SSS salary loans increase in 2018

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Social Security System (SSS)
BW FILE PHOTO

THE SOCIAL Security System (SSS) disbursed more than P30.5 billion in salary loans in 2018, as it saw a jump in releases through electronic means.

In a statement on Thursday, the state-run pension fund said more than P30.5 billion in salary loans were released to over 1.8 million member-borrowers last year, 5.3% higher compared with the disbursements in 2017.

Of the total loan releases, about 166,000 members or 9.22% of the total received their loans through the Quick Card of UnionBank of the Philippines, Inc., more than triple the 55,835 borrowers in 2017.

“Over the years, we have seen that more members opt to receive their salary loan proceeds through electronic means since they do not have to wait for their checks to be delivered to their houses or offices and go personally to the bank to encash the check,” SSS President and Chief Executive Officer Aurora C. Ignacio said. “We have decided to further expand the program of salary loans through UBP Quick Cards by allowing more kiosks in additional branches nationwide.”

The pension fund’s Salary Loan Releases Thru-the-Bank Program allows UnionBank to release funds to member-borrowers through Quick Card, an automated teller machine card linked to a UnionBank savings account or through an existing checking or savings account.

A total of 16 SSS branches have been offering this disbursement program since 2015: Diliman, Makati-Gil Puyat, Pasig Shaw, Makati-Ayala, Kalookan, Mandaluyong, Manila, Alabang, Bacoor, Biñan, Dagupan, Baguio, Cebu, Iloilo, Davao, and Cagayan de Oro.