Modern technology has afforded society countless means on how to do things the easier way, so that we can save time, money and effort in performing our tasks, whether in our personal or professional lives. A stellar example is the use of cards in our payment systems, which minimizes the need to carry large amounts of cash in our wallets and greatly enhances our capability to make purchases to address our needs and even satisfy our wants.
As part of its continuous pursuit to provide easier and convenient options for members, the Social Security System (SSS) has partnered with two major banks for the electronic disbursement of SSS salary-loan proceeds to borrowers through the use of cash cards.
This initiative marks another welcome development for members, given that the salary-loan program is one of the most popular and sought-after SSS services, with billions of loan funds disbursed to thousands of borrowers every year. In fact, for the first half of this year, SSS already disbursed a total of P16.17 billion in salary loans to nearly 585,000 borrowers. The loanable amount ranges from P1,000 up to P32,000, depending on the number and amount of contributions paid by the borrower at the time of application.
Under the salary loan releases through the bank program, the SSS has started the issuance of the Citi Prepaid Card from Citibank Philippines and the Quick Card from the Union Bank of the Philippines (UBP).
The Citi Prepaid Card and Quick Card present convenient alternatives to the traditional method of releasing salary-loan funds in the form of checks sent through mail—a process that can take as long as three weeks given the time it requires to print, mail and clear the check. Members would also have to physically go to the bank to deposit or encash the check just to be able to use their salary-loan funds. Mailed checks also carry the risk of possible loss, theft or misdelivery.
In contrast, SSS cash cards from Citibank and UBP are immediately issued to members on the same day as their salary-loan application. Moreover, borrowers will only need to wait for three to five working days from the date of loan application for their salary-loan proceeds to be credited to their accounts.
The use of the SSS salary-loan cash cards is similar to the functionalities offered by debit and automated teller machine (ATM) cards. This means members can conveniently withdraw their loan funds at affiliated ATMs locally and overseas at any time of the day. They can also use their cash card for over-the-counter and online purchases at accredited merchants.
Members would also be happy to know that these SSS cash cards from Citibank and UBP are issued at no cost to the borrower. The partner bank will only charge a replacement fee if the card gets lost or damaged.
Interested members can apply for the Citi Prepaid Cash Card at SSS branches in Diliman, Makati-Gil Puyat, Alabang, Bacoor, Manila, Caloocan, Makati-Ayala, Pasig-Shaw, Cebu, Davao and at the Philippine Overseas Employment Agency in Mandaluyong City. Meanwhile, the UBP Quick Card is currently offered in SSS Diliman, Makati-Gil Puyat, Pasig-Shaw, Caloocan, Makati-Ayala, Mandaluyong and Manila.
At present, more than 45,000 members have already experienced the benefits offered by using the salary-loan cash card, and the SSS has disbursed over P865 million so far through the Citi Prepaid Card and UBP Quick Card.
Salary-loan application forms are available in any SSS branch and are downloadable from the SSS.
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For more details on SSS programs, members can drop by the nearest SSS branch, visit the SSS web site (www.sss.gov.ph), or contact the SSS call center at 920-6446 to 55, which accepts calls from 7 a.m. on Monday all the way to 7 a.m. on Saturday.
Susie G. Bugante is the vice president for public affairs and special events of the SSS. Send comments about this column to susiebugante.bmirror@gmail.com.