MANILA, Philippines — State-run Social Security System (SSS) increased its release of education loans by more than half to about P116 million in the first semester.
The SSS improved its disbursement for educational loans by over 52 percent to P115.53 million from January to June compared to last year’s P75.78 million.
SSS president and CEO Aurora Ignacio said the state’s social pension fund would fulfill its task to grant loans, especially to students in a time of transition.
“Flexible learning during the new normal entails additional expenses, specifically for our students who need to purchase or upgrade their laptop, computer or tablet, as well as select a good internet plan for a more stable connection,” Ignacio said.
“Despite the virtual and challenging setup, SSS continuously offers the Educational Loan Assistance Program (EALP) to give opportunities to our members and their beneficiaries who wanted to finish their studies,” she said.
The SSS in 2012 rolled out the EALP to help member-borrowers and their beneficiaries fund their educational expenses for undergraduate and college degrees, as well as vocational or technical courses.
Initially, the program acquired a budget allocation of P7 billion, 50 percent of which came from the national government and the remaining half from the SSS.
Reporting by Nadine Castro