 AMENDED SALARY LOAN GUIDELINES

• EDUCATIONAL LOAN
• SALARY LOAN EARLY RENEWAL PROGRAM
(SLERP)
• INDIVIDUAL CONDONATION
• EMPLOYER CONDONATION

1
 AMENDED SALARY LOANS
GRANTING GUIDELINES

SSC Resolution No. 316-s.2012

dated 18 April 2012
(Circular No. 2012-018 dated 14 November 2012)
(Office Order No. 2012-047 dated 11 June 2012)
 MEMBER LOANS DEPARTMENT
AMENDED SALARY LOAN GUIDELINES

1.1 For a one-month loan, the member-borrower must

have 36 posted monthly contributions, prior to the
month of filing of application.

1.2 For a two-month loan, the member-borrower must

have 72 posted monthly contributions, prior to the
month of filing of application.

1.3 An employed, currently paying self-employed or

voluntary member(SE/VM) who has 6 posted monthly
contributions for the last 12 months prior to the
month of filing of application.
 MEMBER LOANS DEPARTMENT
AMENDED SALARY LOAN GUIDELINES

1.4 If the member-borrower is employed, his employer

must be updated in contributions and loan remittances.

1.5 The member-borrower has not been granted final

benefit (total permanent disability, retirement &
death ).
1.6 The member-borrower must be under sixty five (65)
years of age at the time of application. (effective 12
January 2006 per SSC Resolution No. 434 dated 09
November 2005).
1.7 The member-borrower has not been disqualified due to
fraud committed against the SSS.
 MEMBER LOANS DEPARTMENT
AMENDED SALARY LOAN GUIDELINES

One-month Average of member’s latest
Salary posted 12 Monthly Salary
Loan Credits (MSCs), or amount
applied for, whichever is
lower.
Two-month Twice the average of the
Salary member’s latest posted 12
Loan Monthly Salary Credits
(MSCs), rounded to the
next higher monthly salary
credit, or amount applied
for, whichever is lower.
REPAYMENTS SCHEDULE
24 equal monthly
installments to start on the
2nd month following the
date of the loan.
All subsequent loan
remittances shall be
made on or before the
payment schedule for
loans following the
approved new payment
scheme.
C. REPAYMENT TERM & SCHEDULE OF
PAYMENT
For self-employed (SE) and
For employers (ERs)
voluntary members (VM)
If 10th digit of the Payment Deadline
Payment Deadline If 10th (last) digit of
13-digit (following the
(following the the
ER number ends in: applicable month or
applicable month) SS number ends in:
quarter)
1 or 2
10th day of the
1 or 2 10th day of the month
month
3 or 4 15th day of the
3 or 4 15th day of the month
month
5 or 6 20th day of the
5 or 6 20th day of the month
month
25th day of the
7 or 8 7 or 8 25th day of the month
month
9 or 0 Last day of the 9 or 0 Last day of the month
month

(For OFW members the payment deadline is on or before the 10th day of
 MEMBER LOANS DEPARTMENT
AMENDED SALARY LOAN GUIDELINES

D. INTEREST AND PENALTY

The loan shall be charged an interest rate of 10% per annum
until fully paid, based on diminishing principal balance, and
shall be amortized over a period of 24 months.

o Any excess in the amortization payment shall be applied

to the outstanding principal balance.

Penalty
oLoan amortization not remitted on due date shall bear a
penalty of 1% per month until fully paid.
 MEMBER LOANS DEPARTMENT
AMENDED SALARY LOAN GUIDELINES

E. SERVICE FEE
A service fee of 1% of the loan amount shall
be charged and deducted from the proceeds of
the loan.
F. LOAN RENEWAL
The loan may be renewed after payment of at
least 50% of the original principal amount and
at least 50% of the term has lapsed.
G. RESPONSIBILITIES OF EMPLOYER
1. The employer shall be responsible for the collection
and remittance to the SSS of the amortization (s) due
on the member-borrower’s salary loan through payroll
deduction.

2. The employer shall deduct the total balance of the

loan from any benefit/s due to the employee and shall
remit the same in full to SSS, in case the member-
borrower is separated voluntarily (e.g., retirement or
resignation) or involuntarily (e.g., termination of
employment or cessation of operations of the
company).
Cont... G. RESPONSIBILITIES OF EMPLOYER
3. The employer shall report to the SSS the effective
date of separation from the company and the
unpaid loan balance of the employee, through the
collection list, if the benefit(s) due the employee is
insufficient to fully repay his loan.

