SSS introduces loan program for pensioners

Published September 3, 2018, 12:00 AM

by manilabulletin_admin

By Chino S. Leyco

Emmanuel F. Dooc
Emmanuel F. Dooc


State-run Social Security System (SSS) has introduced yesterday a new loan program aiming to prevent its senior citizen pensioners from falling victims to financial institutions that offer steep interest rates.

In a briefing, Emmanuel F. Dooc, SSS president and chief executive, said that they have earmarked P10 billion for the new pension loan program (PLP) that will benefit more than 1.3 million retiree pensioners.

Dooc said the program was in response to the clamor from senior citizens to put an end to the growing incidence of loan sharks and to help them with their short-term needs like emergency medical expenses.

“The launching of this program is our way of extending our assistance to our dear pensioners. SSS would not be able to reach 61 strong years if not for the contributions of our pensioners during the time that they were still strong and working,” Dooc said.

According to Dooc, SSS will increase the allotted budget up to P30 billion for PLP should there be a strong demand from pensioners.

For pilot implementation, PLP will be offered in 20 branches serving the highest number of retiree pensioners. All 171 branches of SSS will accept applications as soon as the system is ready for the full-scale implementation.

The 20 SSS branches that will accept PLP applications are Diliman, Kalookan, Pasig-Pioneer, New Panaderos, Manila, Makati-Gil Puyat, Alabang, Naga, Dagupan, Baguio, Ilagan, Bacoor, Binan, Cebu, Tacloban, Iloilo Central, Cagayan De Oro, Davao, General Santos, and Zamboanga.

Qualified pensioners are 80 years old and below, have no outstanding loan balance and benefit overpayment payable, have no advance pension under the Calamity Package, and have been receiving their regular monthly pensions for at least six months.

Minimum loan amount for qualified pensioners is twice the amount equivalent to their basic monthly pension and the additional P1,000 benefit while the maximum loanable amount is six times their basic monthly pension plus the additional P1,000 benefit, not exceeding P32,000.