The state-run Social Security System said Friday it disbursed about P51.8 billion worth of housing loans to members as of end 2015.
The pension fund said the amound funded the construction or acquisition of 331,000 units of houses, and over 5,000 projects through various business lending windows amounting to P23.82 billion.
“Housing loans can be used for the construction and purchase of residential units, home repair and improvement, and site development for subdivisions. Meanwhile, employers in good standing with SSS can borrow SSS funds for various purposes such as working capital, acquisition of equipment, and upgrade of facilities, among others,” SSS vice president Pedro Baoy said.
SSS has teamed up with Enterprise Bank (A Thrift Bank) to provide accessible credit to members to further improve accessibility to members in the southern part of the Philippines.
Baoy said Enterprise Bank was the first thrift bank accredited by the SSS in 2016 as a participating financial institution. Oonly four commercial banks were earlier accredited as PFIs. Gabrielle Binaday