SSS Loans Amid the COVID-19 Pandemic in PH
SSS LOANS – The Social Security System spoke on its capacity to meet the demands of the members for loans amid the COVID-19 pandemic.
A lot of Filipinos families are currently struggling due to the impacts of the COVID-19 pandemic. The crisis resulted to the loss of jobs of many people and a lot of them are the breadwinners or the ones working for the sole income for the whole family.
Many businesses in the Philippines failed to thrive against the demands of the current situation. Some had no choice but to temporarily or permanently close as they were only incurring expenses with no incomes. Truth be told that many firms rely on a day-to-day profit to cope with the expenses.
Due to the struggles of the current situation, many people turn to loans. Among these are the SSS loans offered by the Social Security System.
Based on a report on ABS-CBN News, the state-run social insurance institution assured that it is cash-ready for SSS loans to meet the demands of its members who are financially struggling amid the COVID-19 pandemic.
Speaking to ANC, SSS Executive Vice President for Investment Sector Rizaldy Capulong expressed that in 2020, its collection reached P178 billion in contributions. With regards to the claims, they paid P155 billion. According to Capulong, the state-run agency is matching its investments with the demands.
The SSS Executive expressed it is the top priority of the government agency to be cash-ready to meet the needs of the members through investment. According to him, the top priority SSS loans are the members loans and the pension loans.
Based on the report, Capulong further expressed that the portfolio of the state-run government institution is around P642 billion and 3% of it is allocated in cash, 17% in equities, 44% in government securities, 17% in member loans, 4% in corporate bonds, and 12% in property.