SSS and RCBC launch digital microloans via DiskarTech app

The Philippine Social Security System (SSS) and Rizal Commercial Banking Corporation (RCBC) have partnered to launch ‘SSS Loan Lite,’ a digital microloan service accessible via the DiskarTech mobile app. Qualified members can apply for loans ranging from ₱1,000 to ₱20,000 with an automated credit evaluation process that eliminates the need for branch visits or employer pre-approval. The loans feature a regulated annual interest rate of 8% and offer repayment terms of 15, 30, 60, or 90 days.

To qualify, members must have at least 12 posted monthly SSS contributions. This initiative aims to provide an affordable alternative to informal lenders and high-interest online apps.

Separately, discussions regarding financial inclusion in the Philippines are shifting toward reducing administrative barriers. Lawmakers, including Senator Erwin Tulfo, have highlighted that while transaction fees are a concern, systemic hurdles such as strict identity documentation requirements, minimum balance penalties, and dormancy charges remain significant obstacles for unbanked Filipinos attempting to enter the formal financial system.