The Social Security System is reminding qualified retiree-pensioners, who would like to renew their loans under the Pension Loan Program, to submit their applications online through the My.SSS Member Portal.
SSS president and chief executive officer, Aurora Ignacio, said the online facility for the PLP was added in the portal since September 2020 to provide an easier and safer channel for pensioners to benefit from the loan program, its press release said.
It added that quarantine lockdowns imposed by the government to stem the increasing Covid infections limited the mobility of pensioner-members and affected transactions with its branches, including the PLP applications.
The SSS said it disbursed P787.27 million in pension loans to 17,585 retiree-pensioners from January to March 2021, representing a 43.8 percent and 44.1 percent decline, respectively. In 2020, PLP releases amounted to P1.4 billion for 31,467 retiree-pensioner borrowers.
Qualified to use the online application method for PLP are retiree-pensioners, who are 85 years of age or below at the end of the month of their loan term, with no deductions or outstanding loan balance, benefit overpayment, etc. from their monthly pension and existing advance pension under the SSS Calamity Assistance Package;
Hold a Unified Multi-Purpose Identification card enrolled as an ATM card or Union Bank of the Philippines Quick Card as disbursement accounts, and receive a regular monthly pension for at least one month, with an “active” pension status.
Excluded from the PLP are retiree-pensioners under the Portability Law and those under the care and custody of a guardian, the press release said.
To apply, retiree-pensioners must log in to their respective My.SSS account, proceed to the E-services tab, click “Apply for Pension Loan”, choose their preferred loan amount and term, agree to the terms and conditions of the program, submit their application, and print or download the PDF copy of the Disclosure Statement.
They will receive an e-mail confirmation of their applications. Pension loan proceeds will be credited to their disbursement accounts within five working days.
SSS launched the PLP in September 2018 to assist retiree-pensioners with short-term financial needs through a low-interest loan at 10 percent per annum and help them avoid falling prey to loan sharks. A one-percent service fee is waived as a means to subsidize the payment for the premium of the Credit Life Insurance of the borrower, the press release added.*