SSS Pension Loan Protection Program Now Extends to 1.2 Million Surviving Spouse Pensioners

Manulife Philippines President and CEO Rahul Hora, Chief Corporate Solutions and Alternative Distribution Officer Erwin Go, and Vice President and Head of Corporate Solutions Cheryl Asinas formalize the partnership with Social Security System President and CEO Robert Joseph Montes De Carlo and Executive Vice President for Investments Sector Ernesto D. Francisco, Jr.

A significant move to strengthen the financial resilience of Filipino families has been made with the extension of Group Credit Life Insurance coverage to surviving spouse pensioners of the Social Security System (SSS). This initiative was formally signed by Manulife Philippines and the SSS during a ceremonial contract signing held at the SSS head office in Diliman, Quezon City.

In a press release issued by Manulife Philippines on November 20, 2025, the expanded coverage now includes surviving spouse pensioners who will benefit from Group Credit Life Insurance once they apply for the SSS Pension Loan Program. Previously, this program was available only to 2 million retirement pensioners across the country. SSS President and Chief Executive Officer Robert Joseph de Claro emphasized that the partnership ensures borrowers “are not left vulnerable in times of unexpected loss, illness, or tragedy.” He added, “This partnership represents our shared commitment to protect and empower our clients, especially by assisting them to achieve their dreams, secure their families’ future, or rebuild their lives after a calamity.”

As the Group Credit Life Insurance provider for 2025 to 2026, Manulife has extended its programs to include surviving spouse pensioners, not only retirees, under the coverage of credit life insurance. According to their press release, both groups will benefit from comprehensive protection that covers outstanding loan obligations in the event of sudden death. This provision helps relieve family members from financial burdens during difficult times. The insurance is embedded in the pension loan process, ensuring that beneficiaries are supported by the program.

Manulife Philippines continues to aggressively empower Filipino families through enhanced protection programs, complementing government initiatives to promote financial security among pensioners.

About the Manulife Philippines

The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife's Philippine Branch and later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the country's leading life insurance companies. Manulife Philippines is a wholly owned domestic subsidiary of Manulife Financial Corporation, among the world's largest life insurance companies by market capitalization. Learn more...

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•FT Lending Review: Loan, Interest

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