SSS benefits, loan proceeds now available via PESONet

Qualified beneficiaries of the Social Security System (SSS) can now receive benefits and loan proceeds through banks participating in the Philippine Electronic Fund Transfer System and Operations Network (PESONet), the agency announced Monday.

In an advisory, the SSS said qualified employers, members, and pensioners can now receive benefits and short-term loan proceeds through PESONet participating banks.

They can also receive SSS benefits through e-wallets such as PayMaya, or through cash pick-up arrangement via DBP Cash Padala through M. Lhuillier.

"With our strengthened partnership with DBP on PESONet disbursements, we are hoping to expedite the release of benefits and short-term loans. Upon its full implementation, eliminate disbursements via checks," said SSS president and chief executive officer Aurora Ignacio.

Launched in November 2017, PESONet is an electronic fund transfer payments system that enables individuals to digitally transfer funds to any bank in the network, and will be received within the same banking day or immediately upon clearing.

As of July 2020, there are a total 60 PESONet participants -- 40 universal and commercial banks, 12 thrift banks, six rural banks, and two electronic money issuers.

Moving forward, SSS said monthly pensions will be made available through PESONet by October 2020.

"We are continuously transforming our services into digital processes for our members and the public to transact with us without having to go to our branches," said Ignacio.

"Aside from its convenience, this also serves as a safety measure given the current pandemic situation," she added.

The SSS has since urged qualified payees and member-borrowers to enroll their disbursement accounts through the Bank Enrollment Module (BEM).

The BEM is accessible under the e-services tab of their respective My.SSS accounts on the official SSS website.

Qualified payees and member-borrowers must select their preferred PESONet participating bank, or e-wallet, and supply a valid and active bank account number or mobile number for an e-wallet or remittance transfer company/cash payout outlet. — RSJ, GMA News