THE SOCIAL Security System (SSS) released nearly P50 million during the pilot launch of the Pension Loan Program (PLP), which is now available in 70 branches nationwide.
In a statement sent to reporters on Friday, the state-run pension fund said 1,976 qualified pensioners availed of the PLP during its pilot implementation with total loan disbursements amounting to P49.78 million, still well below the P10-billion possible exposure allotted for the program’s initial run.
“We are very much overwhelmed with the influx of applicants in our SSS branches,” SSS President and Chief Executive Officer Emmanuel F. Dooc was quoted as saying in a statement.
“We hope that the loan privileges under the PLP will help our dear pensioners to finance their emergency and short-term financial needs.”
The lending program was launched on Sept. 3, allowing 1.3 million retiree pensioners to borrow funds and veer away from loan institutions that offer steep interest rates.
The loan carries a 10% interest rate per annum, payable within three, six or 12 months depending on the multiple of their loan amount. It will be deducted from the monthly pension of the borrower.
Mr. Dooc previously said the pension fund is willing to increase the P10-billion initial allotment for the program to P30 billion.
For the pilot run, the PLP was made available to 20 branches. The branches that received the highest number of availees on the first two weeks of implementation were Diliman with 406 availees, Cebu with 221 availees, Zamboanga with 157 availees, Bacoor with 119 availees as well as Davao and Alabang with 114 availees each.
14 branches in Metro Manila started offering the loan program on Sept. 19, while an additional 36 branches located nationwide have started receiving applications today.
“[W]e are glad to announce that more SSS branches will receive PLP applications. This is our special way of saying thank you to all pensioners for trusting SSS for providing them adequate social security protection for the past 61 years,” Mr. Dooc added.
Specifically, 20 SSS branches in Luzon have started accommodating PLP applications today, namely La Union, Laoag, Cauayan, Tuguegarao, Balanga, Cabanatuan, Camiling, Pampanga, Malolos, Olongapo, Angeles, Carmona, Lucena, Batangas, Lipa, Puerto Princesa, Legazpi, Daet, Masbate and Sorsogon.
Aside from these, 16 SSS branches in Visayas and Mindanao have also began accepting applications, namely Lapu-Lapu, Tagbilaran, Talisay, Ormoc, Bacolod, Dumaguete, Kalibo, Roxas, Butuan, Iligan, Dacao Ilustre, Tagum, Toril, Koronadal, Dipolog and Pagadian.
The minimum loan amount for qualified pensioners is twice the amount equivalent to their basic monthly loan pension plus the additional P1,000 benefit.
Pensioners can borrow for as much as six times their basic monthly pension plus the additional P1,000 benefit, not exceeding P32,000.
Qualified pensioners who wish to apply for the lending program must have no advance pension under the SSS Calamity Package and have been receiving their regular monthly pensions for at least six months. — Karl Angelo N. Vidal

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