4. The employer shall require a new employee to

secure from the SSS an updated statement of his
account.

5. The employer shall deduct and remit to SSS any

outstanding loan balance of new employees.
H. RESPONSIBILITY OF MEMBER-
BORROWER
 The member-borrower who transfers employment
is obliged to report to the new employer any
outstanding loan balance with SSS and shall allow
the new employer to deduct from his salary the
corresponding amortization due, plus any
interest/penalty for late remittance of
amortization.
In case of default, the arrearages/unpaid loan shall
be deducted from the benefits claimed by the
member, whichever comes first, as follows:
For self-employed / voluntary member, deduction
shall be from short-term benefits
(Sickness/Maternity/Partial Disability).
Automatic deduction of outstanding loan balance
from final benefits (Total Disability / Retirement /
Death).
J. OTHER CONDITIONS
1. Any overpayment on a previous loan shall be
applied to the subsequent loan, if any. Otherwise,
the overpayment shall be refunded upon request
of the member-borrower.

2. The member-borrower shall notify the SSS in case

of change of address/employer thru
mail/e-mail/over-the-counter (OTC).

3. A disclosure statement on loan transaction shall

be issued by SSS to the member-borrower upon
approval of his loan.
K. DIMINISHING BALANCE SAMPLE
COMPUTATION
LOAN AMOUNT(LA) = P30,000.00
INTEREST RATE (INT) = 10%
MONTHLY AMORTIZATION (M.A.) = P1,384.35

INTEREST AND PRINCIPAL COMPUTED AS FOLLOWS:

INTEREST DUE
LA*INT/12 = INTEREST DUE
30,000.00 X .10 /12 = 250

PRINCIPAL DUE
MA – INT = PRIN
1,384.35 – 250 = 1,134.50

SCHEDULED BALANCE
LA – PRIN = SCHEDULED BALANCE
30,000.00 – 1,134.50 = 28,865.50
L. DIMINISHING BALANCE SAMPLE
COMPUTATION
To compute the MONTHLY AMORTIZATION (M.A.)

Determine the Loan Term and find the equivalent in

the Amortization Factor Table (24 months) =
(0.0461449263)

 Get the loan amount (P30,000.00)

 P30,000.00 x .0461449263 = P1,384.35

PENALTY
Amount remitted x 12% / 365 x no. of days delayed
18
CITIBANK N.A. PHILIPPINES
 SSC Res. No. 208-s.2012 dated 08 March 2012
 MOA was signed and entered into between SSS
and CITIBANK last 31 August 2012
 Pilot implementation in two (2) branches:
SSS Diliman
SSS Makati Gil Puyat
1. Provides option to SSS member-borrower to receive salary
loan thru Citibank Prepaid Card.
2. Instant issuance of active Prepaid Card to member who will
avail of the Prepaid Card option.
3. Prepaid Card Cancellation or Termination and Reporting of
Lost Card through Citi Customer Service.
4. Citibank Prepaid Card can be used in establishments which
accept Visa cards.
5. Loan proceed is accessible thru wide network of Automated
Tellering Machines (ATMs).
6. The salary loan proceeds shall be credited to Prepaid Cards
issued to member-borrowers instead of checks and the
funds shall be made available within 24 hours.
7. The validity of Prepaid Cards is three (3) years.
 SSS
EDUCATIONAL
ASSISTANCE
LOAN
PROGRAM
EDUCATIONAL ASSISTANCE LOAN
PROGRAM

Approved by Social Security

Commission under
Resolution No. 323-s.2012 dated 30 April 2012
Circular No. 2012-010 dated 18 May 2012
Office Order No. 2012-041 dated 18 May 2012

-Amended under-
Resolution No. 258-s.2013 dated 05 April 2013
Circular No. 2013-004 dated 12 April 2013
Office Order No. 2013-016 dated 12 April 2013
 ELIGIBLE BORROWERS

• For a member-applicant who falls under the MSC of

P15,000 and whose actual basic salary of P25,000
or more, the member-borrower shall be required to
present proof of actual monthly salary/income of
not more than P25,000.
 If employed present
 Pay slip/pay envelope or
 Employer’s certification;
 If self-employed
 Latest income tax return (received by the
BIR), or
 Notarized Affidavit of Income.
 MANNER OF RELEASES

