The Social Security System Luzon North 1 Division released P76.27 million worth of pension loan to more than 2,400 borrowers since its implementation in 2018.
The highest amount of pension loan releases was recorded at SSS Baguio with P36.87M, followed by SSS La Union with P15.5M, and SSS Laoag with P7.1M.
SSS Agoo disbursed P5.16M; SSS Vigan, P4.47M; SSS Candon, P3.61M; SSS Bangued, P2.63 million; and SSS Bontoc, P1.12M.
SSS Vice President for Luzon North 1 Division Ceasar P. Saludo said retiree-pensioners in the region were encouraged to avail of the Pension Loan Program (PLP) because it offers fair interest rates and flexible payment schemes.
“We understand the plight of our retirees which is why we offer this kind of program to help them with their immediate and short-term financial needs. As much as possible, we don’t want them to become victims of private loan sharks who also get their ATM cards or passbooks as collaterals,” Saludo said.
Under the Enhanced SSS PLP, retiree-pensioners may apply for a loan equivalent to their three-month, six-month, nine-month, and 12-month basic monthly pension plus the P1,000 additional benefit. This is payable in six, 12, and 24 months.
“SSS will only deduct the first monthly amortization on the second month after loan was granted. Also, this will only incur an annual interest rate of 10 percent until fully paid which is computed on a diminishing principal balance, and shall become part of the monthly amortization,” added Saludo.
PLP is covered with Credit Life Insurance which guarantees full payment of the loan in case the pensioner-borrower dies before the loan is fully paid.
SSS also stretched the age of applicants up to 85 years old at the end of the loan term. They must be actively receiving their month pension for at least a month to qualify.
Pensioners with outstanding loan balance and benefit overpayments under the Loan Restructuring Program and Calamity Loan Assistance Package are not qualified to avail of the pension loan.
“Interested borrowers may visit any of our nine branches in Northern Luzon if they want to avail of the program. We also have special counters for our retirees who wish to apply for the PLP,” Saludo said.
Applicants for the PLP must submit an application form, which is available at any SSS branch and downloadable at www.sss.gov.ph, and the applicant’s SSS Unified Multi-Purpose ID or UMID.
In absence of UMID, other supporting identification cards are also accepted, such as Alien Certificate of Registration issued by Bureau of Immigration; driver’s license issued by Land Transportation Office; firearm registration, license to own and process firearms, and permit to carry firearms outside of residence from the Philippine National Police; National Bureau of Investigation clearance; passport; postal ID card; Seafarer’s Identification and Record Book; or voter’s ID. – Press release
April 20, 2024
