SSS signs Standard Economics for LoanLite microloan project

QUEZON CITY — The Social Security System (SSS) has signed a memorandum of understanding (MOU) with financial technology firm Standard Economics to help develop a proposed digital microloan platform aimed at providing members with faster and more secure access to short-term loans, the state-run social insurance agency said.

The agreement, signed on July 3, covers cooperation on the planned SSS LoanLite program, which SSS described as a digital microloan facility intended to improve the speed, security and affordability of short-term financial assistance for members.

The MOU and a separate non-disclosure agreement were signed by SSS President and Chief Executive Officer Robert Joseph M. de Claro and Standard Economics President and Chief Executive Officer Evan Stanley Jones, according to an SSS statement.

SSS said Standard Economics would support the initiative through its proprietary Economic Superintelligence platform, which the company said integrates digital identity verification, artificial intelligence-based risk assessment and underwriting, payment systems, fraud prevention and data security.

“The partnership is intended to help strengthen the infrastructure used to assess, distribute and service financial assistance at scale,” SSS said.

Jones said the company aims to provide financial infrastructure that enables institutions to deliver services “faster, safer and more efficiently.”

De Claro said the partnership could help improve loan processing through faster disbursement, lower transaction costs, automated processes and real-time monitoring.

He also said the initiative supports the government’s push for greater digitalization of public services and cited the administration’s efforts to attract investment and expand financial inclusion.

SSS said it plans to use artificial intelligence to strengthen security controls and enhance audit capabilities under the proposed LoanLite program.

The agency did not disclose a timetable for the rollout of LoanLite or financial details of the agreement.

Standard Economics said the Philippines is a key market for its efforts to expand access to digital financial services and modern financial infrastructure.

The MOU outlines cooperation on the development of the proposed platform but does not, by itself, constitute the commercial launch of the LoanLite program.