A senior citizens’ organization has called on the Social Security System to heed the clamor of pensioners for a pension loan designed especially for the needs of the elderly and other retirees, its press release said.
“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,” Federation of Senior Citizens Association of the Philippines president, Jorge Banal Sr., said 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 the loan sharks and they are asked to surrender their ATM cards with their monthly pension in it to ensure payment,” Banal said.
SSS president and chief executive officer Emmanuel Dooc said 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,” Dooc said.
He 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.
To date, SSS has 2.3 million pensioners, the press release added.*
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