QuestionsQuestions (EXECUTIVE ORDER NO. 149)
To provide for the condonation of penalties imposed on delinquent Social Security System (SSS) housing loan amortizations, subject to conditions.
A penalty of six percent (6%) per annum on all delinquent amortizations until fully paid.
All unpaid penalties on SSS housing loan amortizations that were due and demandable as of April 1, 1987 are condoned.
On or before September 30, 1987.
No. The condonation is conditioned on payment of the amortizations and all interests thereon on or before September 30, 1987.
Only the remaining balance shall be subject to the payment of the penalty; the portion already paid by the deadline is not subject to the condoned penalties.
It refers to penalties already accrued and legally demandable/owed as of April 1, 1987, which are the penalties targeted for condonation.
It means EO No. 149 overrides conflicting provisions of existing laws to the extent necessary to implement the condonation.
Delinquent accounts under the SSS housing loan program, specifically those involving housing loan amortizations.
No specific categories are stated; it covers delinquent housing loan amortizations with unpaid penalties due and demandable as of April 1, 1987, subject to the payment conditions.
That condonation will not prejudice non-borrowing SSS members and will encourage more borrowers to update their loan accounts.
It indicates the EO became effective right after issuance, without waiting for publication or later effectivity, subject to legal requirements of effectivity under prevailing rules.
It was promulgated by President Corazon C. Aquino, dated March 15, 1987.
It also requires payment of “all interests thereon” along with the amortizations by September 30, 1987.
Condonation refers to the forgiveness/cancellation of the unpaid penalties that otherwise would be payable on delinquent amortizations, but only under the stated conditions.
The unpaid penalties on those due and demandable amortizations as of April 1, 1987 are condoned (i.e., no longer payable).
The conditional condonation does not apply because the condition (payment on or before September 30, 1987) is not met; thus penalties would remain payable under the general rules.