State-run pension fund Social Security System said Monday salary loans released to members in the first half jumped 8.4 percent to P19.01 billion from P17.53 billion a year ago.
SSS president and chief executive Aurora Ignacio said in a statement the salary loans were released to around 942,000 members. She said the increase in loan releases was mainly due to the rise in the number of member-borrowers from 886,208 in the first half of 2018 to 941,716 for the same period this year.
“Salary loan is one of the most popular loan privileges of SSS. In fact, salary loans represent almost the entire amount of loan releases for the first half of this year,” Ignacio said.
Of the total number of borrowers, 846,823 were employed members with a total of P17.67 billion worth of salary loans granted, 75,465 were voluntary members with P1.08 billion worth of loans released, 10,423 were self-employed members with P83.69 million worth of loans granted, and 9,004 OFW-members with P163.07 million worth of loans released.
