EXECUTIVE ORDER NO. 149

: A penalty of six percent (6%) per annum is imposed on all delinquent amortizations until the same shall have been fully paid.
: As of April 1, 1987, about 72% of the approximately 74,000 SSS housing loan accounts were delinquent.
: The penalties on delinquent housing loan amortizations due and demandable as of April 1, 1987 are condoned provided that the amortizations and all interests thereon are paid on or before September 30, 1987. If only part of the account is paid by that date, the remaining balance will be subject to penalties.
: No, it has been determined that such condonation will not prejudice the non-borrowing members but may encourage more borrowers to update their loan accounts.
: The Executive Order took effect immediately upon its issuance on March 15, 1987.
: If borrowers pay only a part of their past due accounts by September 30, 1987, only the remaining balance shall be subject to the payment of the penalty.
: The order specifies penalties of six percent per annum on delinquent loans but mentions that amortizations and all interests thereon must be paid; implying there is interest accrued on the loans separate from penalties.
: Section 1 states that any provision of law to the contrary notwithstanding, penalties as described are condoned, which means this order overrides contrary provisions of law regarding penalties on delinquent SSS housing loan accounts.