MANILA, Philippines — The state-run Social Security System (SSS) said Wednesday that first-time retired borrowers can now apply for pension loans online starting May 30.
SSS chairman and chief executive Michael Regino urged retirees to take advantage of the low-interest loan offer by logging on to the pension fund’s website.
Prior to this new provision, new retirement loan borrowers had to apply at the nearest SSS branch. Online filing was only available for loan renewal applications.
“The Retirement Loan Program was launched to help retirees meet their short-term financial needs by offering them a loan at a low interest rate of 10% per annum. Qualified retirees can apply for a loan equivalent to three, six, nine or 12 times their basic monthly pension plus the additional benefit of P1,000, but not exceeding the maximum amount of P200,000,” Regino said.
—BEN O. DE VERA
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