CLARK FREEPORT, Pampanga—Phase 2 of the P10-billion new Social Security System pension loan program, which aims to assist the declining financial capability of 1.3-million pensioners nationwide, was successfully launched in Central Luzon.
This was announced by Gloria Corazon Andrada, vice president of the government pension fund in the region, in a media forum Friday.
Andrada said that within two days of launching of the program, about P1.8 million in loan proceeds were processed by the agency, benefiting about 100 qualified pensioners in the region.
The beneficiaries came from pilot areas of Central Luzon, including the cities of Mabalacat and San Fernando in Pampanga, Malolos City in Bulacan, and Olongapo City in Zambales. Romeo Dizon
“We are expecting this week that more qualified pensioners will avail of the program at the four pilots cities in the region,” Andrada added.
Launched only last September 3, the program was also successful in other 34 pilots areas in Luzon and Mindanao.
Emmanuel Dooc, president and chief operating officer of SSS said the pension fund had released a total of Php 49 million for the past 12 days of nationwide implementation of the program.
Dooc who was the main guest of the forum said the initial funding of Php 10 billion program can be increased to Php 30 billion for 1.3 million pensioners in the country.
“The borrowing among qualified pensioners was highest in Metro Manila specially Diliman, Quezon City while very low in the Cagayan Valley or Region 11 specially in Isabela”, Dooc said.
The low percentage borrowing of the region was attributed to agricultural productivity of region which comprised the five provinces of Batanes, Cagayan, Isabela, Nueva Vizcaya and Quirino.
Under the pension loan program, 80 year-old pensioners who have no outstanding loan balance and benefit overpayment to the SSS and receiving their regular pension within six month can avail the loan.
The amount of loan is based on the monthly pension of borrowers but not exceeding Php 32,000 per person.
The interest is only 10 percent a year and payable with six up to 12 months.
The pension loan program was launched by the government to further assist the 1.3 pensioners who borrow money from usurpers just to meet their declining and limited financial capability for their medicine and other expenses, Dooc added.