Salary loan acquisition up 10.7% in 2018 – SSS
Credit to Author: EIREENE JAIREE GOMEZ| Date: Thu, 09 May 2019 16:16:42 +0000
The number of Social Security System (SSS) members who received their salary loans from the state-run pension fund went up to 1.8 million in 2018.
SSS President and Chief Executive Officer Aurora Ignacio said on Thursday total loan acquisition increased by 10.7 percent from 1.625 million member-borrowers in 2017.
Of the P30.5 billion worth of salary loans released last year, more than 166,000 or 9.22 percent of the 1.8 million loan releases were through the Union Bank of the Philippines’ (UBP) Quick Card.
The figure is almost triple of the 55,835 recorded in 2017.
“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.
“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,” he added.
At present, the SSS is offering services of its UBP Quick Cards kiosks to four of its 10 additional branches–Cubao, San Francisco Del Monte, Marikina, and Binondo.
Branches offering 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 UBP is authorized to provide 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.
“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.
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