State pension fund Social Security System (SSS) added a new facility on its website to allow retiree-pensioners to file their Pension Loan Program (PLP) applications online.
SSS President and CEO Aurora Ignacio said the option, found under the E-Services tab of the My.SSS member portal at www.sss.gov.ph, aims to provide members with a safer, faster and more convenient means of obtaining loans.
“Through the SSS’ continuous digitalization efforts, the PLP was made available online since last 15 September 2020. Qualified retiree-pensioners can easily apply for the program without visiting our branches, which is either difficult or restricted, particularly for senior citizens, because of the COVID-19 situation,” Ignacio added.
PESONet deal next
The SSS is now aiming for the addition of Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating banks among the PLP disbursement channels.
To file a PLP application online, a retiree-pensioner must log in to My.SSS, proceed to the E-Services tab, click “Apply for Pension Loan,” choose the preferred loan amount and term, agree to the terms and conditions of the program and print or download the PDF copy of the Disclosure Statement.
The retiree-pensioner will receive an email confirmation of pension loan application.
Pension loan proceeds are credited to the retiree-pensioners disbursement account within five working days.
Financial aid for seniors
However, retiree-pensioners under the Portability Law, who are under the care of a guardian, or receiving monthly pensions through checks are not qualified to avail of the PLP.
Pension loans of three and six times the pensioner’s BMP plus the P1,000 additional benefit have a payment term of six and 12 months, respectively. On the other hand, both pension loans of nine and 12 times the BMP plus the P1,000 additional benefit have a payment term of 24 months.
The first monthly amortization for the PLP will be due on the second month after the loan was granted.