Just when you thought SSS couldn’t get any better, the government agency announces that retirees can apply for a loan up to Php200k. SSS informed the public about their newest loan program that can help retired Filipino citizens borrow a bigger sum of money they can use for personal things like starting a small business.
SSS announced the Enhanced Pension Loan Program or PLP in time for the Elderly Filipino Week which is celebrated during the first week of October. This program aims to help about 1.5 million retired SSS members. SSS President and Chief Executive Officer Aurora Ignacio said last October 11, 2019, that the retired-members can now apply for the loan which is 12X the amount of their basic monthly pension or BMP. They will also receive an additional Php1K for their monthly pension.
There will be a screening process and qualified retired members can pass for the loan program. They also have the option to choose between 3, 6, 12 or 24 times their basic monthly pension. They can pay this in six, twelve or twenty-four months. The payment for the loan program will start the month after they get the loan. To be qualified, the applicant must be 85 and below by the time the loan term finishes. They should also not have an existing SSS pension loan, no advance calamity package loan, must already receive a monthly pension of at least one month, and has an active SSS member status.
CEO Ignacio wants to share to the public that the government agency cares for its members and they spearheaded the loan program to show that. She said that SSS acknowledges the contributions of each member during their younger years so this is their way of giving back. The agency also aims to fight against loan organizations and loan sharks that add high-interest rates to their loaners. {source}