The Social Security System (SSS) announced the mandatory use of Payment Reference Numbers (PRN) for housing loan payments starting this month, aiming to streamline the payment process for borrowers and ensure real-time posting of payments.
SSS President and CEO Rolando Ledesma Macasaet emphasized the benefits of the Real-Time Processing of Loans (RTPL), highlighting its role in enhancing convenience for housing loan borrowers.
“The PRN for loans is a system-generated number corresponding to a loan billing statement of the individual loans by the borrower, which contains certain characters to distinguish the housing loan from other SSS loan programs,” said Macasaet.
The initiative targets borrowers with outstanding loans under various programs, including the Direct Individual Housing Loan Program and Direct Housing Loans for Overseas Filipino Workers (OFWs), Workers’ Organization Members, and Trade Union Members (TUM).
SSS Senior Vice President for Lending and Asset Management Group Pedro T. Baoy noted that monthly billings containing the PRN would be sent to borrowers’ registered email addresses and mobile numbers.
“We strongly advise our housing loan borrowers to take responsibility for keeping their contact details with the SSS up-to-date. This will ensure they receive the PRN they need for every housing loan payment transaction, contributing to a smooth and timely payment process,” Baoy emphasized.
Baoy also clarified that borrowers would receive one PRN for each outstanding loan. For instance, if a borrower has both an original housing loan and a Housing Repair and Improvement Loan, they will get separate PRNs for each.
He explained that PRNs are generated on the 10th day of each month, requiring renewal upon expiration to include past due and current amounts.
Payment options include over-the-counter transactions at SSS branch offices with tellering services or through accredited collecting partners such as Union Bank of the Philippines, Philippine National Bank, Bayad Center, and SM Mart, Inc. Borrowers will receive notifications confirming their payments and postings.
As of December 2023, SSS has 3,744 mortgagors with housing loan collectibles amounting to PHP 6.83 billion.
