THE Social Security System (SSS) reminded qualified retiree-pensioners who would like to renew their loans under the Pension Loan Program (PLP) to submit their applications online through the My.SSS Member Portal.
SSS President and CEO Aurora Ignacio said the online facility for the PLP was added in the said portal since September 2020 to provide an easier and safer channel for SSS pensioners to benefit from the loan program.
SSS disbursed P787.27 million in pension loans to 17,585 retiree-pensioners from January to March, representing a 43.8 percent and 44.1 percent decline, respectively. During the same period in 2020, PLP releases amounted to P1.4 billion for 31,467 retiree-pensioner borrowers.
'We worked on developing an online channel for such pension loan applications. In September 2020, we began the initial implementation of this online service in our My.SSS member portal. At present, however, first-time pensioners availing of the loan program must still submit their applications through our branches following applicable service guidelines,' she added.
Qualified to use the online application method for PLP are SSS retiree-pensioners who met the qualifying conditions for the program. These include: Should be 85 years of age or below at the end of the month of their loan term; no deductions (outstanding loan balance, benefit overpayment, etc.) from their monthly pension and existing advance pension under the SSS Calamity Assistance Package; Holds a Unified Multi-Purpose Identification card enrolled as an ATM card or Union Bank of the Philippines Quick Card as disbursement accounts; and Receives a regular monthly pension for at least one month, and the status of pension is 'Active.' Excluded from the PLP are retiree-pensioners under the Portability Law and those under the care and custody of a guardian.
Moreover, applicants who would use the online method must have a My.SSS account on the SSS website (www.sss.gov.ph) and a current and active mobile number registered with the SSS.