Targeting those vulnerable to predatory lending, the programme provides loans from PHP 5,000 to PHP 20,000 with repayment terms of 15 to 90 days.
The loans carry a cost of 8% per year plus a service fee, and the SSS aims to grow the total loan book to PHP 40 billion within two years.
SSS President and CEO Robert Joseph de Claro said the initiative will help each Filipino member of SSS not to fall victim to loan sharks.
Robert Joseph M. De Claro
He added, “Through our partnership with UnionBank, we are taking a bold step toward protecting our members from exploitative lending and enhancing their access to responsible financial services”.
UnionBank President and CEO Ana Delgado described the new offering as a short-term, socially-responsive loan designed to support members in times of financial need.
The application and approval process for SSS LoanLite is fully digital. Once a loan is approved, the SSS will credit the funds directly to the member’s UnionBank account or their MySSS Card.
The programme is part of the SSS’s broader digitalisation and financial inclusion strategy, and the agency and UnionBank plan to officially roll out the programme by the end of 2025.
