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Social Security System satellite office at Ali Mall in Quezon City on July 6, 2023. ABS-CBN News

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<p>MANILA -- The Social Security System (SSS) is now sending text messages to remind its members to pay their loans monthly.</p><p>In a statement, the SSS said it started doing this last month to remind members of the due dates for their monthly loan payments.</p><p>&quot;We send loan billing statements to our member-borrowers through their registered email address. However, unlike reading text messages, most members do not open their email inboxes,&quot; said SSS Senior Vice President for Lending and Asset Management Group Pedro Baoy.</p><p>&quot;Most of them carry their mobile phones wherever they go, so we saw text alerts as a great way to remind them,&quot; he explained.</p><p>Baoy reminded its borrowers that those who miss their loan payments will be charged a one percent monthly penalty on unpaid principal and interest until fully paid. </p><p>&quot;If their loan remains unsettled for over five years, the incurred penalties will exceed the outstanding principal amount and interest,&quot; he said.</p><p>Baoy also noted that SSS members must log in to their My.SSS accounts to check their loan records. </p><p>He also invited those with unpaid short-term member loans to avail of the agency&#x27;s Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty (Conso Loan) program.</p><div><a href="https://news.abs-cbn.com/business/2024/3/6/sss-to-consolidate-waive-penalties-on-past-due-loans-1013">SSS to consolidate, waive penalties on past-due loans</a></div><p>Under the program, the SSS will combine the principal and interest of a member’s past-due short-term member loans into one consolidated loan, while all unpaid penalties would be consolidated and waived upon full payment of the loan.</p><div><strong>RELATED STORY:</strong></div><div><ivs-player data-ivs-key="e8c22c015ca9eafa76f1e3edfa03c603" data-ivs-spid="3001339" data-ivs-vid="2979811"></ivs-player></div><script src="https://player.ivideosmart.com/ivsplayer/v4/dist/js/loader.js"></script>

<p>The SSS is now sending text messages to remind its members to pay their loans monthly.</p>

The SSS is now sending text messages to remind its members to pay their loans monthly.

SSS now sends text messages to remind borrowers of loan due dates

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SSS now sends text messages to remind borrowers of loan due dates

ABS-CBN News

Published Jun 18, 2024 01:07 PM PHT

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