EXECUTIVE ORDER NO. 149

: A penalty of six percent (6%) per annum is imposed on all delinquent amortizations until they are fully paid.
: Approximately 72% of the about 74,000 housing loan accounts were delinquent.
: All unpaid penalties on SSS housing loan amortizations which are due and demandable as of April 1, 1987, are condoned, meaning they are forgiven or waived.
: Borrowers must pay the said amortizations and all interests thereon on or before September 30, 1987. If only part of the past due accounts is paid by that date, penalties will only be imposed on the remaining balance.
: No, it has been determined that the condonation will not prejudice non-borrowing members but instead encourage more borrowers to update their loan accounts.
: The executive order took effect immediately upon its issuance on March 15, 1987.
: Only the remaining balance of the past due accounts will be subjected to the payment of the penalty.
: No, Executive Order No. 149 explicitly states that any provision of law to the contrary is notwithstanding the condonation of penalties.