State-run Social Security System (SSS) has earmarked ₱2 billion for Rizal Commercial Banking Corp. (RCBC)’s digital platform DiskarTech to facilitate the disbursement of microloans to Gen Z and Gen X workers.

This initial allocation is part of the broader MySSS LoanLite program, a digital-first initiative designed to provide rapid financial relief to millions of Filipinos. SSS has set aside a massive ₱40 billion for this facility, with RCBC serving as one of the pioneering partner banks for the rollout.

Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer, said during the product launch on Tuesday, Aug. 11, that of the total, RCBC is getting an “initial” ₱2 billion.

“RCBC is just a conduit, a channel, or a digital platform that will enable SSS members to avail of the loan,” Villanueva said.

Using RCBC’s DiskarTech app enables SSS to eliminate the need for traditional paperwork and employer coordination.

Previously, “the process was a bit difficult wherein the employee had to get a certification from the employer. That was removed,” Villanueva said. This shift empowers workers, particularly those in the gig economy or voluntary members, enabling them to avail of the loan without having to depend on their employers.

SSS President and Chief Executive Officer (CEO) Robert Joseph Montes De Claro said the loan program is expecting traction from the emerging workforce, particularly Gen Z and Gen X workers in the formal sector.

To ensure higher participation among younger employees, SSS has lowered its eligibility barriers. “Previously, you needed 24 months of contributions to avail of a salary loan. For this SSS LoanLite program, we lowered the requirement to 12 months,” De Claro stressed.

Members can borrow between ₱1,000 and ₱20,000, with repayment periods of 15, 30, 60, or 90 days. These microloans carry an interest rate of eight percent per annum, which breaks down to 0.67 percent per month.

According to Villanueva, six months after the rollout, SSS and RCBC will assess whether the ₱20,000 maximum loanable amount is sufficient. If the cap proves insufficient under the current economic landscape, it could be raised.

“This time around, once we roll this out publicly, we will see if ₱20,000 is still okay and where our countrymen are using it. I think that’s why, at the end of the day, everything that we are doing here is evidence-based,” Villanueva said.

While SSS does not take a cut of the transaction fees, a fee of up to ₱200 per availment is charged to keep the program commercially viable for partner banks.

Beyond immediate cash assistance, the program is intended to help unbanked members build a credit footprint, paving the way for future financial inclusion.

Since the launch of the loan program, two digital platforms have so far been onboarded, namely DiskarTech and, prior to it, Union Bank of the Philippines. State-run Land Bank of the Philippines is next in line, followed by another lender, the CEO said.

While the immediate onboarding list is small, De Claro stressed that the program is designed to accommodate any qualified lenders. “This SSS LoanLite program is available to all banks, all banks that are registered in good standing with the Bangko Sentral ng Pilipinas (BSP).”