SSS disburses P170 billion loans

The Social Security System (SSS) has disbursed a total of P170 billion in loans as of year-to-date, with a significant portion being salary loans, according to SSS president and CEO Robert Joseph Montes de Claro. The loan portfolio remains within the agency's lending limit, which is set at 25 percent of the Investment Reserve Fund (IRF), projected to reach P1.5 trillion by the end of the year, providing SSS with approximately P300 billion in lending capacity for its members.

The loan portfolio has grown by around five percent year-on-year, attributing this increase to the growth in membership, as stated by SSS senior vice president of Lending and Asset Management Group Pedro Baoy. The SSS Micro Loan Program, also known as SSS LoanLite, has been allocated about P40 billion and has disbursed P1.81 billion to around 146,000 members so far. The program offers loans ranging from P1,000 to P20,000, with an interest rate of eight percent per annum.

SSS is also preparing for an energy sustainability loan program, with funds of about P40 billion allocated, aiming to offer loans of P200,000 to P400,000, payable over four to seven years. The energy program is expected to initially cover approximately 100,000 homes. The emergency loan program has already released nearly P20 billion out of the P26.68 billion allocated, with the program remaining available until April 30, 2027.