sss asenso loan program Archives

What is SSS PESO Fund?

Are you a member of SSS? Are you familiar with the SSS PESO Fund? It is a provident fund offered by the agency to all members who have paid regular contributions for 6 consecutive months within a year. The member must be 55 years old and have not filed for any claims prior to the enrollment for SSS PESO Fund.

Qualified enrollees are those self-employed or voluntary members, and OFWs. The applicant must be paying the amount mandated by the regular SSS program.

The good thing about this program is that the contributions are invested in an independent guaranteed instruments and is tax free. The interest rates are higher than other regular financial institutions. Sixty-five percent of the total fund is allotted for the retirement of the member and the thirty-five percent is allotted for general and medical purposes.

The percentage allotted for the retirement will earn an income generated from the 5-year Treasury yields. On the other hand, the 35% allotment will earn income from the 364-day Treasury bill rates. Another advantage of saving in SSS PESO Fund is that the member can also obtain additional earnings based from the actual performance of the fund.

A member can withdraw the savings from the fund upon his or her retirement or in case of disability. It can be withdrawn either in the form of monthly pensions or Php1,000 payments ever month, or combination of the two.

SSS Peso Fund Is a good investment?

Considering the interest rates per annum, if you’ll start at an early age you can earn huge amount during the time that you retire. This is a good option where you can put your money without worrying the risks associated to investment.

If you’re interested to invest in SSS PESO Fund, all you have to do is to visit the nearest SSS office or log in to the SSS official website.

Being a member of SSS or Social Security System, you can enjoy the benefits of availing the loan programs including the salary and housing loan. But, for those who want to venture in a business or expand an existing one, there are other business loan programs that they can avail such as the ASENSO loan program.

What is ASENSO Loan Program

ASENSO loan program or the Access of Small Enterprises to Sound Lending Opportunities was formerly known as SULONG program. This program was initiated by the GFIs and conceptualized to provide SMEs or the small and medium enterprise the benefits to avail funds. Through this loan program, SMEs can apply for loans using simplified and standardized lending procedures.

Who can avail the ASENSO loan program?

Eligible borrowers include the following:

The applicant must be a good SSS member-employer
The business is 60% Filipino owned or registered as single proprietorship, corporation or partnership
With the current asset of P100 M not including the land value
The previous year’s income is positive
The debt-equity ratio after the loan should be 80:20
The business is not related to trading cigarettes and liquors, imported goods, quarrying, mining and other extractive business

Loan purposes

The fund from ASENSO loan program can be used for different purposes. For short term loan, you can use it for as a temporary working capital or for export financing.

For long term loan, the fund can be used for building construction, purchase of equipment and other inventories, purchase of lot and as permanent working capital.

Loanable Amount

If you will apply for short term loan, you should expect that the loanable amount is 70% of the working capital, but you can avail maximum amount of P5 million. This loan term is payable within a year and should be paid monthly.

For long term loan, the approved loanable amount is 80% of the project cost and may also reach the maximum amount of P5 million. It can be paid within five years and 1-year grace period of paying the monthly principal amortization.

Accepted collaterals

The accepted collaterals that you can use if you will apply for ASENSO short term loan include registered/unregistered Chattel Mortgage or Registered Estate Mortgage, Corporate Guarantee, Assignment of Lease Rights and Assignment of PO/LC.

For long term loan, you can use the Corporate Guarantee, Assignment of Lease Rights and Registered/Unregistered CM/REM as collaterals.

If you’re interested to avail this loan program, you can visit any SSS office near you for more information.