Business and Economy
Senior citizens’ group seeks SSS pension loan
A senior citizens’ organization on Thursday called on the Social Security System (SSS) to heed the clamor of pensioners for a pension loan designed especially for the needs of the elderly and other retirees. (Photo by Alma Gamil/Flickr, CC BY 2.0)
MANILA — A senior citizens’ organization on Thursday called on the Social Security System (SSS) to heed the clamor of pensioners for a pension loan designed especially for the needs of the elderly and other retirees.
“We urge SSS to provide pension loans to help us in our present financial needs. I know how much SSS loves us, so we hope that they will soon give these loans for our pensioners,” said Federation of Senior Citizens Association of the Philippines (FeSCAP) president Jorge Banal, Sr. during the Pensioners’ Day held at the SSS Main Office.
Banal added that the SSS pension loan would put a stop to the growing incidence of pensioners falling victims to loan sharks.
“There are hard-up pensioners who borrowed money even at a high interest rate from these loan sharks and they are asked to surrender their ATM cards with their monthly pension in it to ensure payment,” said Banal.
SSS President and Chief Executive Officer Emmanuel F. Dooc said that the SSS is cognizant of the plight of its pensioners and in response to their clamor for the urgently needed support, the Social Security Commission is considering offering a pension loan program.
“We acknowledge the need of our pensioners for financial assistance to help defray daily expenses. Being a senior citizen myself, I also have needs for my medicines, vitamins and other expenses for my daily needs,” said Dooc.
Dooc added that SSS recognizes the need to safeguard pensioners from loan sharks who take advantage of them in the guise of being good Samaritans that they can count on during financial distress.
“We want to thank Mr. Banal and FeSCAP for being our partner in continuously bridging our relationship with our pensioners. We assure them that SSS loves them and we will always look after their welfare,” said Dooc.
The SSS Pensioners’ Day, which was held in cooperation with FeSCAP, was attended by more than 300 SSS pensioners from Metro Manila. To date, SSS has 2.3 million pensioners.
