Quezon City, Philippines – The Social Security System (SSS) launched the Loan Restructuring Program (LRP) for members with overdue calamity loans and other short-term loans for members who reside or work in calamity areas declared by the National Disaster Risk Reduction and Management Council (NDRRMC) or the national government. The program will start on April 28, 2016 and will run for one (1) year.

SSS Loan Restructuring Program official print advertisement.

SSS AVP for Member Loans Boobie Angela A. Ocay said members can clean up overdue loan principal and interest, either full or installment under a restructured term depending on their capacity to pay and offers condonation of loan penalties.

The program gives delinquent member-borrowers a chance to regain their good SSS standing and enjoy SSS benefits and privileges in the future. Employed borrowers can also avail of SSS loan six months after they have fully paid their overdue principal and interest under the LRP. Borrowers can only avail of the LRP once. They cannot participate in any future SSS condonation or restructuring programs to instill credit discipline. Members can file their LRP application at any SSS branch and monitor their loan statement of account through the SSS website.

The LRP covers calamity loan borrowers in the 1990s following the Mt. Pinatubo eruption and 1990 earthquake. Members with past due short term loans in declared calamity areas due to tropical storms, typhoons, earthquake and areas with armed conflicts are also covered:


1) All member-borrowers with past-due:

  • Calamity Loans (Mt. Pinatubo eruption and 1990 earthquake)
  • Salary Loan Early Renewal Program (SLERP)

2) Members with past-due short term loans:

  • Living or working in the calamity/disaster stricken area as declared by National Disaster Risk Reduction and Management Council (NDRRMC) or the national government in the case of typhoon Ondoy

Covered short-term loans (should be past due for at least 6 months)

  • Salary Loan
  • Emergency Loan
  • Education Loan (old program) – ongoing Educational Assistance (Educ-Assist) Loan Program is NOT covered
  • Study Now Pay Later Plan
  • Voc Tech Loans
  • Y2K Loans
  • Investments Incentive Loan

Areas affected by the following tropical storm, typhoons, calamity or event may be covered:

  • Ondoy (2009)
  • Sendong (2011)
  • Pedring (2012)
  • Quiel (2012)
  • Pablo (2012)
  • Labuyo (2013)
  • Maring (2013)
  • Santi (2013)
  • Yolanda (2013)
  • Agaton (2013)
  • Glenda (2014)
  • Mario (2014)
  • Ruby (2014)
  • Seniang (2014)
  • Lando (2015)
  • Nona (2015)
  • Zamboanga armed conflict (2013)
  • Bohol-Cebu earthquake (2013

Excluded from LRP program

  • Stock Investment
  • Privatization Fund
  • Educ-Assist loans

“Members cannot avoid paying their overdue SSS loans since these are deducted from final benefit claims such as retirement, total permanent disability and death. Any delay in loan payments lead to accumulation of interest and penalties. Hence, we urge qualified borrowers to apply for the LRP,” Ocay said.

The borrower can opt to pay the outstanding principal and interest in full or installment. For both schemes, SSS shall waive all the accumulated loan penalties after the member has completed paying the restructured loan.

To qualify, the loan must be past due for at least six months and the member must be living or working in a declared calamity area as of the date of the disaster attested through an Affidavit of Residency. Members granted any final benefit claim prior to the LRP availment period and those who committed fraud against the SSS are disqualified from the program.

The SSS expects to collect P5.1 billion in overdue loan principal and interest from about half a million delinquent borrowers under the LRP. The state-run agency has a Member Loan Portfolio of P66.5 billion as of end-2015 which corresponds to more than eight million member-borrowers who have benefited from SSS loan privileges.

Member-borrowers may download the forms online by visiting the SSS downloadable forms page. [techthetruth]