THE Pension Loan Program (PLP) was recently launched for the benefit of more than 1.3 million retiree pensioners Monday in Dagupan City and 19 other branches in the country.
SSS President and Chief Executive Officer Emmanuel F. Dooc said the program was in response to the clamor from senior citizens to put an end to the growing incidence of pensioners falling victims to loan institutions that offer steep interest rates and to help them with their short-term needs like emergency medical expenses.
“As we celebrate the 61st anniversary of SSS, the launching of this program is our way of extending our assistance to our dear pensioners. SSS would not be able to reach 61 strong years if not for the contributions of our pensioners during the time that they were still strong and working,” Dooc said.
For its pilot implementation, PLP will be offered in 20 branches serving the highest number of retiree pensioners.
SSS has allotted P10 billion as possible loan exposure amount for the program.
Minimum loan amount for qualified pensioners is twice the amount equivalent to their basic monthly pension and the additional P1,000 benefit while the maximum loanable amount is six times their basic monthly pension plus the additional P1,000 benefit, not exceeding P32,000.
The loan will incur an interest rate of 10 percent per annum computed on a diminishing principal balance. The loan repayment term of the loanable amount will be payable in three, six, or 12 months depending on the multiple of the loan amount and will be deducted from the monthly pension of the borrower.
No service fee will be charged but borrower, however, will be required to pay the loan insurance fee thru a one-time deduction from the proceeds of the loan.
To apply for the pension loan, the borrower must apply for the PLP personally at any SSS branch and bring his Social Security Card or Unified Multi-Purpose Identification Card.
For more information, pensioners can visit the nearest SSS branch, contact the SSS Call Center hotline at 920-6446 to 55, or send an email to firstname.lastname@example.org.
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