The Social Security System (SSS) on Monday launched the Pension Loan Program (PLP), allowing 1.3 million retiree pensioners to borrow funds.
In an event in Quezon City, SSS President and Chief Executive Officer Emmanuel F. Dooc unveiled the pension lending program to shield its pensioners from loan institutions that offer steep interest rates, helping them with their short-term needs such as emergency medical expenses.
“[T]he launch of this program is our way of extending our assistance to our dear pensioners,” Mr. Dooc was quoted as saying in a statement.
Borrowers who wish to avail of the program must be between 55 and 80 years old at the end of the month of loan term and have no outstanding loan balance and benefit overpayment payable to the SSS.
The retiree must also have no advance pension under the SSS Calamity Package and have been receiving his regular monthly pension for at least six months.
Minimum loan amount for qualified pensioners is twice the amount equivalent to their basic monthly loan pension plus the additional P1,000 benefit. Meanwhile, pensioners can borrow as much as six times their basic monthly pension plus the additional P1,000 benefit. — Karl Angelo N. Vidal