SOCIAL SECURITY System (SSS), the pension fund for private-sector
employees, said its loan releases in Luzon rose by 51% in the first half.
In a statement, SSS yesterday said it released P1.76 billion in salary
loans in the first six months of the year as the number of borrowers
rose by 38% to 126,000.
Bulk of the loans were released in the Southern Tagalog region, said SSS
President and Chief Executive Officer Emilio S. de Quiros, Jr.
"The huge amount of disbursements may be because the Southern Tagalog
region is an export processing zone, so there are many businesses there,
thus, there is a huge volume of employees and SSS members in the
region," he said.
There are 6.3 million SSS members in Luzon, about 36% or 2.3 million of
which are in Southern Tagalog.
The pension fund also said the salary loan collections increased by 22%
to P1.76 billion in the first semester from P1.45 million collected a
year ago.
A salary loan allows an SSS member to meet short-term needs.
On its Web site, SSS said a salary loan may be availed by a member who
had paid at least six monthly contributions in the past year, prior to
the month of loan application filing.
For a one-month loan, the borrower must have remitted at least 36
monthly contributions before the month of loan application filing. For a
two-month loan, the borrower must have remitted at least 72 monthly
contributions before the month of loan application filing.
The SSS member must also have no existing or overdue salary loans.
--
---------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation - http://www.seedfinance.net
Email: carlosani@seedfinance.net
Landline Phones: +63495010127 and +63495762924
Cellphone: +639152919580
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
CONSULTING - http://www.carlosani.com
My News Clippings - http://www.myclipps.posterous.com
Family website: http://www.anifamily.net
------------------------------------------
