Extension of the Availment Period for the Salary Loan Early Renewal Program for Members Affected by Typhoon Sendong
On March 15, 2012, the Social Security System (SSS) announced an extension for the Salary Loan Early Renewal Program (SLERP) for member-borrowers affected by Typhoon Sendong, allowing them to apply until April 30, 2012. Initially set from January 2 to March 31, 2012, this extension enables affected members to also access the new SSS Member Loan Penalty Condonation Program starting April 2, 2012. The updated eligibility criteria now permit member-borrowers with outstanding short-term loans to qualify for SLERP, regardless of their payment status, provided their loan balance exceeds P500.00 and the net proceeds are at least P1,000.00. However, those participating in the Employer Condonation Program remain ineligible for SLERP.
Law Information
- Reference Number
- SSS Circular No. 006-12
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Social Security Commission
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 15, 2012
SSS CIRCULAR NO. 006-12
| TO | : | SSS Member-Borrowers |
| SUBJECT | : | Extension of the Availment Period for the Salary Loan Early Renewal Program (SLERP) for SSS Members Affected By Typhoon Sendong |
The Social Security Commission (SSC) under Resolution No. 61-s. 2011 dated 18 January 2012 approved the extension of the availment period for Salary Loan Early Renewal Program (SLERP) for member-borrowers affected by typhoon "Sendong" up to 30 April 2012.
The SSC under Resolution No. 1185-s. 2011 dated 22 December 2011 earlier approved the availment period of SLERP from 02 January to 31 March 2012.
The extension of the Program will allow affected member-borrowers of typhoon "Sendong" to avail themselves likewise of the new SSS Member Loan Penalty Condonation Program for Individual Members, which will be implemented effective 02 April 2012.
Further, the approval of the extension of the Program supersedes the earlier provision on SLERP eligibility that member-borrowers must be up-to-date in the payment/remittance of their existing short-term member loans (Circular Order No. 2012-001 dated 12 January 2012).
Member-borrowers who have more than P500.00 balance in their short-term member loans may qualify for SLERP, as long as the net proceeds of their SLERP loan is P1,000.00 and above. However, member-borrowers included in the Employer Condonation Program and with balances of more than P500.00 shall not qualify under SLERP.
Please be guided accordingly. SAHEIc
(SGD.) EMILIO S. DE QUIROS, JR.President and CEOSocial Security System
Approved by:
SOCIAL SECURITY COMMISSION
(SGD.) JUAN B. SANTOSChairman
Cite This Law
Extension of the Availment Period for the Salary Loan Early Renewal Program for Members Affected by Typhoon Sendong, SSS Circular No. 006-12, Mar 15, 2012 (Philippines)
Extension of the Availment Period for the Salary Loan Early Renewal Program for Members Affected by Typhoon Sendong, SSS Circular No. 006-12 (Phil. 2012)
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