SSS launches LoanLite microlending program with UnionBank

The Social Security System over the weekend launched a micro-lending program in partnership with Union Bank of the Philippines that aims to provide SSS members, "especially those vulnerable to predatory lending practices" access to credit that is secure and affordable.

The SSS LoanLite micro-lending program powered by UnionBank offers short-term loans—from P5,000 to P20,000—with tenors ranging from 15 to 90 days targeted to meet the needs of Filipinos workers, including those working overseas.

The offering will have an 8% interest rate per annum, with direct crediting to UnionBank accounts or MySSS cards.

“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,” SSS president and chief executive officer Robert Joseph Montes De Claro said.

SSS has also launched its MySSS Card, an EMV-equipped dual-function card that replaces the unified multi-purpose identification (UMID) card, and acts as a functional debit card linked to savings accounts. — BM, GMA Integrated News