The debit card also serves as an ID
MANILA, Philippines — Union Bank of the Philippines and state-run pension fund Social Security System (SSS) have unveiled a new Visa debit card that doubles as a valid identification card. This is part of efforts to make government services more accessible to at least 40 million people.
In a joint statement on Friday, UnionBank said SSS members could access their benefits, loans and refunds through the MySSS card. It has yet to be officially released.
“This new product will allow SSS members with a Philsys ID to get a MySSS card, broadening the eligible base to over 40 million Filipinos,” UnionBank president and CEO Ana Aboitiz-Delgado said.
READ: SSS profit growth to cool as retiree benefits increase
Those eligible will be able to apply for the card online through the UnionBank mobile application. Once approved, an SSS member will be issued a debit card that may be used for digital payments, mobile banking and worldwide transactions.
“The MySSS card empowers our members with a secure and convenient way to receive their benefits, while also serving as an official SSS-recognized ID,” SSS president and CEO Robert Joseph de Claro said.
UMID pay card
This comes three years after SSS and UnionBank partnered to link the Unified Multipurpose Identification (UMID) pay cards to a UnionBank regular savings account.
The UMID pay card does not have a maintaining balance, and SSS members can also receive their benefits, loans and refunds through their linked account.
READ: SC: Advance payment of OFWs’ SSS contributions unconstitutional
De Claro earlier told reporters they were expecting slower profit growth this year after promising higher pension payouts to members.
Still, he explained that they would set a higher target for contributions next year to offset the additional expenses.
SSS sees its net income ending at P100 billion this year.
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In the first semester, its profit surged by 46.9 percent to P66.45 billion. Contributions increased by 14 percent to P187.4 billion, while benefits rose 4.8 percent to P145.7 billion. /rwd
