Retirement pensioners who are first-time borrowers under the Social Security System (SSS) Pension Loan Program (PLP) can now apply for loans online starting May 30.
In a statement on Wednesday, SSS president and chief executive officer Michael Regino said retirement pensioners could take advantage of the low-interest loan by applying in the My.SSS portal.
Regino said the SSS recognizes the challenges faced by pensioners who previously had to visit the nearest branch for the first time loan applications.
The online filing was only available for the renewal of loan applications.
The PLP is 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 PHP1,000 additional benefit, but not exceeding the maximum amount of PHP200,000," Regino said.
SSS will not require borrowers to surrender their ATM cards as pawn collateral unlike some private loan institutions, he added.
Source: Philippines News Agency