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Manila Bulletin devider Business devider SSS to trim loan rates, expand self-employed coverage

SSS to trim loan rates, expand self-employed coverage

Published Feb 17, 2025 01:35 am

The Social Security System (SSS) is eyeing to lower loan interest rates while expanding its coverage among self-employed workers this year.

According to an SSS statement released on Feb. 15, the state-run pension fund for private sector employees has listed in its 2025 pipeline of upcoming initiatives the reduction of interest rate on its calamity and salary loans.

The annual loan interest could be reduced to one-digit rate this year, as the current rate of such loan programs stands at 10 percent annually.

“Given the consistent, solid performance of the SSS’s investment portfolio, it is now timely to revisit the interest rate of our salary and calamity loan programs toward reducing it to increase the cash proceeds from loan applications by qualified SSS members,” said Robert Joseph M. De Claro, SSS president and chief executive officer (CEO).

From 2021 to 2024, the SSS earned an annual return on its investments of between 5.8 percent and 6.6 percent. It stressed that its investments performed “well even through the COVID-19 pandemic.”

Aside from lowering loan rates, De Claro said the pension fund plans to increase membership among the self-employed.

“We will also pursue better collection compliance from other groups of workers, particularly self-employed professionals (e.g., accountants, doctors, engineers, etc.), by coordinating and meeting with the Professional Regulation Commission (PRC) to discuss opportunities for cooperation and ensure SSS coverage of such workers,” De Claro said.

Additionally, the SSS is reviewing the guidelines for its annual confirmation of pensioners (ACOP) program to simplify compliance, requirements, and verification processes, aiming to make it more convenient for retirees, according to De Claro.

He said this review is based on the experiences and concerns of retirement pensioners aged 80 and above, who must comply with the current ACOP guidelines under SSS Circular No. 2023-013 to continue receiving their pension benefits.

“Non-compliance will result in suspension or cancellation of the benefit,” the SSS chief said, noting that as of end-2024, there are over 150,000 such pensioners who might be affected.

“Our review of the current guidelines and profile of pensioners include analysis of age and geographical distribution of SSS pensioners, all possible means for ACOP compliance, and available SSS resources to facilitate convenient and easy compliance—including visit to home address by designated SSS branch or office personnel,” he explained.

Related Tags

salary loan calamity loan Social Security System (SSS) self-employed
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