The Short-Term Member Loan Penalty Condonation Program (STMLPCP) or Pandemic Relief and Restructuring Program 5 (PRRP 5) of the Social Security System (SSS) has officially ended on Saturday, May 14.
The PRRP 5, which started on Nov. 15, 2021, was a program planned to give financial relief to pandemic-hit SSS members.
It allowed outstanding loan principal and interest to be settled through a one-time full payment or installment term, as well as waiving of accumulated penalties upon full payment of the restructured loan.
SSS President and Chief Executive Officer Michael G. Regino said that the program’s aim is to “gain back their good standing with SSS through this condonation program.”
Included in the program are those with remaining Salary, Calamity, Salary Loan Early Renewal Program (SLERP), Emergency Loans, and Restructured Loan under the Loan Restructuring Program (LRP) implemented from 2016 to 2019. (Luisa Cabato)