Retiree pensioners under the Social Security System (SSS) may borrow up to ₱300,000 through the agency’s Pension Loan Program (PLP), SSS President and Chief Executive Officer Robert Joseph M. de Claro said during the pension fund’s annual Pensioners’ Day celebration.
The SSS held Pensioners’ Day on September 11 at 19 venues nationwide, honoring nearly 4,000 pensioners as part of the agency’s 69th anniversary. The celebration carried the theme “Bawat Isa Protektado, Bawat Bukas Sigurado.”
“We institutionalized this activity as an expression of gratitude to them for their significant contribution to our society,” de Claro said, describing pensioners as pillars of nation-building.
How the loan program works
The SSS launched the PLP in September 2018 to give retiree pensioners access to low-interest loans without requiring their ATM cards as collateral. In September 2025, the agency expanded the program to cover surviving spouse pensioners as well.
“The SSS pension loan is a secured cash loan with a transparent interest rate of 10% per year, computed based on a diminishing principal balance,” de Claro said.
Qualified retiree pensioners may borrow an amount equal to three, six, nine, or 12 times their Aggregate Monthly Pension, up to a maximum of ₱300,000. Repayment terms run six, 12, or 24 months.
Surviving spouse pensioners may borrow 50% of their Aggregate Monthly Pension multiplied by three, six, nine, or 12 months, up to a maximum of ₱150,000, over terms of six or 12 months.
The Aggregate Monthly Pension is the basic monthly pension plus the ₱1,000 additional benefit; a dependent’s pension is not included in the computation. De Claro said the SSS requires pensioner-borrowers to retain at least 40% of their Aggregate Monthly Pension as net take-home pay once loan amortizations start.
Eligibility and how to apply
Retiree pensioners must be registered on the SSS website with updated contact details and an enrolled disbursement account, be 85 years old or younger by the end of the loan term, have no existing pension deductions, have no advance pension under the SSS Calamity Loan Package, and have received an active monthly pension for at least one month.
Surviving spouse pensioners must hold an SS number and meet similar registration requirements. Applicants must be at least 18 years old and no older than 85 by the end of the loan term, be the sole payee of the death benefit, and must not have been disqualified for fraud against the SSS.
Applications may be filed over the counter at any SSS branch or service office, through SSS E-Partners, or online through the My.SSS account. Loan proceeds are credited to the borrower’s existing pensioner disbursement account or another enrolled account.
