Retirees may now avail of SSS pension loan

By: Pilar S. Mabaquiao

SAN JOSE, Antique – Qualified pensioners may now apply for affordable loans under the “Pension Loan Progam” of state-run Social Security System (SSS).

In a press conference, Phillip M. Lucero, Acting Manager of SSS Antique, said that the loan program is open to all retired pensioners, 60-80 years old and regularly receiving its pension for the past six months.

The program hopes to support the pensioners by giving them access to short-term loans and spare them from going to loan institutions that offered high interest rates.

The maximum loanable amount will not exceed P32,000, with interest rate of 10 percent per annum.

For those who will apply for a two-month pension loan, it will be payable for three months, while a four-month loan will be payable for six months and the six-month loan will be payable for one year.

After a successful piloting of the program in 20 branches nationwide, SSS Antique started receiving loan applications on October 8, 2018.

Lucero emphasized that pensioners under the death benefit claim or survivors of the deceased member such as spouse or children and pensioners under the Disability program are not qualified for this pension loan.

Those with advance pension under the SSS Calamity package and with outstanding balance benefit overpayment payable to SSS are likewise not allowed to avail of the loan.

Lucero encouraged qualified pensioners and other SSS members to visit the SSS Office, located at Tradetown, San Jose, Antique for more information about SSS programs, to remit their contributions or to apply for loans.

Account Management Section Head Rosa Mina V. Eusebio also informed the members that contributions and loan payments could also be done in accredited payment centers such as accredited cooperatives, banks, LBC, and Western Union, among others.

In 2018, SSS Antique has recorded more than 30,000 individual members and 1,547 registered employers. (PIA)