Republic of the Philippines

SOCIAL SECURITY SYSTEM

MEMBER LOANS DEPARTMENT
East Avenue, Diliman, Quezon City
Tel. Nos. (02) 8709-7198, (02) 8920-6446 to 55 Fax No. 8924-3445
E-mail: member_relations@sss.gov.ph Website: http://www.sss.gov.ph

PROMISSORY NOTE
Short-Term Member Loan (STML) Penalty Condonation Program
(Installment Term)
12/29/2021

I, YUMUL, ARNEL DUNGO with SS Number 33-2875269-7 and residence/address at ZONE1 SAN ISIDRO

BACOLOR PAMPANGA 2001, hereby declare as follows:

1. I promise to pay the SSS the full 50% of my consolidated loan (sum of outstanding
principal and interest of all qualified loan/s) under the STML Penalty Condonation
Program in the amount of TWENTY THOUSAND EIGHT HUNDRED FIFTY-FIVE PESOS AND

TWENTY-FOUR CENTAVO/S (PHP20,855.24)in single payment transaction on or before 01/28/2022;

2. I acknowledge that the remaining 50% of my consolidated loan amounting to TWENTY THOUSAND EIGHT

HUNDRED FIFTY-FIVE PESOS AND TWENTY-FOUR CENTAVO/S (PHP20,855.24) shall be

restructured (RL1) and shall be paid in six (6) equal monthly installments at 3% interest per annum.

3. I promise to pay the monthly amortization of my RL1 amounting to THREE THOUSAND FIVE HUNDRED

SIX PESOS AND THIRTY-FIVE CENTAVO/S (PHP3,506.35) from 03/31/2022 until 08/31/2022 per

Disclosure Statement attached and made integral part hereof;

4. I acknowledge that a penalty of 1% per month shall be charged against RL1’s unpaid amortization after its

due date during RL1's payment term.

5. I fully understand that 50% of my penalty shall be condoned upon one-time payment of the full 50%

consolidated loan on or before 01/28/2022.

6. I acknowledge that the remaining 50% penalty shall be fully condoned upon full settlement of the RL1 within

its approved term;

7. I acknowledge that the balance of RL1 should be zero at the end of the term. Otherwise, the unpaid

principal of RL1 and the proportionate balance of condonable penalty shall become part of a new principal

under Restructured Loan 2 (RL2) and shall immediately be due and demandable. Unpaid RL2 shall be

charged a 10% interest per annum until fully paid;

8. I fully understand that any partial payment that I shall make for the Consolidated Loan under the 50%

downpayment shall not entitle me to condonation of penalty and shall result to the cancellation of my

Penalty Condonation Application, without prejudice to re-submission of my application within the availment
 period. However, any partial payment made for my cancelled application shall be treated as regular

payment and shall be applied to my oldest outstanding short-term member loan in the following order of

priority: penalty first, then to interest and last to principal. Any excess after posting of payment shall be

applied to the second oldest outstanding short-term member loan and so on;

9. I acknowledge that any outstanding loan balance shall be deducted from the benefits that I or my

beneficiary/ies will receive upon my retirement, permanent total disability, or death;

10. I further acknowledge that I can only avail of any SSS Short-term Member Loan program after a month from

the date of full payment of my Consolidated and Restructured Loan (RL1 or RL2) including all accrued

interests and penalties under this Program;

11. Furthermore, I promise to abide by the terms and conditions attached to the STML Penalty Condonation

Program Application I have duly signed.