The Social Security System (SSS) has accredited Enterprise Bank (A Thrift Bank), an established thrift bank operating in Visayas and Mindanao, as one of its partners under the SSS housing and business loan programs to provide accessible credit to members and employers in the southern areas of the country.
SSS Vice President of the Lending and Asset Management Division Pedro T. Baoy said that Enterprise Bank is the first thrift bank accredited by the SSS in 2016 as a participating financial institution (PFI). Previously, only four commercial banks are accredited as PFIs.
“As an accredited PFI, Enterprise Bank can accept applications of members and employers for SSS housing and business loans. Guided by SSS guidelines, the bank will process the loan application and release the loan proceeds to the SSS borrower, and it will also handle the collection of payments,” he said.
Senior officials from SSS and Enterprise Bank signed the Memorandum of Agreement and Loan Agreement during ceremonies at the SSS main office in Diliman, Quezon City last April 22. Senior Vice President for Administration Group May Catherine C. Ciriaco and Enterprise Bank President Ronald E. Alvizo served as the agreement signatories for their respective organizations.
“Enterprise Bank mirrors the dedication of SSS in helping Filipinos achieve their dream of buying their own home and growing or expanding their own businesses. The bank remained steadfast in serving its clients amid the difficulties that afflicted Visayas and Mindanao, especially after the damage wrought by typhoons Yolanda, Sendong, Pablo and Gener,” Baoy said.
SSS initially partnered with Enterprise Bank in 2005, when it was accredited as collecting and paying agent of the SSS where members and employers can pay their contributions and loans. Formerly a rural bank, Enterprise Bank continuously expanded its operations and services to cater to the needs of people in rural areas until it was authorized by Bangko Sentral ng Pilipinas to operate as a thrift bank in 2012.
Aside from Enterprise Bank, the other accredited PFIs include the Development Bank of the Philippines, Land Bank of the Philippines, Philippine National Bank and Philippine Veterans Bank.
SSS offers various types of housing and business loans to individual members and employers, including micro, small and medium enterprises. Depending on the type of loan, members and employers can file their applications directly with SSS or thru a PFI.
As of December 31, 2015, the pension fund has disbursed a total of P51.80 billion in SSS housing loans, financing the construction or acquisition of 331,000 units of houses, while more than 5,000 projects have been financed by SSS thru its various business lending windows which amounted 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,” Baoy said.
For more details on each SSS financing program, members and employers may visit the nearest SSS branch or call the SSS Housing and Business Loans Department at 920-6401 local 5121 or email firstname.lastname@example.org.