The Social Security System (SSS) has announced the launch of SSS LoanLite described as a ground-breaking micro-lending program powered by Union Bank of the Philippines.
The initiative is designed to provide “accessible, secure, and affordable credit to millions of SSS members,” especially those vulnerable to predatory lending practices.
“We’ll be launching something new — a micro loan program for our members powered by UnionBank. This will really help each Filipino members of SSS, not to fall victims to loan sharks,” SSS president and chief executive officer Robert Joseph de Claro said in a statement.
During the recent Serbisyong NextGen – Celebrating 40 Years of SSS and UnionBank Partnership, De Claro and UnionBank president and CEO Ana Aboitiz Delgado led the ceremonial unveiling of the SSS LoanLite.
The lending program offers short-term loans with of 15 to 90 days, meant to meet the urgent financial needs of the national workforce, including overseas Filipino workers.
The program is part of SSS’s broader digitalization and financial inclusion strategy, ensuring that members can access credit without falling prey to loan sharks.
The plan is to grow the loan book for SSS LoanLite to P40-B within the next two years.
“Through our partnership with UnionBank, we are taking a bold step toward protecting our members from exploitative lending and enhancing their access to responsible financial services,” De Claro said.
“SSS LoanLite is more than just a loan — it’s a lifeline for our members during times of need,” he added.
