KORONADAL CITY, South Cotabato (PIA) -- The Social Security System (SSS) has released over P389 million in loans to qualified pensioners in Soccsksargen from January to September 2023.

SSS South Mindanao II senior communications analyst Noel Nacion said that at least 9,413 pensioners in the region have already availed of their Pension Loan Program (PLP).

“These pension loans have been a lifeline for retirees, helping them to meet their daily expenses, alleviate financial concerns and provide them funds for business, and other projects,” Nacion said.

The PLP was launched to assist pensioners with their short-term financial needs by offering a loan at a low interest rate of 10% per year.

Nacion emphasized that any SSS pensioner will be qualified to apply for a pension loan, provided further that such a pensioner has been receiving a pension for at least six months. 

The loan amount will be computed based on the basic monthly pension and the number of months a pensioner has been receiving his pension. The maximum loan amount is P200,000.

In General Santos City, there were 3,894 retirees that already received P149 million, while 2,493 retirees in Koronadal City benefited from the P128.7 million SSS financial support.

Moreover, 1,224 retirees from the province of Cotabato availed of the pension loan program, with a total of P42.38 million already disbursed.

In Kidapawan City, 895 pensioners already received P33.28 million, while in Tacurong City, 907 retirees were provided with P35.79 million through the PLP.

Nacion explained that the program can be used for any purpose, such as paying for medical expenses, home repairs, or educational expenses.

He said that SSS pensioners can apply for a loan online or at any SSS branch nationwide. (ORVR - PIA Region 12)