SSS offers pensioner’s

Surviving spouse loan

TAGBILARAN CITY, Bohol, (PIA)—If only to offer an alternative to its members and their pensioner surviving spouses who are in dire straits, Social Security System (SSS) in offering an enhancement of its Pensioner Loan Program (PLP), this time to pensioner’s surviving spouses.

Packaged as SSS survivor pension loan, the loan facility is the government’s response to the need for cash and the tempting offer of loan sharks and the usurious interests, explain SSS Bohol Assistant Branch Head Christopher Hapay at the Kapihan sa PIA.

“We often hear these incidents when the pensioners sell their pensions, we pity them because they would be paying huge interests from loan sharks, that SSS gets in to help these pensioners,” he said.

He said the SSS has heard the clamor to include surviving pensioners in its PLP, and while pensioners who have died transfers the full pension benefits to the surviving spouse, the new pension loan program for survivors spouses can now be arranged.

As of September 23, 2025, we included in our service the loan for surviving spouses, he added.

According to the SSS, a surviving spouse would only need to have received the full pension once to qualify for the loan with a maximum amount of P150,000.

The amount that can be borrowed on a low interest rate of 10% per annum and computed on diminishing balance monthly amortization.

The loan also includes a Credit Line Insurance, which divests the remaining survivors the burden of continuing the local payment in the event of death of the borrower before full payment or end of the loan term, Hapay continued.

Surviving spouse must be at least 18 but not older than 85 on the last term of payment, and is on active pension status, own an SS number, registered in the My.SSS portal of the SSS website and has an updated contact information and enrolled disbursement account.

Hapay also said that the loan amount shall be equivalent to 50% of the Average Monthly Pension multiplied by 3, 6, 9 or 12 months but not to exceed the maximum loan amount of P150,000.00.

The repayment term includes 6 months for 3 to 6 months of the half of the pension amount, and 12 months from those who borrow the 50% of the monthly pension of 9 to 12 months, Hapay clarified. (PIAbohol)

ANTI-LOAN SHARK. Help comes on different ways, and for the SSS to their surviving pensioners, a loan that is half of the monthly pension of a period of one year is payable in 12 months at 10% interest and diminishing rate per balance, says SSS Assistant Branch Head Christopher Hapay. (PIABohol)