The Social Security System (SSS) and Manulife Philippines have expanded their partnership to bring broader credit life insurance coverage to pensioners availing of the SSS Pension Loan Program (PLP), a move expected to strengthen financial protection for millions of Filipino families.
The agreement — which was formalized during a contract signing ceremony at the SSS head office in Quezon City — extends Group Credit Life Insurance not only to the country’s 2 million retirement pensioners but now also to 1.2 million surviving spouse pensioners, significantly widening the safety net for borrowers.
SSS President and CEO Robert Joseph de Claro and Manulife Philippines President and CEO Rahul Hora led the signing, joined by senior executives from both organizations.
Wider coverage for loan protection
The expanded credit life insurance ensures that outstanding pension loan balances are fully covered in the event of a borrower’s passing, preventing families from being saddled with debt at a difficult time. The coverage is seamlessly integrated into the PLP and requires no additional application steps from pensioners.
The enhanced program builds on the momentum of the SSS Pension Loan Program, which was boosted in 2025 to offer more accessible, low-interest financing for pensioners needing funds for medical expenses, emergencies, or daily living needs.
With Manulife serving as the insurance provider for 2025 to 2026, both retirement and surviving spouse pensioners benefit from:
- Comprehensive protection for outstanding loan obligations
- Inclusive coverage that now extends to surviving spouses
- Automatic integration within the existing loan process
Leaders highlight importance of social protection
Photo shows 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 as they formalize the partnership with SSS President and CEO Robert Joseph Montes De Carlo and Executive Vice President for Investments Sector Ernesto D. Francisco, Jr.
De Claro said the expanded partnership reflects a shared commitment to safeguarding pensioners who rely on financial assistance for essential needs.
“This agreement helps ensure borrowers are not left vulnerable in times of unexpected loss, illness, or tragedy,” he said. “We remain committed to protecting and empowering our members.”
Hora noted that strengthening the PLP’s insurance features is aligned with Manulife’s vision of promoting greater financial security among Filipino households.
“Expanding this partnership reflects our dedication to helping build a more inclusive financial landscape,” Hora said. “We want more Filipino families to feel protected, especially in moments when support matters most.”
Deepening a long-running public–private collaboration
The partnership between SSS and Manulife builds on a five-year collaboration that began in 2022, highlighting the role of public–private partnerships in expanding the reach of national social protection programs.
Manulife, which has been present in the Philippines for 118 years, continues to support government initiatives aimed at improving financial resilience.
The company says the expanded coverage aligns with its broader goal of offering accessible and reliable insurance solutions tailored to the evolving needs of Filipinos.
The enhanced credit life coverage is expected to bolster confidence in the SSS Pension Loan Program and reinforce the importance of insurance as a key pillar in the country’s financial inclusion agenda.
