SSS North Luzon opens loans for pensioners

BAGUIO CITY -- Social Security System pensioners  in North Luzon need not look elsewhere to seek financial assistance when they need it  as they can now avail of loan assistance program from SSS branches near them.

This was announced by SSS Baguio assistant branch manager Dominador Malatagin in a media interview here.

Malatag said SSS has opened loan assistance program to provide  a safer and lower interest loan window for SSS pensioners. 

Under the loan program, SSS pensioners can apply for loan assistance worth two times their monthly pension that is payable in three months; or four times their pension payable in six months, or six times the value of their monthly pension payable in 12 months. The pension loan applies a 10 percent per annum interest,Malatag said.

                Pensioners do not need their bank book or ATM as collateral, which they are usually required when applying for a loan elsewhere, he added.

The SSS Pension Loan Program was piloted at the Baguio branch last Sept. 3, then it was opened in San Fernando, La Union and Laoag,Ilocos Norte.

The loan program is now available in all SSS North Luzon 1 brancheswhich include  those in Agoo, La Union, Vigan and Candon in Ilocos Sur and Bangued Abra.

As of October 8, there are already 167 pensioners that availed of the Pensioners Loan Assistance Program with a total loan availment of P4,316,68.

Malatag said SSS has extended its loan restructuring program for another six months from the Oct. 1 deadline,.

Members can apply for loan restructuring until April 1, 2019.

Under SSS program, members with unpaid loans will pay the unpaid principal loan amount only and the penalties will be condoned, he said.

He urged members to avail of the LRP now so that they can clear their accounts which will also allow them to avail of the other SSS loan programs.

Since the LRP was implemented in April 2, there were already 2,608 members that availed as of Oct. 8, Malatag said. -- PIA CAR