SSS says process improvements to improve loan repayment system

The Social Security System (SSS) said it was looking to improve the loan administration process, primarily through the use of the Payment Reference Number (PRN) in salary, calamity, emergency payments and restructured loan.

SSS President and CEO Aurora C. Ignacio said in a statement Thursday that the changes will allow the pension fund to process loans more quickly.

A PRN is a system-generated number for the member’s or employer’s loan billing statement. The SSS sends monthly billing statements and notices with PRN to the registered email address and mobile phone number of the borrower.

Loan payments that do not carry the PRN will no longer be accepted, including those deposited through the electronic data interchange system.

Ms Ignacio said the original plan was to implement mandatory use of the PRN from February 1 but decided to move the target date to July 1 to give their members and employers more time to register through the My.SSS portal.

The portal allows them to update their basic information, including email addresses and phone numbers, to ensure they receive notifications and the PRN, which must be presented at checkout.

Borrowers can also update the amount they wish to pay in their billing statement through the portal or through SSS agencies.

The pension fund released P62.35 billion in loans to its members in 2020, up 53.6%. However, loan repayments fell by 17.6% to 32.44 billion pesos due to the difficulties they may have encountered during the pandemic.

Contribution collections fell by 7.1% in 2020 to reach 204.75 billion pesos. — Beatrice M. Laforga

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