The Social Security System (SSS) hits a P5 billion-mark in pension loan releases benefitting 138,917 pensioners from September 2018 to July 31, 2020, its press release said yesterday.
The National Capital Region had the highest amount of disbursement at P1.75 billion, followed by Luzon, the Visayas, and Mindanao with P1.57 billion, P1.01 billion, and P724.12 million, respectively.
Western Visayas 1 took the lead with 17,660 borrowers, followed by northern NCR with 17,037 borrowers, and Southern Luzon 1 with 14,872 borrowers, the press release said.
The pension loan program was launched in 2018 to provide a secure, low-interest, and convenient loan program to its retiree-pensioners. Enhancements were made in 2019, increasing the maximum loanable amount to 12 times their basic monthly pension plus the additional P1,000 benefit, but not exceeding P200,000.
The age limit was also extended to 85 years old at the end of the month of the loan term where they are given four options to choose their loanable amount, equivalent to 3, 6, 9, and 12 times of their basic monthly pension including the P1,000 benefit given by SSS in 2017, the press release said.
However, pensioners with deductions from their monthly pension due to outstanding loan balances or benefit overpayments, as well as with existing advance pensions under the SSS calamity assistance program are not qualified under the program.
For more information, pensioners may call the SSS’ hotline at 1455 or follow the SSS Facebook Page “Philippine Social Security System”, Instagram Account “Mysssph”, or Twitter Feed “PHLSSS”, the press release added.*