SSS business loans reach P189M in first year

Social Security System (SSS), the pension fund for private sector employees, on Monday said it released P189.05-million worth of business loans last year, primarily for the growth and expansion of private enterprises. Nine companies in the services, real estate and construction, and consumer commodities trading industry received corporate loans of P1 million to P43 million, said SSS assistant vice president for Lending and Asset Management Ma. Luz C. Generoso. These were the first batch of borrowers under the SSS Business Development Loan Facility (BDLF) launched last year. "The BDLF is part of SSS’ commitment to support state efforts to spur national economic growth by providing private sector employers wider access to credit. This loan privilege is extended to SSS-registered employers that are seeking funds to expand or diversify their businesses," Generoso said. Accredited that give out the SSS business loans are Development Bank of the Philippines, Land Bank of the Philippines, Philippine Veterans Bank, Planters Development Bank, Valiant Rural Bank-Iloilo, Philippine National Bank and Banco de Oro Unibank Inc. — VS, GMA News