The Social Security System (SSS) in the Philippines is encouraging eligible members to utilize its recently launched digital microloan service, branded as SSS LoanLite. According to SSS president and CEO Robert Joseph de Claro, this initiative provides a secure and accessible avenue for short-term financial support. Members who have recorded a minimum of 12 monthly contributions are eligible to apply for loans ranging from P1,000 to P20,000. The specific borrowing limit is determined by the average of the applicant's 12 most recent Monthly Salary Credits. Borrowers can select repayment terms of 15, 30, 60, or 90 days, with an annual interest rate set at 8 percent. This program is open to various member categories, including employed individuals, self-employed workers, voluntary contributors, and Overseas Filipino Workers, provided they satisfy all necessary criteria.
Source : The Manila Times
Photo : The Manila Times
