THE Social Security System (SSS) has released P49.78 million worth of pension loans to nearly 2,000 qualified member-pensioners in the first 12 days of pilot implementation of the Pension Loan Program (PLP), which was launched earlier in the month.
SSS President and CEO Emmanuel F. Dooc said 1,976 qualified pensioners availed themselves of the PLP after the program was offered in 34 branches of the state-run pension fund.
“We are very much overwhelmed with the influx of applicants in our SSS branches. We hope that the loan privileges under the PLP will help our dear pensioners to finance their emergency and short-term financial needs,” Dooc said.
The PLP was launched in response to the clamor from senior citizens to put an end to the growing incidence of pensioners falling victims to lending firms that offer steep interest rates, and to help them with their short-term needs like emergency medical expenses.
The top 6 SSS branches that received the highest number of loan applicants on the first two weeks of implementation were: Diliman with 406, Cebu with 221, Zamboanga with 157, Bacoor in Cavite with 119, Alabang with 114 and Davao with 114.
“Still in line with our 61st anniversary celebration, we are glad to announce that more SSS branches will receive PLP applications. This is our special way of saying thank you to all pensioners for trusting SSS for providing them adequate social security protection for the past 61 years” he added.
The state-run pension fund added that 50 more branches will soon receive PLP applications in order to serve more pensioners who want to access the PLP.
Last September 19 an additional 14 SSS branches in National Capital Region (NCR) started accepting PLP applications, while another 36 branches in the Luzon, the Visayas and Mindanao areas will start receiving PLP applications on September 24.
The 14 SSS branch offices in NCR that are processing PLP are: Batasan Hills, Fairview, Cubao, Malabon, Antipolo, Marikina, Pasig-Rotonda, San Juan, Binondo, Legarda, Pasay Taft, Makati Ayala, Makati-JP Rizal and Taguig.
Meanwhile, 20 SSS branches in Luzon area that will accommodate PLP applicants on Monday,
September 24, are: La Union, Laoag, Cauayan, Tuguegarao, Balanga, Cabanatuan, Camiling, Pampanga, Malolos, Olongapo, Angeles, Carmona, Lucena, Batangas, Lipa, Puerto Princesa, Legazpi, Daet, Masbate and Sorsogon.
The SSS branches that will also accept PLP applications in the Visayas and Mindanao areas are: Lapu-Lapu, Tagbilaran, Talisay, Ormoc, Bacolod, Dumaguete, Kalibo, Roxas, Butuan, Iligan, Dacao Ilustre, Tagum, Toril, Koronadal, Dipolog and Pagadian.
Qualified for PLP
Retiree-pensioners who are 80 years old and below at the end of the month of loan term; have no outstanding loan balance and benefit overpayment payable to SSS; have no advance pension under the SSS Calamity Package; and have been receiving their regular monthly pensions for at least six months are eligible to apply for the PLP.
The loan amount will gain an annual interest rate of 10 percent until fully paid computed on a diminishing principal balance, which shall become part of the monthly amortization. The pension loan is payable within three, six or 12 months depending on the loan amount and shall be deducted from the borrower’s monthly pension.
Qualified pensioners can borrow for as low as their basic monthly pension for two months plus the additional P1,000 benefit or as high as their basic monthly pension for six months plus the additional P1,000 benefit, not exceeding P32,000.
“This is to remind our pensioners that they are required to apply personally to the identified SSS branches and bring Social Security Card or Unified Multi-Purpose Identification Card, or any two valid identification cards both with signature and at least one photo,” he said.
During the soft launch of the PLP, the SSS said that it has allotted an initial P10 billion as loan exposure amount for the program, with the amount rising to P30 billion when it is fully implemented.
The SSS targets to fully implement the PLP after a month of doing its pilot implementation, pointing out that the pilot stage would enable the state-run pension fund to gauge which areas would have more borrowers.
Image credits: Nonoy Lacza