• Subsequent loan releases shall be made

upon submission of another accomplished
application form (application for
subsequent release of educational
assistance loan and corresponding
assessment / billing statement from the
school.
 Validation by the SSS may be done to
ensure the continuous schooling of the
member / beneficiary.
 SSS
EMPLOYER
PENALTY
CONDONATIO
N PROGRAM
CONDONATION OF PENALTIES FOR UNREMITTED OR
DELINQUENT LOAN AMORTIZATIONS OF EMPLOYEES
OF EMPLOYERS

Per SSC Resolution No. 238-s 2010

dated 25 March 2010

Approved and Implemented under

OFFICER ORDER NO. 2010-119
CIRCULAR NO. 2010-005
CONDONATION OF PENALTIES FOR UNREMITTED OR
DELINQUENT LOAN AMORTIZATIONS OF EMPLOYEES
OF EMPLOYERS

EMPLOYERS WITH DELINQUENCY DUE ON

OR BEFORE APRIL 01, 2010

AVAILMENT PERIOD: 6 MONTHS

(JANUARY 01 – JUNE 30, 2011)
BORROWER INFORMATION:
SS NUMBER 04-3074200-6 ER ID NO.: 04-0982699-5
EE NAME: ACUNA, EDESER A. ER NAME : TDK PHILS CORP

LOAN INFORMATION
Loan Amount 24,000 PAST DUE
Loan Type Salary Principal 36,096.94
Date Granted 02-18-2002 Interest 824.64
Monthly Amort. 1,075 Penalty 8,176.72
First Amort. Month 07-01-2002 CURRENT DUE
Principal 0.00
Interest 82.46
Total Amt. Due 45,180.76
RESTRUCTURED LOAN ER EE
No. of Months 12
Monthly Amort 3,337.31
First Amort. Month 03-01-2011
Condonable Amount 23,510.50
BORROWER INFORMATION:
SS NUMBER 04-3074200-6 ER ID NO.: 04-0982699-5
EE NAME: ACUNA, EDESER A. ER NAME : TDK PHILS CORP

ACCREDITED PAYMENTS

POST DATE SBR/TR NO. SBR.TR DATE FORM ER ID NO. AMOUNT

03-27-2012 RML00023 03-07-11 SBR 04-0982699-5 62,914.91
01-27-2013 DE040344 07-04-11 CND 04-0982699-5 3,337.31
01-27-2013 311073FI 08-05-11 CND 04-0982699-5 3,337.31
01-27-2013 DE040165 09-08-11 CND 04-0982699-5 3,337.31
01-27-2013 DE040141 10-06-11 CND 04-0982699-5 3,337.31
01-27-2013 DE040093 11-08-11 CND 04-0982699-5 3,337.31
01-27-2013 DE040115 12-08-11 CND 04-0982699-5 3,337.31
01-27-2013 DE010190 01-06-12 CND 04-0982699-5 3,337.31
01-27-2013 DE040258 02-06-12 CND 04-0982699-5 3,337.31
01-27-2013 DE040257 03-08-12 CND 04-0982699-5 3,337.31
01-27-2013 DE010188 04-13-12 CND 04-0982699-5 3,337.31
01-27-2013 DE010256 05-07-12 CND 04-0982699-5 3,337.31
01-27-2013 580875FP 06-05-12 CND 04-0982699-5 3,337.31
EMPLOYEE CONDONATION SUBSIDIARY LEDGER
Restructured Loan Information
Loan Amount 39,404.41 Interest Rate 3%
Loan Type Salary Monthly Amort 3,337.31
Date Granted 02-18-2002 First Amort. Month 03-01-2011
Loan Term 12 month Last Amort. Mo. 02-01-2012

Credited Payments:
POST DATE SBR/TR SBR/TR NO. ER ID NO. AMOUNT PENALTY INTEREST PRINCIPAL ACTUAL BAL / EXP MOS
DATE PAID SCHEDULED

