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Manila Bulletin

Business

SSS extends validity of issued checks

Business

SSS extends validity of issued checks

By Chino S. Leyco

(Taylor Weidman / Bloomberg / FILE PHOTO / MANILA BULLETIN)

State-run Social Security System (SSS) has extended the validity of Land Bank of the Philippines issued checks to provide members with additional time to encash their benefits and loans.

In a statement, Aurora C. Ignacio, SSS president and chief executive, said the validity of LandBank checks generated from July to December 2020 have been extended up to 180-days from the date of issuance.

The announcement came after the LandBank granted last October 12 the SSS’ request to extend the validity of the pension fund-issued checks, which was initially 90-days only.

Ignacio said the initiative aims to provide its members with more time to encash their checks that they might have received later than the usual delivery time due to the COVID-19 situation.

She added that the extension is also considering various community quarantine restrictions implemented to reduce the transmission of COVID-19.

The LandBank informed the SSS that it has already requested its member banks to accommodate the said checks.

Earlier, the state-owned bank has also granted the pension fund’s request to extend the validity of SSS-issued LandBank checks generated from February to June from the existing 90 days to 180 days from their issue date.

Related Tags

Land Bank of the Philippines social security system SSS members SSS borrowers SSS

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