THE Social Security System (SSS) has launched the Loan Restructuring Program (LRP) for members with past due calamity loans and other short-term member loans who reside or work in calamity areas as declared by the National Disaster Risk Reduction and Management Council (NDRRMC). The one-year availment period started last April 28.

Members can clear their overdue loan principal and interest in full or by installment under a restructured term depending on their capacity. Both payment schemes offer condonation of loan penalties.

It also gives delinquent member-borrowers a chance to regain their good SSS standing and enjoy SSS benefits and privileges in the future. For example, borrowers can renew their SSS loan six months after they have fully paid their overdue principal and interest under the LRP.

The LRP covers calamity loan borrowers in the 1990s after the Mt. Pinatubo eruption and 1990 earthquake, and members with past due short term loans in declared calamity areas after the onslaught of 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.

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