1 Critical Importance of PRN in SSS Payment Reference Numbers

“Money is a terrible master but an excellent servant.”

-P.T. Barnum-

 

Mandatory Use of Payment Reference Number

This photo was taken from: Facebook: Philippine Social Security System – SSS

  Heads up, mga Kababayan in Kuwait! The Philippine Social Security System – SSS would like to inform everybody regarding the mandatory use of payment reference numbers for short-term SSS Loan Payments starting 01 April 2021. Beginning April 1, 2021, computer-generated payment reference numbers (PRNs) will be required for short-term loan payments. Billing months to be covered by this system will be from March 2021 and onwards. The PRN, which is a system-generated number that corresponds to an individual member’s loan billing statement (self-employed, volunteer, or Overseas Filipino Worker) or employer, assists in the timely and accurate posting of loan payments to their respective loan accounts. “Since November 2020, we have been sending loan billing notices to member-borrowers and employers. This loan billing statement or notice contains a corresponding PRN, which individual members and employers must present when paying at SSS branches with Automated Tellering System (ATS) or any RTPL-compliant collecting partner,” SSS CEO and President Aurora C. Ignacio said. The SSS sends loan billing statements and notifications with PRNs to individual members and employers via email and registered mobile numbers from the first to the sixth day of each month. Individual members can change the amount to be billed in the statement using their My.SSS account or at SSS branches if they need to. Employers, on the other hand, can only make adjustments through their My.SSS account, which requires them to request an electronic Loan Collection List (e-LCL) as well. Individual members and employers can print or take a screenshot of the PRN Loans Statement of Account with the accompanying barcode while making a payment, which can be accessed via the “RTPL PRN” module of their My.SSS accounts on the SSS website (www.sss.gov.ph). They can also display the SMS of loans PRN obtained from the Social Security System. Individual members and employers will receive an email or SMS confirmation of their payment and posting after it has been made.  

Pag-IBIG Fund Home Loan Releases reached a new record-high

This photo was taken from: Facebook: Pag-IBIG Fund (HMDF)

  Despite the economic downturn triggered by the COVID-19 Pandemic, Pag-IBIG Fund home loan disbursements reached a new high in December, reaching P12.11 billion, officials announced last Wednesday, 27 January. This is a P640 million increase, or 6% increase, over the previous high of P11.47 billion set in December 2019. “Our home loan takeouts in December is the highest for a single month in Pag-IBIG Fund’s history. Because of it, we were able to finance the acquisition of 12,275 homes for our members in December alone, which is also a record-high. Amid the challenges, Pag-IBIG has provided homes to more members during the pandemic, aiding in the government’s efforts led by President Duterte, to keep Filipino families safe at home,” Secretary Eduardo Del Rosario said. “For year 2020, Pag-IBIG Fund released P63.75 billion in home loans allowing 63,750 members to acquire their own homes. Out of the total amount, 11 percent or P7.1 billion were released as socialized home loans for the benefit of 16,975 Pag-IBIG Fund members who belong to the minimum wage and low-income sectors,” Sec. Del Rosario added. Last year, the Pag-IBIG Fund funded P84.53 billion in home loans to help finance the purchase of 80,748 homes. The amount of P20.78 billion covers approved home loan applications awaiting release, the proceeds of which are ready for disbursement once borrowers have completed their post-approval requirements.  

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