MANILA, Philippines — The state-run Social Security System on Wednesday said first-time pensioner-borrowers can now apply for pension loans online starting May 30.
SSS president and chief executive Michael Regino urged retirement pensioners to take advantage of the low-interest loan offering by logging into the pension fund’s website.Prior to this new arrangement, first-time pension loan borrowers were required to file applications in the nearest SSS branch. Online filing was only made available to applications for loan renewals.
“The pension loan program was launched to assist retirement pensioners in their short-term financial needs by offering a loan at a low interest rate of 10 percent per annum. Qualified retirement pensioners can apply for a loan equivalent to three, six, nine or 12 times their basic monthly pension plus the P1,000 additional benefit, but not exceeding the maximum amount of P200,000,” Regino said.
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