President Ferdinand Marcos Jr. announced on Thursday that the Social Security System (SSS) has begun offering an emergency loan program for its members, featuring a low interest rate and a six-month payment moratorium.
In a video message, Mr. Marcos said the emergency loan will be available to SSS members during periods of national emergency, with the interest rate set at seven percent.
Under the program, borrowers will not be required to pay loan amortizations for the first six months after receiving the loan, a move the President said is meant to ease the financial burden on members facing urgent needs.
“This is an emergency loan that members can use for their immediate necessities, especially during emergencies,” President Marcos said.
The President added that he is continuing discussions with SSS officials to explore more secure and fair alternatives to microloans and emergency lending aimed at protecting members from abusive lending practices.
Mr. Marcos said the program offers a safer option for members who might otherwise turn to informal lenders, commonly known as “5-6,” which charge significantly higher interest rates.
“Instead of falling into deep debt, SSS members now have access to a loan with only seven percent interest,” he said, expressing hope that the program would provide relief to many Filipino workers.
