Sss Stock Investment Loan Program
Starting April 28, 2016, the Social Security System (SSS) launched the Loan Restructuring Program (LRP) for members with past due calamity and other short-term loans who reside or work in calamity areas declared by the national government or the National Disaster Risk Reduction and Management Council. Members have until April 27, 2017, or one year, to avail themselves of the program.
The LRP will give members the chance to clean up their overdue loans (principal and interest) either in full or installment payments under a restructured term depending on their capacities to pay. Both payment schemes offer condonation of loan penalties. This program is SSS’s response to the clamor of members to alleviate their burden after suffering from natural and man-made calamities that have made it difficult for them to pay for their loans. It covers calamity-loan borrowers in the 1990s following the 1990 earthquake and the 1991 Mount Pinatubo eruption, and members with past due short-term loans in declared calamity areas after the onslaught of tropical storms and typhoons 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. Also included are the Zamboanga armed conflict and the Bohol-Cebu earthquake, which both occurred in 2013.
My stocks certificates of my stock investment loan.
SSS short-term loans include salary loan, salary loan early renewal program (SLERP), emergency loan, calamity loan, voc-tech loan, Y2K loan, investments incentive loan, study-now pay-later plan and the previously offered educational loan, which is different from the education assistance (Educ-Assist) loan program. Stock investment, privatization fund and Educ-Assist loans are excluded from the LRP as these loans have their own ongoing liquidation program.
To qualify under the program, the loan must be past due for at least six months and the member must be living or working in declared calamity areas as of the date of the disaster, attested through an Affidavit of Residency. LRP applications may be filed at any SSS branch, including those overseas.
Member-borrowers who are unable to personally apply for LRP due to working or living overseas or for some other reason, must issue a special power of attorney duly notarized and authenticated by the Philippine Embassy or Consulate office (in the case of overseas Filipinos) to enable their authorized representatives to apply for the LRP on their behalf.
Members who have been granted their final benefit claims prior to the start of the program and those who have committed fraud against the SSS are disqualified from joining the program.
The member-borrower must be updated-current in the payment of other member loans, which include educational, stock investment, MADE & housing loans granted under the Unified Housing Loan program (UHLP) or direct from SSS. The member-borrower must be under 65 years of age at the time of application. Aside from saving your hard earned money in the bank which is safe but earns very little interest OR investing in the stock market which is more risky but offers higher potential return, you can also invest in SSS Flexi-fund. How to invest in SSS Flexi-Fund? How to Apply for OWWA Loan or OFW Reintegration Program January 5, 2019; Tula. The member-borrower must be updated-current in the payment of other member loans, which include educational, stock investment, MADE & housing loans granted under the Unified Housing Loan program (UHLP) or direct from SSS. ON THE SPOT: P200 na cash grant mula sa TRAIN Law, uumpisahang ipamigay ng DSWD.
Six months after their past due loans are fully paid, members will be able to exercise their loan privileges once again. However, they can no longer participate in future loan restructuring or loan condonation programs.
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For more details on SSS programs, members can drop by the nearest SSS branch, visit the SSS web site (www.sss.gov.ph), or contact the SSS call center at 920-6446 to 55, which accepts calls from 7 a.m. on Mondays all the way to 7 a.m. on Saturdays.
Susie G. Bugante is the vice president for public affairs and special events of the SSS. Send comments about this column to [email protected]
IF you are one of those who took advantage of initial public offerings (IPOs) in the mid-1990s and borrowed under the Social Security System (SSS) Stock Investment Loan Program (SILP) or the SSS Privatization Fund Loan Program (PFLP) in order to buy the shares you wanted, and later forgot about it, now is your chance to clean up your delinquent loan record.
Early this year, the SSS offered the option to sell shares of stock program to members with outstanding loans under the above-mentioned SILP and PFLP. SSS members who are delinquent in the payment of their loans may avail themselves of the option to sell program by opting to sell their stocks at prevailing market value and then paying their loans from the proceeds of the sale.
Here’s how the program works:
A special power of attorney shall be executed by the member authorizing the SSS to sell the shares of stocks.
The shares of stocks shall be sold by the SSS at prevailing market price.
The net proceeds from the sale shall be applied to the outstanding SILP/PFLP loan balance.
The excess amount, after the application to the outstanding SILP/PFLP loan balance, shall be applied to other delinquent member and housing loans, if any.
Any excess amount after the application to other delinquent loans shall be refunded to the borrower.
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If the net proceeds from the sale cannot cover the outstanding SILP/PFLP loan balance, the remaining amount shall be paid through deduction from the proceeds of a new salary loan or from the final benefits, such as total disability, retirement and death.
The remaining loan balance shall continue to be charged with interest and penalties until fully paid.
Definition Of Stock Investment
Not a bad deal, isn’t it? You get to pay your outstanding loan without having to shell out money, unless the present value of your shares of stocks is very much depreciated and not enough to pay your loan.
So why don’t you check this and find out if the shares of stock you bought years ago have appreciated in value, or more than enough to pay your outstanding loan and leave you with some to spare dividends. You get to clean up your loan record with the SSS and, at the same time, enjoy some of your realized gains.
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Stock Investment Beginner
For more information about the Social Security System (SSS) and its programs, call our 24-hour call center at (632) 920-6446 to 55, Monday to Friday, or send an e-mail to [email protected]
Online Stock Investment Advice
Susie G. Bugante is the vice president for public affairs and special events of the SSS. Send comments about this column to [email protected]