ADVERTISEMENT
Manila Bulletin devider Business devider Shun loan sharks, SSS tells pensioners as it offers low-interest loans

Shun loan sharks, SSS tells pensioners as it offers low-interest loans

Published Dec 11, 2023 05:09 am

State-run Social Security System (SSS) has encouraged retiree-pensioners to avail of the Low-Interest Pension Loan Program (PLP), instead of resorting to loan sharks just to fulfill their urgent financial needs.

In a statement on Monday, Dec. 11, the SSS reminded pensioners about the PLP that offers 10-percent interest per annum computed on a diminishing principal balance.

SSS President and Chief Executive Officer (CEO) Rolando Ledesma Macasaet said the agency's loan program was far better than borrowing from informal lenders like the so-called "Sangla-ATM" lenders.

Sangla-ATM requires the borrower to submit their automated teller machine (ATM) cards and their Personal Identification Numbers (PIN) as loan collaterals.

“Aside from low-interest rate, SSS will not require them to surrender their ATM cards as collaterals, unlike [the practice of] some private lending institutions,” Macasaet explained.

He also stated that the private pension fund does not charge any processing or service fee for the PLP.

With the loan program, applicants may borrow up to three, six, nine, or 12 times their basic monthly pension (BMP), with a P1,000 additional benefit, also known as the aggregate monthly pension, withholding a maximum amount of P200,000.

The agency underscored that it makes sure that the net take-home pension would be at least 47.25 percent of the aggregate monthly pension as soon as they start paying the monthly amortization for the PLP.

“A pension loan of three and six times the pensioner’s aggregate monthly pension has a payment term of six and 12 months, respectively,” the SSS Chief said.

Meanwhile, a pension loan of nine or 12 times the aggregate monthly pension has a payment term of 24 months, an option for an extended repayment period.

The first monthly amortization of the PLP is scheduled for the second month after the pension fund approves and grants the loan to the borrower.

To subsidize the payment for the pensioner’s premium of the Credit Life Insurance (CLI), the SSS would relinquish a 1 percent service fee.

According to the pension fund, PLP will be given to applicants who are 85 years or below the end of the last month of the loan term.

Borrowers must not have any outstanding loan balance, benefit overpayment that is payable to the SSS from their monthly pension and an existing advance pension under the SSS Calamity Assistance Package.

Likewise, PLP applicants should have an active pension status and their regular monthly pensions for at least a month.

Lastly, the borrower’s contact information, such as their mailing address and mobile number must be up-to-date.

SSS advised those who wish to avail to submit their loan applications via the nearest branch office or through the My.SSS account.

When the office approves the application, loan proceeds will be credited to their nominated bank account or the UnionBank quick card within three working days for online applications and give working days if it was done over-the-counter.

Related Tags

Social Security System (SSS)
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.