The Social Security System said 500 of its members from Bacolod City availed of the home loan amnesty and restructuring program that ended June 15.

Corazon de la Paz, SSS president and chief executive officer, said in a press statement that more than 6,400 members nationwide benefited from the program - either in full payment or installment basis.

SSS recovered close to P269 million in back payments from delinquent housing loans, she said.

Members who availed of the amnesty retained ownership of their homes after a restructuring of their accounts at a longer payment scheme and at lower interest. The amnesty program allowed members to settle their loans by paying in installment or full without penalties and half of the continuing interest. Members could also restructure their remaining balance for a maximum 10-year term at lower interest, the press release said.

It covered employers who are delinquent in remitting their loan payments for employees' housing and those who have pending collection cases in court. It also involved installment buyers of acquired assets who have been remiss in their payments.

Delinquent members paid a minimum of P5,000 but they can also settle their liabilities through dacion-en-pago arrangements or property as payment, the press release added.*

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