STATE-RUN SOCIAL Security System (SSS) has set aside some P7 billion for
private enterprises to finance their business expansion and social
development-related projects.
In statement released on Friday, the pension fund for private employees
said the fund us under its Business Development Loan Facility (BDLF) and
Social Development Loan Facility (SDLF).
"The new SSS lending facilities will enable us to offer financial
assistance to a wider range of projects and borrowers," SSS President
and Chief Executive Officer Emilio S. de Quiros, Jr. was quoted as
saying in the statement.
"Cooperatives, non-government organizations and even barangay micro
business enterprises or BMBEs can borrow," he added.
This move by SSS will help boost employment and spur the country's
economic growth, Mr. de Quiros further said.
The agency also noted the following
• Micro, small and medium enterprises and large industries can tap the
BDLF while social institutions offering education and training programs;
health care and medical services can seek for financial assistance from
the SDLF.
• Eligible borrowers are employers who are registered with the pension
fund. They must be in good credit standing with the SSS, or with no past
due contributions and loan payments.
• The maximum loanable amount is P500 million, but the amount to be
released by the pension fund depends on the "project's actual need and
the borrower's credit capacity."
• Borrowers can choose to pay in a monthly, quarterly, semi-annual or
annual basis for up to 15 years.
SSS said the fund will be allocated per sector as follows: P1 billion
for agriculture, fishing and forestry; P2 billion for construction,
manufacturing, utilities, mining and quarrying; and P4 billion for services.
"The interest rate will depend on prevailing market rates. Borrowers
have a one-time option to switch from a variable interest rate, which is
repriced every six months, to a fixed rate that applies for a period of
three years," Mr. de Quiros said. -- ARRG
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