unremitted or Delinquent Loan Amortizations of Employees of
Employers
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2. The Junior/Senior Analyst of the Inspectorate Section, Receiving Center,
shall:
3. The Corporate Executive Officer II of the Inspectorate Section shall review the
applications and notices of approval.
4.1 Approve the applications and installment proposals within five (5) days.
4.2 Sign notices of approval/letters of advice.
IV. FORMS
Guidelines for the Penalty Condonation Program for Unremitted or Delinquent Loan Amortizations of Employees of
Employers
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For strict compliance.
(Original Signed)
EMILIO S. DE QUIROS, JR.
President and CEO
25 November 2010
Date
ATTACHMENTS:
Annex D: Forms
- Application for Member Loan Penalty Condonation Program for
Employers
- Installment Proposal
- Promissory Note
- Notice of Approval (Full Payment)
- Notice of Approval (Installment Payment)
- Letter of Advice
Annex E: Procedures
- Verification of Employer's Loan Delinquency
- Receipt of Applications for Member Loan Penalty Condonation
Program for Employers
- Processing of Applications for Member Loan Penalty Condonation
Program for Employers
- Encoding of Approved Applications for Member Loan Penalty
Condonation Program for Employers
- Receipt and Handling of Post-Dated Checks Under Installment
Payment of the Member Loan Penalty Condonation Program for
Employers
- Processing of Full Payment of Employers Under the Member Loan
Penalty Condonation Program for Employers
Guidelines for the Penalty Condonation Program for Unremitted or Delinquent Loan Amortizations of Employees of
Employers
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