The Social Security System has partnered with Standard Economics to develop a digital microloan facility to provide members with faster, safer, and more affordable access to short-term financial assistance.
SSS President and Chief Executive Officer Robert Joseph M. de Claro and Standard Economics President and Chief Executive Officer Evan Stanley Jones signed a Memorandum of Understanding and a Non-Disclosure Agreement for the proposed SSS Micro Loan Program, also known as SSS LoanLite.
Under the partnership, Standard Economics will support the development of the infrastructure needed to assess, distribute, and service financial assistance at scale through its Economic Superintelligence platform.
“Standard Economics is honored to support SSS in its mission to serve Filipino workers and their families,” Jones said.
“Our goal is to provide modern financial infrastructure that helps institutions deliver support faster, safer, and more efficiently. We believe every day, people deserve access to financial products that are trusted, high quality, and built around their needs,” he added.
The Economic Superintelligence platform integrates secure financial infrastructure with advanced systems for identity verification, artificial intelligence-powered risk assessment and underwriting, payments, fraud prevention and data security.
Standard Economics said the platform is designed to help governments and institutions move, allocate, and manage funds at a population scale while improving services for their members.
De Claro thanked the company for supporting the SSS in carrying out its mandate to serve Filipinos.
“Your organization may be relatively new to the industry, but it shows great promise through its innovations that enable faster loan disbursement, lower transaction costs, greater financial inclusion, automated processes and real-time monitoring,” he said. “By leveraging blockchain technology and digital payments, you have the potential to be a true game changer.”
De Claro said the partnership aligns with President Ferdinand R. Marcos Jr.’s vision of positioning the Philippines as open for business and investments. He said this was further reinforced by the World Bank’s recent classification of the country as an upper-middle-income economy.
He also cited the vision of Finance Secretary and Social Security Commission Chairperson Frederick D. Go to harness technology to provide borrowers with faster services and lower loan fees.
Through the partnership, De Claro said the SSS would use artificial intelligence to strengthen security controls and enhance advanced audit capabilities for the LoanLite Program.
Standard Economics described the Philippines as a key market in its broader effort to expand access to modern financial services.
The company said it is developing financial infrastructure intended to give ordinary people a pathway to economic security, participation in the modern economy, and long-term wealth creation.