SSS releases record-high P5.95B pension loans in 2022

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Social Security System (SSS) President and Chief Executive Officer Rolando Ledesma Macasaet said that pension loan releases in 2022 reached P5.95 billion, the highest annual disbursement for the Pension Loan Program (PLP) since it started in 2018.

Macasaet said that pension loan releases in 2022 almost double the P3.08 billion recorded in 2021. “From January to December 2022, the SSS has disbursed a monthly average of P495.77 million pension loans benefitting 10,660 retiree-pensioners, which is 93% higher than its corresponding monthly average in 2021 of P257.01 million to 5,753 retiree-pensioners.”

“We are delighted that we have assisted many of our retiree-pensioners for their short-term and immediate financial needs. We also prevent them from becoming victims of private lending institutions that charge high interest rates and require them to surrender their ATM cards as collateral,” he explained.

Likewise, the number of PLP applicants grew after the national government ease up community quarantine restrictions in the country, which allowed retiree-pensioners to submit their pension loan applications in SSS branches. “Our records show that a total of 127,920 retiree-pensioners availed from the PLP in 2022, which is 85% higher than the 69,036 retiree-pensioners who availed of the program in 2021,” Macasaet said.

Luzon recorded the highest number of PLP applicants with 30,158 retiree-pensioners amounting to nearly P1.39 billion in pension loans. The National Capital Region (NCR) came in second with 28,239 borrowers amounting to P1.43 billion. Visayas follows it with 17,038 loan applicants amounting to P740 million, and Mindanao with 12,917 borrowers amounting to P590 million. Meanwhile, online application through My.SSS portal had 39,568 loan applicants amounting to P1.80 billion.

The SSS chief said that 69% of the borrowers filed their loan applications through SSS branches while 31% used their My.SSS account in filing their PLP applications.

Macasaet noted that PLP applications through its online portal My.SSS also grew in 2022. “Starting May 2022, SSS enhanced PLP by allowing first-time applicants to file their loan applications using their My.SSS account, resulting in 39,568 approved pension loan applications in 2022, a 963% increase from only 3,721 in 2021,” he added.

“Opening an online facility for PLP borrowers paved the way for more retiree-pensioners to access this loan program. It also offered them convenience because they could submit their application even in the comfort of their homes. Once approved, the loan proceeds are directly credited to their disbursement accounts within five (5) working days,” Macasaet said.

SSS launched PLP to assist SSS retiree-pensioners in their immediate financial needs by offering a loan program with a low-interest rate of 10% per annum.

Macasaet further explained that PLP offers its borrowers flexible installment payment terms ranging from six (6) to 24 months. “We also ensure that the pensioners will still have a net take-home pension of at least 47.25% of their monthly pensions.”

Qualified retiree-pensioners can avail themselves of a loan equivalent to three, six, nine, or 12 times their basic monthly pension plus the P1,000 additional benefit granted in 2017, but not exceeding P200,000.00.

New Postmaster General Carlos sworn into office

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Former Assistant Postmaster General for Marketing and Management Support Services Luis D. Carlos of the Philippine Postal Corporation (PHLPost) was sworn in before Supreme Court Chief Justice Alexander G. Gesmundo and assumed office as the new Postmaster General and CEO on April 03, 2023.

President Ferdinand R. Marcos Jr. named Luis D. Carlos as Acting Postmaster General and member of the PHLPost Board of Directors last March 28, 2023.

During the flag-raising ceremony, the new Postmaster General urged his fellow postal workers to show our countrymen the highest level of service. “Ibalik natin ang karangalan na maging isang kawani ng PHLPost” (Let us bring back the pride of being a postal worker at PHLPost).

He added, “we still have a lot of opportunities we can work on, which can challenge the traditional, so as we can be more competitive and that is to modernize the postal operations”.

“Hindi natin kailangan baguhin ang buong sistema, ang kailangan ngayon ay pagandahin ang serbisyo natin” (It is not necessary to change the system, all it needs now is to improve the service), he said.

