The state-run Social Security System said Friday total loan disbursements of the pension fund in Luzon almost reached P5 billion in the first 11 months of 2015.
The fund said over 287,000 SSS members in Luzon availed salary loans worth P4.94 billion from January to November last year.
SSS senior vice president for Luzon operations Group Josie Magana said about eight of out every 10 borrowers were regular employees and received a combined P4.33 billion in salary loan releases, or 88 percent of the total disbursements in Luzon.
Magana said SSS branches in Luzon disbursed P476.59 million for 36,315 voluntary members; P66.90 million for 4,073 migrant Filipino workers; and P64.17 million for 7,997 self-employed individuals within the first 11 months of 2015.
“The salary loan is one of the privileges extended to members who actively pay their SSS contributions,” Magana said.