SSS launches program to protect members from loan sharks

MANILA, Philippines, September 30 ------ The Social Security System (SSS) announced that it has launched a loan program primarily designed to provide accessible, secure, and affordable credit to millions of its members. SSS President Robert Joseph Montes de Claro said the undertaking was made possible through the agency’s partnership with the Union Bank of the Philippines as they celebrate 40 years of collaboration dubbed “Serbisyong NextGen.”

He said that SSS LoanLite is a groundbreaking micro-lending program powered by a private bank. This initiative is mainly for SSS members, especially those vulnerable to predatory lending practices, De Claro said in a statement. “This will really help each Filipino members of SSS, not to fall victim to loan sharks,” the SSS chief said.

UnionBank President and CEO Ana Aboitiz-Delgado cited the bank’s partnership with SSS as she looked forward to more future collaborations. “We are also proud to be the first banking partner for SSS’ upcoming micro loan program – a short-term, socially-responsive loan designed to support members in times of financial need,” Delgado said.

Source: manilatimes.net