SSS on track to grow loan book to P300B

MANILA, Philippines — The loan portfolio of the Social Security System (SSS) reached P170 billion as of September on steady demand across its regular and newer programs, including the recently launched microloan facility. At a press briefing, officials said the loan portfolio had expanded by about 5 percent from a year earlier, with SSS President and CEO Michael R. McGreggor saying they are on track to grow the loan book to P300 billion. "We are on track to grow our loan book to P300 billion," McGreggor told reporters. He said the SSS is confident that the expansion of its loan portfolio will help boost economic activity and provide financial access to its members. The SSS has been actively promoting its loan programs to help its members cope with financial difficulties and to support their businesses. The microloan facility, launched in August, aims to provide small loans to micro-entrepreneurs and small businesses that may have difficulty accessing traditional bank loans. The SSS has a mandate to provide social security benefits to its members, including old-age pensions, disability benefits, and death benefits. The expansion of its loan portfolio is seen as a way to further enhance its services and support the economic well-being of its members. The Philippines' economy has been recovering from the pandemic, with the government implementing various measures to stimulate growth. The SSS's initiative to increase its lending capacity is expected to contribute to this recovery by providing much-needed capital to individuals and businesses. Information Source: Inquirer Business