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Friday, March 29, 2024

SSS releases P8-b salary loans

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State-run Social Security System said Thursday it released about P8 billion in salary loans to members in the first quarter of the year.

SSS said the salary loan releases jumped 19 percent in January to March to P7.93 billion from P6.69 billion disbursed in the same period last year.

The number of borrowers also climbed from 354,000 in first quarter of last year to 385,000 this year.

SSS assistant vice president for member loans department Boobie Angela Ocay said covered employees accounted for about 90 percent of salary loans both in terms of amount disbursed and number of borrowers.

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