SSS to launch microloan program, raise pensions in 2026

The Social Security System (SSS) plans to roll out a microloan program early next year and raise pensions again in September as part of its three-phase pension reform, with the state insurer also seeking to expand domestic and overseas operations and hiring more staff to improve services.

The state insurer said the micro loan program is expected to be implemented early in 2026, following the approval of the guidelines by the Social Security Commission last Wednesday, December 17.

“With guidance from Finance Secretary Frederick D. Go, SSS is looking to implement this micro loan program through partner institutions very soon as a safer and affordable option to borrow cash for short-term needs with 15- to 90-day tenor and interest rate of 8% per annum or 0.67% per month,” SSS president and chief executive officer Robert Joseph Montes De Claro said in a statement.

The SSS will also implement the second tranche of the Pension Reform Program in September 2026. Retirement and disability pensioners are set to receive an additional increase, and death or survivor pensioners will receive a 5% increase.

The same increases are also set to be implemented in September 2027, for pensioners as of August 31 of the same year.

The agency said it is also looking to establish Foreign Representative Offices in Madrid, San Francisco, and Macau while putting up 10 new branches within the country, with plans to hire some 1,800 personnel to provide manpower resources in the frontlines.

“We also look forward to 2026 where we continue implementation of existing programs, develop new ones, strengthen member servicing, and expand footprint of SSS nationwide and abroad,” De Claro said.

Under its mandate, the SSS is tasked to promote social justice and provide protection to members and families against the hazards of disability, sickness, maternity, old age, death, and other contingencies resulting in loss of income or financial burden. —AOL, GMA Integrated News