Section 3Sec./Art. 3

Installment Proposal. - In the event that a delinquent employer chooses to submit an installment proposal, the SSS shall give due course to approve and grant the same, subject to the implementing rules and regulations as the Social Security Commission shall prescribe: Provided, That the employer shall remit, upon submission of the installment proposal, a down payment of not less than five percent (5%) of its total contribution delinquency: Provided, further, That the employer shall remit the balance thereof in equal monthly installments within a period not exceeding forty - eight (48) months from the date of approval of the proposal: Provided, finally, That the installment payments shall bear an interest of three percent (3%) per annum.