The Social Security System (SSS) announced that pensioners can apply for loans without the need to submit additional documents. This benefit was highlighted during the celebration of Pensioners Day on Friday.
SSS reminded its retirees that as long as they are active pensioners, they are eligible to avail of the Pensioner Loan Program.
SSS Commissioner Robert De Claro clarified that retirement pensioners receiving their monthly pensions can apply for loans without the need for collateral.
“For as long as you’re an eligible pensioner, hindi dapat mahirap mag-avail iyong pension program,” said De Claro.
Loan applications can be processed at SSS branches or through the My.SSS online portal. Eligible pensioners can borrow up to P200,000, but they must still receive at least 47.25 percent of their monthly pension after loan deductions. The loan carries an annual interest rate of 10 percent.
“It is up to 12 times your monthly pension plus P1,000. Pero ang calculation dapat may matitirang 47 percent ng inyong pension dahil ang pension para ‘yan sa daily needs natin,” De Claro explained.
Currently, the SSS has 2.3 million retiree-pensioners out of its 3.5 million total pensioners. The agency aims to enroll 4 million new members into its system by 2024 to sustain the pension fund’s stability.