SSS admits'overcollection' of P1 billion, says COA

August 19, 2010 10:53 am 

MANILA, Aug. 18 — The Social Security System (SSS) on Wednesday admitted an over collection of P1 billion and owes almost 2.2 million of its members some P979.49-million in loan overpayments.

SSS admitted it after a report from Commission on Audit (COA) came out early this week.

SSS spokesman Joel Palacios said they are doing their best to refund the overcollection to members.

In its 2009 report, COA said 2,191,005 SSS borrowers of salary, educational, calamity, separated, and emergency (SECSE) loans are being deprived of their own money.

Refunds other than those for death, disability, and retirement over deductions are also only being made upon receipt of a formal request from members, considering that many do not even know that they paid too much.

“Refunds to borrowers who have existing loans are directly applied to their current loans and this activity is being undertaken by the Member Loans Accounting Department,” COA reported.

“Member-borrowers were not informed that overpayments were applied to their existing loans nor were they aware of their overpayments,” the COA report also said. (PNA) V3/JCA

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