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SSS pensioners urged to avoid loan sharks

The Social Security System is encouraging its pensioners to avail of the Pension Loan Program for their immediate financial needs instead of going to loan sharks that offer high-interest rates and uses their ATM cards as collateral.

The PLP, launched in September 2018, allows qualified retiree-pensioners to avail of a loan of up to three, six, nine, or 12 times their basic monthly pension (BMP) plus the P1,000 additional benefit, but not to exceed the maximum loan amount of P200,000. Moreover, their net take-home pension must be at least 47.25 percent.

Pension loans of three and six times the pensioners’ BMP plus the P1,000 additional benefit have respective payment terms of six and 12 months, while pension loans of nine and 12 times the BMP plus the P1,000 additional benefit have a payment term of 24 months, a press release from SSS said.

The PLP has an interest rate of 10 percent per annum. The first monthly amortization for pension loans is due on the second month after the loan was granted. A one-percent service fee is waived as a means to subsidize the payment for the premium of the Credit Life Insurance of the borrower.

To qualify for the loan program, a retiree-pensioner must be 85 years of age or below at the end of the last month of the loan term, must have no deductions such as outstanding loan balance, benefit overpayment payable to the SSS, etc., from his/her monthly pension, must have no existing advance pension under the SSS calamity assistance package, and must receive his/her regular monthly pension for at least one month and the status of pension is “Active”.

PLP applications for first-time availees must be coursed through SSS branches, following community quarantine protocols and servicing guidelines, like number coding system, drop box system, or appointment system implemented in them, if any.

Retiree-pensioners who have previously availed of the program and have already paid their loans in full may submit their applications online through the E-Services tab of the My.SSS Portal in the SSS website at

Based on its initial data, the SSS approved the release of P1.47 billion pension loans for33,007 retiree-pensioners from January to June 2021.

Of the amount, P1.38 billion were approved for 30,772 retiree-pensioners, who filed their applications through SSS branches, while the remaining P96.62 million were approved for 2,235 retiree-pensioners, who filed their applications online.

Currently, the SSS is working on enhancements to the online facility to also accommodate initial or first-time PLP applications.

Meanwhile, SSS said several of its inquiry services, through the Text-SSS facility via 2600, will be temporarily unavailable.

Services, such as the verification of salary loan status and balance, and the status of applications on maternity and funeral benefit claims are also temporarily unavailable until further notice.

However, services on inquiry on their Payment Reference Number, contribution status, documentary requirements in filing benefit and loan applications, membership registration, member’s record, and locating the nearest SSS branch will remain available. SSS is immediately expediting to restore the inquiry services at the soonest possible date.

In the meantime, SSS urges its members to utilize the My.SSS Portal, which they can find on the SSS website, and it’s SSS Mobile App for the mentioned transactions. It also reminds everyone to stay at home and use the online and mobile platforms in all SSS transactions.

SSS is enhancing its Text-SSS facility to serve its members better.

For more information, follow SSS on Facebook and YouTube at “Philippine Social Security System”, Instagram at “mysssph”, and Twitter at “PHLSSS”, or join its Viber Community at “MYSSSPH Updates”, the press release added.*

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July 2022

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