Philippine President Gloria Macapagal Arroyo had asked and instructed the Social Security System (SSS) to extend its loan condonation restructuring program for its members by another six months.

On her speech during the agency’s 50th anniversary celebration, Arroyo said that she had asked SSS chairman Thelmo Cunanan and the SSS board to extend the condonation program for six more months. She even said that this indeed is social payback. Arroyo also congratulated and noted the agency’s strong performance after they have faced a near financial collapse, six-and-a-half years ago.

SSS assets had risen to P248 billion with its investment income amounting to P15.58 billion in the last six months.

Source: www.inquirer.net