SSS expands microloan program as support to UPLIFT
By Renelle L. Escuadro
BUTUAN CITY (PIA) — Social Security System (SSS) Butuan Branch Manager Arnold O. Pepino shared the expansion of the agency’s LoanLite program through partnership with the country’s banking institutions.
During an interview with the Philippine Information Agency (PIA) Caraga on Oct. 7, the officer said, “The SSS LoanLite is a program offered to voluntary, employed, and self-employed SSS members as long as they have a registered account with Rizal Commercial Banking Corporation (RCBC) through its Diskar Tech Savings mobile application.”
Pepino emphasized that this program served as another agency’s response to the call of President Ferdinand R. Marcos Jr. under the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) to help SSS members address the impact of rising living costs.
“LoanLite started with the state insurer’s partnership with Union Bank of the Philippines, and now we have RCBC as another bank to strengthen and sustain the program,” he added.
“Under the program, members can apply for a loan from P1,000 to P20,000 with an annual interest rate of eight percent only, and payable within 15, 30, 60, and 90 days,” Pepino told PIA.
Meanwhile, he also emphasized ongoing efforts of SSS to encourage its pensioners to avail of its convenient and affordable pension loan program.
“With the current economic crisis, we have to make sure that if we file a loan, the interest rate should be affordable. Our pension loan program allows our pensioners to file a loan up to P200,000 with an interest rate of 10 percent per annum only,” he said. “They can pay the loan amount within six, 12, and 24 months.”
Pepino underscored that unlike lending institutions with higher interest rates, pensioners do not have to pawn or surrender their automatic teller machine (ATM) card for SSS disbursement, as loan payment will be deducted through its system, making this loan option convenient and less burdensome to the members. (RLE, PIA Dinagat Islands)
