PSE urges SSS, GSIS to revive stock loans

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January 13, 2026 | 12:00am

MANILA, Philippines — The Philippine Stock Exchange (PSE) is encouraging state-run pension funds to revive programs that will provide their members more opportunities to invest in the stock market.

“I talked to GSIS (Government Service Insurance System) and SSS (Social Security System). I’m trying to convince them to restore that stock investment loan,” PSE president and CEO Ramon Monzon said.

The SSS offered a Stock Investment Loan Program in the late 1980s to give its members an opportunity to invest in the stock market.

In 1994, it launched the Privatization Fund Loan Program to enable its members to participate in the initial public offering of Petron Corp., which was then wholly-owned by government, and also covered shares of power utility giant Manila Electric Co., which the government was disposing at the time.

GSIS, meanwhile, introduced in 1994 the Stock Purchase Financing Program in which an active member can apply for a loan equivalent to five times his monthly basic salary or such amount which can be amortized by his monthly paying capacity but not to exceed P100,000.

Members and pensioners who availed themselves of the program can repay their loans through sale of stocks, cash payment before maturity and deduction from any benefit due the member or pensioner in view of his separation or retirement from the service or death.

“So we’re trying to see what’s a good (model). We’re trying to see if we can tie this up with PERA (Personal Equity and Retirement Account). You take out a stock loan, then you put it in PERA,” Monzon said.

PERA, created under Republic Act 9505, is a voluntary retirement savings program available to the public, in addition to existing retirement benefits from the SSS, GSIS and employer-sponsored plans.

It provides contributors tax benefits not available in other retirement investment products to encourage Filipinos to save for their future.

The STAR earlier reported on the PSE’s plan for its employees to have a PERA program starting this year.

“We will spearhead this as the exchange. We will show the listed companies that if the exchange, which is not a big company, can do PERA, they can do PERA also,” Monzon earlier said.

Monzon said that he would try to get approval on the matter on the PSE’s next board meeting.

“We should be pushing all companies to institute their PERA for their employees. We will be doing that. Actually, that’s very good for companies that have 200 or 300 employees because it is very affordable. Like for us, we have 140 employees,” he said.

According to Monzon, the enactment of RA 12214, or the Capital Markets Efficiency Promotion Act (CMEPA), has made PERA more attractive.

The new law is seen attracting more Filipinos to increase their retirement funds through PERA by enabling employers to claim an additional 50 percent tax deduction for PERA contributions, provided they match or exceed the employee’s contribution.

“It became very attractive for us because of that CMEPA. So it’s very good for the employees, very good retention tool and very good for the market,” Monzon said.