Social Security System (SSS) President and Chief Executive Officer Rolando L. Macasaet has announced that pension loan releases last year reached P5.95 billion, the highest annual disbursement for the “Pension Loan Program,” or “PLP'.
SOCIAL Security System President and Chief Executive Officer Rolando L. Macasaet has announced that pension loan releases last year reached P5.95 billion, the highest annual disbursement for the “Pension Loan Program,” or “PLP,” since it started in 2018.
The state-run pension fund manager added that the number of PLP applicants grew after the national government eased up community-quarantine restrictions in the country. The latter, the SSS said, allowed retiree-pensioners to submit their pension loan applications in SSS branches. SSS data also revealed that 69 percent of the borrowers filed their loan applications through SSS branches while 31 percent used their online account in filing applications.Starting May 2022, SSS enhanced PLP by allowing first-time applicants to file their loan applications using their My.SSS account, resulting in 39,568 approved pension loan applications in 2022, a 963 percent increase from only 3,721 in 2021,” he added.
Macasaet further explained that PLP offers its borrowers flexible installment payment terms ranging from six to 24 months.
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