UnionDigital efforts at financial inclusion
Dy-Tenchavez said the upcoming service also complements UnionDigital’s efforts to advance financial inclusion, including its longstanding policy of waiving InstaPay and PESONet transfer fees — a move that several other banks, including UnionBank, have adopted in recent weeks.
The SSS LoanLite program allows eligible members to borrow between P1,000 and P20,000, with repayment terms ranging from 15 to 90 days and an annual interest rate of 8 percent.
The program was announced in February by Finance Secretary and Social Security Commission chair Frederick Go, who said the 8-percent annual rate was designed to provide an affordable alternative to predatory online lending platforms that charge interest rates of as much as 15 percent per month.
Hapinoy Caravan
UnionDigital’s announcement came during the Hapinoy Caravan, an initiative that promotes financial literacy and inclusion among underserved Filipinos, particularly micro, small and medium enterprises and entrepreneurs such as sari-sari store owners.
The bank said its partnership with Hapinoy focuses on empowering communities through financial literacy, digital banking education and entrepreneurship support.
“[T]he vision of the bank is really to push financial inclusion,” Dy-Tenchavez said.
“It’s really about helping people digitize their finances, gain access to banking services and make the most of their hard-earned money. That’s the vision,” she added.
