“Through the SSS’ continuous digitalization efforts, the pension loan program was made available online last September 15. Qualified retiree-pensioners can easily apply for the program without visiting our branches, which is either difficult or restricted, particularly for senior citizens, because of the COVID-19 situation,” SSS President and CEO Aurora Ignacio said in a statement.
To file for an application online, a retiree-pensioner must log in to the My.SSS account, proceed to the E-Services tab, click “Apply for Pension Loan,” choose the preferred loan amount and term, agree to the terms and conditions of the program, and print or download the PDF copy of the Disclosure Statement.
Under the program, retiree-pensioners may opt to avail of a loan of three, six, nine, or 12 times their basic monthly pensions plus the P1,000 additional benefit granted in 2017, but not exceeding the maximum amount of P200,000, Ignacio added. “A good thing about the PLP is that borrowers’ monthly pensions are not entirely collected for amortizations. We make sure that retiree-pensioners, in their chosen pension loan amount and term, still have a net take-home pension of at least 47.25 percent of their BMP including the additional P1,000 benefit,” Ignacio said.
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