The Social Security System’s (SSS) loan releases to pensioners under the enhanced Pension Loan Program (PLP) has breached the P3.5-billion mark, benefitting more than 105,000 pensioner-borrowers, the pension fund said in a statement yesterday.
Aurora Ignacio, SSS president and chief executive officer, said the surge in PLP disbursement was due to the enhancement of the program last October 2019 which allowed qualified retiree-pensioners to avail of up to a maximum amount equivalent to 12 times of their pension or about P200,000.
SSS data showed as of January 30, the pension fund has released more than P3.53 billion to 105,365 retiree-pensioners who have availed of the enhanced PLP.
Launched in September 2018, the PLP aims to provide immediate financial assistance to pensioners who are in need of additional cash aside from their basic monthly pension (BMP).
“Now that they can borrow a larger amount, which depends on their qualifications, we are expecting an increase in the number of retiree-pensioners who will avail of the program in the coming days. We are glad that we are able to provide them the assistance they need in times of contingencies,” Ignacio said.