First, we have to develop our e-commerce platforms, digital mailboxes, and other electronic means to send documents. Empower our clients to access our service without them going out in the comfort of their homes. Second, enhance our relationship with other private e-commerce companies in partnership with the Department of Trade and Industry. Third, strengthen our relationship with private companies and other countries, especially on cross-border e-commerce business, international mail forwarding and international money transfer.

To spur economic growth, particularly in agri-business, PMG Carlos believes that PHLPost as an institution can be a major logistics provider of our farmers and the agricultural sector by entering a Memorandum of Agreement with the Department of Agriculture. With this, the delivery of agricultural products such as seedlings, fertilizers, and crops to far-flung areas without access to major cities in the provinces will be much easier and faster for our farmers.

“We can help our small farmers sell their products to cities where there is a potential market for them. We wanted to help and uplift local farmers sell their product to improve their livelihood in response to the call of President BBM to improve the country’s agricultural sector “, Carlos said.

In the coming months, he promises to push for the needed reforms in the operations, identify the post office’s strengths and weaknesses and swiftly, work on them over time for the post office to survive.

PHLPost will align with the government’s development plan to enhance bureaucratic efficiency. Its efforts shall gear toward a digitalized government process and operations. This will facilitate the transformation and digitalization of the whole of government, with the vision of streamlining the bureaucracy – in line with the Marcos Jr. Administration’s thrust for a lean, efficient, and responsive government workforce.

SSS members' mandatory provident fund savings hit P35B

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Social Security System (SSS) President and Chief Executive Officer Rolando Ledesma Macasaet said today that the total member savings collection from the Workers’ Investment and Savings Program (WISP) reached P35.84 billion from 4.9 million SSS members in its second year of implementation.

Macasaet said savings collection under the WISP has more than doubled since the start of the program in 2021.


“From January to December 2021, we initially collected P15.48 billion. In 2022, the savings collection grew by 31% to P20.4 billion which brought the total WISP contributions to P35.84 billion,” Macasaet explained.


Moreover, members contributing to the WISP also grew to 4.9 million contributing members, up by 33% from 3.7 million members in 2021.


WISP is a mandatory provident fund scheme managed by SSS that serves as another savings for private-sector workers and other individual paying members which was launched in January 2021. It promotes the principle of Work, Save, Invest and Prosper so that members can have a better retirement package aside from their regular SSS benefit.


WISP is one of the key provisions under Republic Act No. 11199 or the Social Security Act of 2018. It is a safe, convenient, principal-protected, and tax-free individual retirement savings plan which will supplement a member’s savings from their regular Social Security program.


“Under the WISP, each contributing member will have an account wherein SSS will place their contributions and investment earnings. Not only are they saving for their retirement, but their contributions are also earning through the program,” Macasaet added.


Qualified are those private-sector employees, self-employed individuals, OFWs, and voluntary members who have no final claim and have contributions in the regular SSS program, and have a Monthly Salary Credit (MSC) that exceeds P20,000.


Members pay their WISP contributions together with their regular SSS contributions.


Aside from serving as a savings scheme, the SSS Chief elaborated that the program also functions as an investment vehicle for SSS members. The SSS pools the contributions collected from the program and invests them in the capital markets. Earnings realized from the WISP will be distributed proportionately based on the member’s contributions.


Members can check their WISP contribution online through their My.SSS account. They can log in on their online account. Go to the Inquiry tab and click on Contributions to view their contributions in the WISP as well as their contributions in the regular Social Security program and WISP Plus.

“The program had a good start with a 6.39% return on investment (ROI) in 2021 and an estimated 3.4% ROI in 2022. It outperformed the balance fund market benchmarks, which were 0.15% and -1.25% in 2021 and 2022, respectively. This indicates that members’ savings invested in WISP will generate decent earnings, which will be added to their total contributions. Consequently, when they retire, they will receive higher benefits from the program,” Macasaet concluded.