The Social Security System (SSS) reminds qualified retiree-pensioners who would like to renew their loans under the Pension Loan Program (PLP) to submit their applications online through the My.SSS Member Portal.

pension loan

SSS President and CEO Aurora C. Ignacio said the online facility for the PLP was added in the said portal since September 2020 to provide an easier and safer channel for SSS pensioners to benefit from the loan program.  

The state pension fund said community quarantine lockdowns imposed by the government to stem the increasing infections due to COVID-19 limited the mobility of pensioner-members and affected transactions with SSS branches, including PLP applications.

SSS said it disbursed P787.27 million in pension loans to 17,585 retiree-pensioners from January to March 2021, representing a 43.8 percent and 44.1 percent decline, respectively. During the same period in 2020, PLP releases amounted to P1.4 billion for 31,467 retiree-pensioner borrowers.

“For the most part of the first quarter of 2020, those who would want to apply for the PLP can easily do so through our branches. But the first quarter of this year was a different story. Quarantine restrictions are imposed to limit the spread of COVID-19,” Ignacio said. “We acknowledge the difficulty for those who would need to avail of the PLP. That is why we worked on developing an online channel for such pension loan applications. In September 2020, we began the initial implementation of this online service in our My.SSS member portal. At present, however, first-time availees must still submit their applications through our branches following applicable service guidelines implemented in them,” she added.

Qualified to use the online application method for PLP are SSS retiree-pensioners who met the qualifying conditions for the program. These include:  

  • 85 years of age or below at the end of the month of their loan term;  
  • no deductions (outstanding loan balance, benefit overpayment, etc.) from their monthly pension and existing advance pension under the SSS Calamity Assistance Package;
  • holds a Unified Multi-Purpose Identification card enrolled as an ATM card (UMID-ATM) or Union Bank of the Philippines (UBP) Quick Card as disbursement accounts; and
  • receives a regular monthly pension for at least one month, and the status of pension is “Active.”

Excluded from the PLP are retiree-pensioners under the Portability Law and those under the care and custody of a guardian.

Moreover, applicants who would use the online method must have a My.SSS account on the SSS website (, and a current and active mobile number registered with the SSS.

To apply, retiree-pensioners must log in to their respective My.SSS account, proceed to the E-services tab, click “Apply for Pension Loan,” choose their preferred loan amount and term, agree to the terms and conditions of the program, submit their application, and print or download the PDF copy of the Disclosure Statement.

They will receive an e-mail confirmation of their applications. Pension loan proceeds will be credited to their disbursement accounts within five working days.

“Those who may use the online application method for the PLP are mainly retiree-pensioners who have previously availed of the program that are already fully paid and whose disbursement accounts are UMID-ATMs or UBP Quick Cards,” Ignacio said. “However, we are continuously developing the PLP to include Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating banks as disbursement channels so that more qualified retiree-pensioners can conveniently avail of it,” she added.

Members, pensioners, employers, and the public are strongly advised to follow the minimum public health standards set by the government when transacting in SSS branches and offices.

The SSS launched the PLP in September 2018 to assist retiree-pensioners with their short-term financial needs through a low-interest loan at 10 percent per annum and help them avoid falling prey to loan sharks.   A one-percent service fee is waived as a means to subsidize the payment for the premium of the Credit Life Insurance (CLI) of the borrower.

A qualified retiree-pensioner may avail of a loan of up to three, six, nine, or 12 times his/her basic monthly pension (BMP) plus a P1,000-additional benefit granted in 2017, but not to exceed the maximum loan limit of P200,000. Moreover, the net take-home pension of the pensioner-borrower should at least be 47.25%.
A pension loan of three and six times the pensioner’s BMP plus the P1,000-additional benefit has a payment term of six and 12 months, respectively. On the other hand, a pension loan of nine or 12 times the BMP plus the P1,000 additional benefit has a payment term of 24 months.  

The first monthly amortization for the PLP will be due on the second month after the loan was granted.

For more information, follow the SSS on Facebook and YouTube at “Philippine Social Security System,” Instagram at “mysssph,” and Twitter at “PHLSSS,” or join its Viber Community at “MYSSSPH Updates.”

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