The Social Security System (SSS) said the collection from SSS housing loan for the first six months of 2019 reached P849.04 million, a 27.56 percent increase from the P665.60 million collected during the same period in 2018.
“We are pleased with the increase in collection from housing loans. With this additional fund, we can help more members who may be having difficulties in acquiring properties or improving their houses. Members may use the housing loan for low-cost housing or house repair and improvement. They may also use this loan to purchase a lot and construct a new house. Likewise, they can use the loan to purchase an existing residential unit or construct a new house on their owned lot,” SSS president and Chief Executive Officer Aurora C. Ignacio said.
Under the SSS housing loan program, members may avail of the Direct Housing Loan for Workers’ Organization Members, Direct Housing Loan Facility for Overseas Filipino Workers, House Repair/Improvement Loan, or Assumption of Mortgage.
The increase in collection was the result of the aggressive collection and foreclosure efforts of the pension fund together with the development of a new billing system for more convenient collection.
“In line with the intensified collection efforts of the SSS’ Housing and Acquired Assets Management Department, 3,669 billing letters were sent to housing loan mortgagors or borrowers from January to July 2019. This is to remind them of their housing loan obligations, and prevent incurring penalties and foreclosure of their property,” Ignacio said.
Of these, 1,379 mortgagors already made payments in response to the billing letters sent to them. This collection initiative allows validation of payment records and reconciliation of accounts of member-borrowers.