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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 149 - PROVIDING
FOR THE CONDONATION OF PENALTIES ON DELINQUENT HOUSING LOAN ACCOUNTS
WITH THE SOCIAL SECURITY SYSTEM, SUBJECT TO CERTAIN CONDITIONS
WHEREAS,
under the housing loan program of the Social Security a penalty of six
percent (6%) per annum is imposed on all delinquent amortization until
the same have been fully paid;
WHEREAS, to date, there are about 74,000 housing loan accounts, 72% of
which are delinquent;
WHEREAS, an increasing number of Social Security System housing loan
borrowers have expressed their desire to update their delinquent
accounts but requested that they are relieved of the added burden of
paying the penalties;
WHEREAS, it has been determined that such condonation of penalties
imposed on delinquent housing loan accounts will not prejudice the
non-borrowing members of the Social Security System but on the contrary
even encourage a great number of borrowers to update their loan
accounts;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
Sec. 2.
Done in the City of Manila,
this 15th day of March in the year of Our Lord, nineteen hundred and
eighty-seven.
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