MANILA, Philippines — State-run Social Security System (SSS) has expanded the implementation of a program which allows the release of salary loans via Union Bank of the Philippines’ (UBP) Quick Cards to increase its members’ access to this electronic disbursement system.
SSS Circular 2019-002, signed by SSS president and chief executive officer Emmanuel Dooc last Jan. 29, widened the scope of its salary loan releases through the UBP program with the addition of 10 more SSS branches.
These branches include Cubao, San Francisco Del Monte, Binondo and Marikina for Phase 6 of the program; Bacolod, Pampanga and Lipa for Phase 7 as well as Naga, Laoag and Lapu-Lapu for Phase 8.
Under the program, SSS authorizes UnionBank to provide an efficient and convenient mode for the release of salary loan proceeds to member-borrowers.
SSS member-borrowers availing of this program may use their existing UBP current or savings account or open a UBP quick card account for the release of their salary loan proceeds.
According to SSS, a debit advice will be sent to UnionBank, which should then fund directly the member-borrower’s account within two days from receipt thereof.
Loan proceeds should be available to member-borrower’s account within three to five working days from the approval date of the loan. The proceeds are accessible through any Megalink, Bancnet and Expressnet automated machines.
As for short-term loans, members may only avail through the bank as mode of disbursement by applying personally at SSS branches with UBP kiosks.
The program was launched in 2015 and was initially implemented in 16 SSS branches.
Aside from salary and short-term loan proceeds, the UBP quick card may also be used as a channel for the release of pension loans.