The facade of the Social Safety System (SSS) foremost workplace in Quezon Metropolis. FILE PHOTO
MANILA, Philippines — The pension loans that the Social Safety System (SSS) launched in 2022 reached P5.95 billion, the company stated on Tuesday.
In response to SSS President and Chief Govt Officer Rolando Ledesma Macasaet, the pension loans launched final yr are virtually double the P3.08 billion recorded in 2021 and the very best disbursement for Pension Mortgage Program (PLP) because it began in 2018
“From January to December 2022, the SSS has disbursed a month-to-month common of P495.77 million pension loans benefitting 10,660 retiree-pensioners, which is 93 p.c greater than its corresponding month-to-month common in 2021 of P257.01 million to five,753 retiree-pensioners,” stated Macasaet.
“We’re delighted that we’ve got assisted a lot of our retiree-pensioners with their short-term and speedy monetary wants. We additionally forestall them from changing into victims of personal lending establishments that cost high-interest charges and require them to give up their ATM playing cards as collateral,” he added.
Macasaet additionally famous the expansion in PLP candidates following the federal government’s steps to ease COVID-19 quarantine restrictions nationwide.
“Our information present {that a} complete of 127,920 retiree-pensioners availed from the PLP in 2022, which is 85 p.c greater than the 69,036 retiree-pensioners who availed of this system in 2021,” he defined.
Based mostly on the SSS information, Luzon recorded the very best variety of candidates with 30,158 retiree-pensioners (amounting to virtually P1.39 billion pension loans); adopted by the Nationwide Capital Area with 28,239 debtors (P1.43 billion); Visayas with 17,038 mortgage candidates (P740 million); and Mindanao with 12,917 debtors (P590 million).
Alternatively, on-line functions via the My.SSS portal reached 39,568, which quantities to P1.8 billion.
Macasaet defined that the SSS launched PLP to assist its pensioners with their monetary wants by providing them a mortgage program with a low-interest charge of 10 p.c each year. He added that this system additionally gives debtors installment funds starting from six to 24 months.
“We additionally make sure that the pensioners will nonetheless have a internet take-home pension of at the very least 47.25% of their month-to-month pensions,” he stated.
“Certified retiree-pensioners can avail themselves of a mortgage equal to a few, six, 9, or 12 instances their fundamental month-to-month pension plus the P1,000 extra profit granted in 2017, however not exceeding P200,000,” he added.
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