SSS Says Pensioners May Turn to Pension Loan in Recovering from Tropical Storm Kristine
SSS – Amid the wrath of Typhoon Kristine, the Social Security System opened its Pension Loan for the pensioners.
The Philippines is one of the countries usually visited by typhoons. Currently, it is grappling with the effects of severe tropical storm Kristine that brought heavy rains and strong winds that caused flooding and the destruction of several homes.
Even a shopping mall in Naga City was hit by flood and the evacuees inside the mall had to transfer to the second floor of the business establishment. Several cars of the residents of Camella Naga Subdivision were also left damaged by the flood and after strong winds pulled them in one corner.
Amid the impact of the wrath of severe tropical storm Kristine, several state entities have opened their loan programs for the people. Recently, the Social Security System announced that its retiree-pensioners may turn to the SSS Pension Loan.
The SSS Pension Loan was designed to be a financial option for the retiree-pensioners in times of need for cash that is beyond their monthly pension. Under the loan offer, the pensioner may borrow up to Php 200,000.
Here are the qualifications or the eligibility requirements in applying for the SSS Pension Loan:
- have no deductions from his/her monthly pension like an outstanding loan balance or a benefit overpayment payable to SSS
- eighty-five (85) years of age or below at the end of the month of loan term
- have no existing advance pension under the SSS Calamity Assistance Package
- have updated contact information (cellular/mobile number, email and mailing address)
- have an approved disbursement account enrolled in the Disbursement Account Enrollment Module (DAEM)
- receive their regular monthly pension for at least one (1) month, and the status of pension is “active”
If the pensioner-borrower “availed of the eighteen (18) months advance pension, he/she must be receiving his/her regular monthly pension for at least one (1) month”. The loan program, however, does not include retirees under the Portability Law and those under the care and custody of a guardian.
Here are the loanable amounts under the SSS Pension Loan:
| Loanable Amount | Repayment Term |
| 3 x (BMP + ₱1,000 additional benefit) | 6 months |
| 6 x (BMP + ₱1,000 additional benefit) | 12 months |
| 9 x (BMP + ₱1,000 additional benefit) | 24 months |
| 12 x (BMP + ₱1,000 additional benefit) |
With regards to the interest rate, under the Pension Loan offer, the amount borrowed is subject to a 10% interest rate per annum but it is on a diminishing principal balance. The SS Card or UMID Card or any government-issued ID/documents with photo. is needed in applying for the loan.
If you will apply online, the loan processing may take up to three (3) days. For over-the-counter loan applications, the processing may take up to five (5) working days. The Social Security System deducts Php 25 from the loan proceeds for the Quick Card or Cash Card.