Social Security System pension loan payouts up in March

April 30, 2019

THE Social Security System (SSS) announced that Pension Loan Program (PLP) disbursements to retiree-pensioners jumped by more than 50 percent  in March on the back of procedural enhancements approved by the Social Security Commission.

SSS president and Chief Executive Officer Aurora C. Ignacio said the P97.748 million approved loan amount disbursed to 4,081 retiree pensioners in February increased by 53.8 % to P150.34 million last month.

“We are glad that we were able to reach more pensioners thru the Pension Loan Program with the enhanced guidelines. The program will truly serve its purpose of providing for the short-term financial needs of our retiree pensioners,” Ignacio said.  

In early March, SSS relaxed its guidelines for more than 1.2 million retiree pensioners so that those who are receiving their monthly pension even for just a month, is already qualified to avail of the SSS pension loan. In the old rule, a retiree-pensioner must be receiving his monthly pension for at least six months to qualify for the pension loan.

With the new guidelines for PLP application, other government-issued identification cards aside from the Social Security card (SS card) or Unified Multi-Purpose Identification (UMID) card may now be used as a form of identification.