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    Soclal Securlrv System: Circular No. ? 0 2 0

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    jungatbunton
    This circular from the Social Security System of the Philippines announces a moratorium on short-term loan payments for members affected by the COVID-19 situation from February to April 2020. Eligible members include those with salary, calamity, emergency or restructured loans who reside in areas under strict quarantine due to COVID-19. The moratorium provides relief from loan payments, interest, and penalties for the three month period. Employers are instructed to temporarily stop salary deductions for affected member-borrowers and resume deductions after the moratorium ends in May 2020.

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    Soclal Securlrv System: Circular No. ? 0 2 0

    Uploaded by

    jungatbunton
    69 views2 pages
    This circular from the Social Security System of the Philippines announces a moratorium on short-term loan payments for members affected by the COVID-19 situation from February to April 2020. Eligible members include those with salary, calamity, emergency or restructured loans who reside in areas under strict quarantine due to COVID-19. The moratorium provides relief from loan payments, interest, and penalties for the three month period. Employers are instructed to temporarily stop salary deductions for affected member-borrowers and resume deductions after the moratorium ends in May 2020.

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    Sss

    Original Title

    CI-2020-007

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    This circular from the Social Security System of the Philippines announces a moratorium on short-term loan payments for members affected by the COVID-19 situation from February to April 2020. Eligible members include those with salary, calamity, emergency or restructured loans who reside in areas under strict quarantine due to COVID-19. The moratorium provides relief from loan payments, interest, and penalties for the three month period. Employers are instructed to temporarily stop salary deductions for affected member-borrowers and resume deductions after the moratorium ends in May 2020.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    69 views2 pages

    Soclal Securlrv System: Circular No. ? 0 2 0

    Uploaded by

    jungatbunton
    This circular from the Social Security System of the Philippines announces a moratorium on short-term loan payments for members affected by the COVID-19 situation from February to April 2020. Eligible members include those with salary, calamity, emergency or restructured loans who reside in areas under strict quarantine due to COVID-19. The moratorium provides relief from loan payments, interest, and penalties for the three month period. Employers are instructed to temporarily stop salary deductions for affected member-borrowers and resume deductions after the moratorium ends in May 2020.

    Copyright:

    © All Rights Reserved
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    Download as pdf or txt
    of 2

    Republic of the Philippines

    soclAL sEcuRlrv sysTEM


    East Ave., Diliman, Quezon City
    Tel. Nos. (632) 920-6401. (632) 920-6446
    E-mail: [email protected] . Web site: http:/,J'www.sss.gov.ph

    CIRCULAR NO. ? 0 2 0 007

    TO ALL SSS MEMBERS

    SUBJECT MORATORIUM ON SHORT-TERM LOAN PAYMENTS OF SSS


    MEMBERS AFFECTED BY CORONAVIRUS DISEASE 2019
    SITUATloN (COVID-19) FOR APPLICABLE MONTHS OF
    FEBRUARY TO APRIL 2020
    \
    Pursuant to Social Security Commission (SSC) Resolution No. 205-s.2020 dated
    25 March 2020 approving the recommendation to provide assistance for SSS members
    affected by the coronavirus disease 2019 (COVID-19) situation, the Guidelines on
    Moratorium on Short-Term Loans are hereby issued:

    A. COVERAGE OF THE PROGRAM

    Members with Salary Loan, Calamity Loan, Emergency Loan, Restructured


    Loan under the Loan Restructuring Program (LRP) and Educational
    Assistance Loan (EAL) in the entire Philippines affected by the strict community
    quarantine to manage the COVID-19 situation as declared under Proclamation
    No. 929 by the President of the Philippines dated 16 March 2020 declaring a
    State of Calamity throughout the Philippines due to COVID-19.

    a. ELIGIBILITY

    1. Members must be residents of the Philippines. To determine the


    residency, SSS will refer to the addresses of loan borrowers (places of
    residence and work) as recorded in the SSS Membership database as of
    16 March 2020.

    2. The Salary Loan, Calamity Loan, and Emergency Loan must be granted
    from 01 January 2018 to 16 March 2020.

    3. The LRP and EAL must be currently amortizing. Currently amortizing


    means that the LRP or EAL's last amortization month is not earlier than
    February 2020.

    4. Members must have not been granted any final benefit, i.e. total permanent
    disability or retirement.
    C. PERIOD COVERED

    Moratorium will be for the applicable months of February to April 2020, without
    interest and penalties. The loan payment term is therefore extended by a
    maximum of three months.

    D. OTHER CONDITIONS

    1. Qualified members will be electronically identified based on the eligibility


    qualifications described in Sections A and a. Thus, affected members are
    automatically covered by the moratorium and need not file a request or
    application to SSS.

    2. For employed member-borrowers, the employerwill immediately caus.e the


    temporary stoppage of salary deduction upon effectivity of this program.

    ` 3. The employer, without need of notice from sss, will resume loan deduction
    after the end of the moratorium period or for the applicable month of May
    2020, which will be due for remittance on or before 30 June 2020.

    4. Any remittance made during the moratorium period will be applied to the
    outstanding balance of the loan following the order of priority in application
    of payments (i.e. penalties first if loan is past due, interest, and principal).

    For inquiries, members are advised to log on to www.sss.aov.ph or call at


    (02) 8920-6446 to 55 for assistance.

    Please be guided accordingly.

    hlAR 3 0 2$20
    Date

    (Policies ~ Loans Granting)


    Prepared by: Member Loans Department

    Moratorium on Short-Term Loan Payments of SSS Members Affected by Coronavirus Disease 2019
    Situation (COVID-19) for Applicable Months of February to April 2020

    Page 2 of 2

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