Loan disbursements under PLP reach P49.78M

THE SOCIAL Security System (SSS) released nearly P50 million during the pilot launch of the Pension Loan Program (PLP), which is now available in 70 branches nationwide.

In a statement sent to reporters on Friday, the state-run pension fund said 1,976 qualified pensioners availed of the PLP during its pilot implementation with total loan disbursements amounting to P49.78 million, still well below the P10billion possible exposure allotted for the program’s initial run.

“We are very much overwhelmed with the influx of applicants in our SSS branches,” SSS President and Chief Executive Officer Emmanuel F. Dooc was quoted as saying in a statement.

“We hope that the loan privileges under the PLP will help our dear pensioners to finance their emergency and short-term financial needs.”

The lending program was launched on Sept. 3, allowing 1.3 million retiree pensioners to borrow funds and veer away from loan institutions that offer steep interest rates.

The loan carries a 10% interest rate per annum, payable within three, six or 12 months depending on the multiple of their loan amount. It will be deducted from the monthly pension of the borrower.

Mr. Dooc previously said the pension fund is willing to increase the P10-billion initial allotment for the program to P30 billion.