SSS releases over P30.5B salary loans in 2018

STATE-RUN Social Security System (SSS) on Thursday said more than P30.5 billion in salary loans were released in 2018 to over 1.8 million member-borrowers.

SSS President and Chief Executive Officer Aurora C. Ignacio said that salary loan acquisition rose to 5.3 percent last year compared with the preceding year.

“We are glad that we are able to help more of our members on their financial needs in the form of salary loans,” Ignacio said.

Of the total loan releases in 2018, more than 166,000 or 9.22 percent of the 1.8 million loan releases were through Union Bank of the Philippines’ (UBP) Quick Card. This figure is almost triple compared with the 55,835 recorded in 2017.

“Over the years, we have seen that more members opt to receive their salary loan proceeds through electronic means since they do not have to wait for their checks to be delivered to their houses or offices and go personally to the bank to encash the check. We have decided to further expand the program of salary loans through UBP Quick Cards by allowing more kiosks in additional branches nationwide,” Ignacio said.

As of date, of the 10 additional branches, four of which already have UBP Quick Cards kiosks. These branches are Cubao, San Francisco Del Monte, Marikina, and Binondo.

SSS branches that offer the program since 2015 are Diliman, Makati-Gil Puyat, Pasig Shaw, Makati-Ayala, Kalookan, Mandaluyong, Manila, Alabang, Bacoor, Biñan, Dagupan, Baguio, Cebu, Iloilo, Davao, and Cagayan de Oro.

The Salary Loan Releases Thru-the Bank Program authorized UBP to provide an efficient and convenient mode for the release of salary loan proceeds of the member-borrowers. It can be performed either through direct crediting to SSS member-borrower’s UBP Quick Card, which is an ATM card linked to UBP savings account, or if readily available, through an existing UBP Checking or Savings Account.

Members who wish to avail of the program must file their loan applications personally at the branches where UBP on-site kiosks are stationed.

From three to five working days upon the approval of the loan, the member-borrower will receive the loan proceeds in their account. They may withdraw the proceeds through any MegaLink, BancNet, and Expressnet automated machines.

“With the continuous increase of members availing of the SSS benefits and loan programs, we are committed to develop efficient and convenient options to better serve our members. But we would like to remind our members that these are loans that should be paid religiously and on time to avoid penalties and possible deductions in their final claim like retirement,” Ignacio said.