In spite of the fact that many old-age SSS members are receiving a monthly pension, but they still experience financial crunches. To help the senior citizens especially the SSS pensioners meet the increasing financial needs, the SSS had launched the SSS Pensioner Loan Program.
Obviously, the basic needs of the senior citizens were affected by the TRAIN law. This is one of the reasons why the pension they have been receiving is not enough to support their needs. In fact, some pensioners borrow money from loan sharks just to meet their needs. Some have been using their ATM cards as collateral for loans.
To address the financial needs of the senior citizens who are pensioners of SSS, the agency has created a pension program designed to help SSS pensioners meet their needs.
SSS President and CEO Emmanuel Dooc said that the loan program offers low-interest rate and manageable repayment options. This way, the borrower will still have some amount for take-home pension.
The SSS Pensioner Loan Program is payable from 12 to 24 months. This is to ensure that the pensioner will still receive a fraction for the monthly pension.
To qualify for the SSS Pensioner Loan Program, the borrower must meet the following guidelines.
- Must be receiving a monthly pension as certified by the Social Security System.
- The borrower must not be over 80 years old.
- Must be the owner of the pension account and not a beneficiary of the original pensioner or a recipient of a deceased member.
- Must present documentary requirements that serve as proof.
- The account holder must be in good health and not suffering severe illness.
- Must present a medical certificate from a licensed physician.
The proposed amount for SSS Pensioner Loan Program is up to Php32, 000. The final details of the loan program will be issued sooner according to Emmanuel Dooc.