01-27-13 07-04-11 DE040344 04-0982699-5 3,337.31 3,337.31 0.00 0.00 39,404.41 4

01-27-13 08-05-11 311073FI 04-0982699-5 3,337.32 3,337.32 0.00 0.00 39,404.41 5
01-27-13 09-08-11 DE040165 04-0982699-5 3,337.32 3,337.32 0.00 0.00 39,404.41 6
01-27-13 10-06-11 DE040141 04-0982699-5 3,337.32 3,337.32 0.00 0.00 39,404.41 7
01-27-13 11-08-11 DE040093 04-0982699-5 3,337.32 3,337.32 0.00 0.00 39,404.41 8
01-27-13 12-08-11 DE040115 04-0982699-5 3,337.32 3,337.32 0.00 0.00 39,404.41 9
01-27-13 01-06-12 DE010190 04-0982699-5 3,337.32 3,337.32 0.00 0.00 39,404.41 10
01-27-13 02-06-12 DE040258 04-0982699-5 3,337.32 1,956.34 634.93 746.05 38,658.36 11
01-27-13 03-08-12 DE040257 04-0982699-5 3,337.32 1,945.62 8.32 1,383.38 37,274.98 12
01-27-13 04-13-12 DE010188 04-0982699-5 3,337.32 1,972.60 93.19 1,271.53 36,003.45 13
01-27-13 05-07-12 DE010256 04-0982699-5 3,337.32 1,749.23 90.01 1,498.08 34,505.37 14
01-27-13 06-05-13 580875FP 04-0982699-5 3,337.32 1,731.40 86.26 1,519.62 32,985.75 15
TOTAL 40,047.79 32,716.42 912.71 6,418.66
 EMPLOYER CONDONATION

(CURRENTLY AMORTIZING)
BORROWER INFORMATION:
SS NUMBER 33-2228508-9 ER ID NO.: 03-9245168-4
EE NAME: VENOYA, MARIO A. ER NAME : SCRIPT2010, INC.

LOAN INFORMATION
Loan Amount 24,000 PAST DUE
Loan Type SLERP Principal 5,000.00
Date Granted 10-21-2009 Interest 1,458.39
Monthly Amort. 1,150.00 Penalty 1,083.88
First Amort. Month 12-01-2009 CURRENT DUE
Principal 0.00
Interest 0.00
Total Amt. Due 7,542.27
RESTRUCTURED LOAN ER EE
No. of Months 12
Monthly Amort 2,005.92
First Amort. Month 06-01-2011
Condonable Amount 56.33
BORROWER INFORMATION:
SS NUMBER 33-2228508-9 ER ID NO.: 03-9245168-4
EE NAME: VENOYA, MARIO A. ER NAME : SCRIPT2010, INC.

ACCREDITED PAYMENTS

POST DATE SBR/TR NO. SBR.TR DATE FORM ER ID NO. AMOUNT

03-27-2012 RML05451 06-30-11 SBR 03-9245168-4 23,740.79
09-05-2012 MO280229 07-11-11 CND 03-9245168-4 2,005.92
09-05-2012 MO370206 08-10-11 CND 03-9245168-4 2,005.92
09-05-2012 MO370071 09-12-11 CND 03-9245168-4 2,005.92
09-05-2012 MO070116 10-10-11 CND 03-9245168-4 2,005.92
09-05-2012 MO010261 11-10-11 CND 03-9245168-4 2,005.92
09-04-2012 MO010180 12-12-11 CND 03-9245168-4 2,005.92
09-04-2012 MO170093 01-10-12 CND 03-9245168-4 2,005.92
09-04-2012 MO010354 02-10-12 CND 03-9245168-4 2,005.92
09-04-2012 MO130009 03-12-12 CND 03-9245168-4 2,005.92
09-04-2012 MO230488 04-10-12 CND 03-9245168-4 2,005.92
09-04-2012 MO290089 05-10-12 CND 03-9245168-4 2,005.92
09-04-2012 646215FM 06-11-12 CND 03-9245168-4 2,005.92
TOTAL 47,811.83
 SSS
INDIVIDUAL
PENALTY
CONDONATIO
N PROGRAM
SSS MEMBER LOAN PENALTY CONDONATION
PROGRAM FOR INDIVIDUAL MEMBERS

APPROVED UNDER SSC RES.# 916-s.2011

DATED 24 AUGUST 2011

UNDER
OFFICE ORDER NO. 2012-019
CIRCULAR NO. 2012-005
 A PRESENTATION BY
MEMBER LOANS DEPARTMENT