The Social Security System said Sept. 29 it will launch the SSS LoanLite, a groundbreaking micro-lending program powered by Union Bank of the Philippines, and designed to provide accessible, secure, and affordable credit to millions of members, especially those vulnerable to predatory lending practices.
SSS president and CEO Robert Joseph Montes De Claro and UnionBank president and CEO Ana Aboitiz Delgado led the ceremonial unveiling of the SSS LoanLite during the Serbisyong NextGen – Celebrating 40 Years of SSS and UnionBank Partnership in Cebu Sept. 17.
“We’ll be launching something new – a micro loan program for our members powered by UnionBank. This will really help each Filipino, members of SSS, not to fall victims to loan sharks,” De Claro had said at the event.
Delgado, meanwhile, talked about the partnership highlights between the two institutions, and said she looked forward to 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.”
SSS LoanLite will offer short-term loans with tenors ranging from 15 to 90 days, tailored to meet the urgent financial needs of members, including overseas Filipino workers. The program is part of SSS’s broader digitalization and financial inclusion strategy, ensuring that members can access credit without falling prey to loan sharks.
The plan is to grow the loan book for SSS LoanLite to P40 billion within the next two years.
“Through our partnership with UnionBank, we are taking a bold step toward protecting our members from exploitative lending, and enhancing their access to responsible financial services,” De Claro stressed in a statement. “SSS LoanLite is more than just a loan—it’s a lifeline for our members during times of need.”
The loan range is between P5,000 to P20,000, with an eight percent interest rate per annum plus reasonable service fee, a fully digital application and approval process, and with direct crediting to UnionBank accounts or MySSS Card.
The launch of the LoanLite marks a significant milestone in the public-private collaboration between SSS and UnionBank, reinforcing their joint vision of inclusive, tech-enabled financial services for all.
SSS members are encouraged to stay tuned for the official rollout, likely by end-2025, and the application details via the SSS website and UnionBank online app. ||
