Republic of the Philippines

SOCIAL SECURITY SYSTEM

MEMBER LOANS DEPARTMENT
East Avenue, Diliman, Quezon City
Tel. Nos. (02) 8709-7198, (02) 8920-6446 to 55 Fax No. 8924-3445
E-mail: member_relations@sss.gov.ph Website: http://www.sss.gov.ph

PROMISSORY NOTE
Short-Term Member Loan (STML) Penalty Condonation Program
(One-Time Payment)

I, FERRAREN, PANCRASIO GONZAGA with SS Number 06-1637574-7 and residence/address at

POBLACION DALAGUETE CEBU 6022, hereby declare as follows:

1. I promise to pay the SSS in full through a one-time payment transaction my Consolidated Loan balance

under the STML Penalty Condonation Program in the amount of TWENTY-SEVEN THOUSAND SIX

HUNDRED SEVENTY-TWO PESOS AND TWENTY-NINE CENTAVO/S (Php27,672.29) in full on or

03/31/2022;

2. I fully understand that the SSS will condone my incurred penalties amounting to NINE THOUSAND

THIRTEEN PESOS AND FIFTY CENTAVO/S (Php9,013.50) for my past due short-term member loans
covered in this Program, subject to the one-time payment of my consolidated loan balance under the STML

Penalty Condonation Program on or before the scheduled due date.p

3. I fully understand that any partial payment that I shall make for the Consolidated Loan under this One-Time

Payment scheme shall not entitle me to condonation of penalty and shall result to the cancellation of my

Penalty Condonation Application, without prejudice to re-submission of my application within the availment

period. However, any partial payment made for my cancelled application shall be treated as regular

payment and shall be applied to my oldest outstanding short-term member loan in the following order of

priority: penalty first, then to interest and last to principal. Any excess after posting of payment shall be

applied to the second oldest outstanding short-term member loan and so on.

4. I acknowledge that the balance of my Consolidated Loan must be zero (0) after the given due date.

Otherwise, my application will be considered forfeited.

5. I acknowledge that I can only avail of any SSS Short-Term Member Loan program after a month from the

date of full payment of my Consolidated Loan under this Program;

6. I further acknowledge that any outstanding loan balance shall be deducted from the benefits that I or my

beneficiary/ies will receive upon my retirement, permanent total disability, or death;

7. Furthermore, I promise to abide by the terms and conditions attached to the STML Penalty Condonation

Program Application I have duly signed.