Pensioners of the Social Security System (SSS) do not have to submit supporting documents when applying for loan, the state-run social insurance program said.

During its celebration of Pensioners Day on Friday, SSS reminded pensioners that being an active SSS retirement pensioner makes them eligible to avail of the Pensioner Loan Program. 

SSS Commissioner Robert De Claro clarified that retirement pensioners receiving their monthly pension can apply for a loan without collateral.  

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“For as long as you’re an eligible pensioner, hindi dapat mahirap mag-avail iyong pension program,” De Claro said. 

Loan applications can be done in SSS branches or through My.SSS account. Qualified retiree-pensioners can borrow a maximum loan amount of P200,000 for their financial needs. However, the pensioners should still receive 47.25 percent of their monthly pension when they start paying for the loan’s monthly amortization. The Pensioner Loan Program offers an annual interest rate of 10 percent.

“It is up to 12 times your monthly pension plus P1,000. Pero ang calculation dapat may matitirang 47 percent ng inyong pension dahil ang pension para ‘yan sa daily needs natin,” De Claro explained. 

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The SSS currently has 2.3 million retiree-pensioners of its 3.5 million pensioners in its system. To ensure the viability of the pension fund, SSS is eyeing 4 million new members in the system for 2024.