Marcos bares lower interest rates on SSS salary, calamity loans starting July

President Ferdinand ''Bongbong'' Marcos Jr. said Thursday that the interest rates on salary and calamity loans offered by the Social Security System (SSS) would be reduced starting in July of this year.

''Sa tulong ng SSS, ng Social Security System, simula Hulyo 2025, ang mga miyembro na may malilinis na record ay makakakuha ng loans sa SSS sa mas mababang interes. Bababa po sa walong porsyento ang interest rate para sa salary loans at pitong porsyento naman para sa calamity loans," Marcos said in his speech at the 123rd Labor Day celebration in Pasay City.

(Through the help of SSS, beginning July 2025, members who have clean records may obtain loans with lower interest rates. The interest rate for salary loans will be reduced to 8%, while the calamity loans' interest rate will be lowered to 7%.)

''Bumaba po ang mga rates na ito mula sa dating 10 porsyento,'' he added.

(These rates were lowered from the previous 10%.)

In a statement, SSS said the reduced interest rates are applicable to “members who have no availment of penalty condonation in the past five years – in other words, for members who have good credit quality – and will increase cash proceeds from loan applications.”

The government will also launch the expanded Pension Loan Program for surviving spouse pensioners, Marcos said.

''Sa ilalim nito, maaari na rin pong makautang ang mga naiwang asawa ng mga yumaong pensioners ng hanggang P150,000,'' Marcos said.

(Under this program, surviving spouse pensioners can avail loans of up to P150,000.)

As of December 2024, SSS said there were 1.2 million surviving spouse pensioners.

“We acknowledge the need of other pensioners for access to a dependable loan facility, so we are expanding the PLP to surviving spouse pensioners,” SSS president and CEO Robert Joseph De Claro said. 

The PLP for surviving spouse pensioners shall also be covered by Credit Life Insurance with insurance premium to be deducted from the proceeds of the pension loan (PL) so that in the event of death of the PL borrower before full payment and end of the loan term, the PL balance shall be fully paid. 

Target implementation of the expanded pension loan program, to include surviving spouse pensioners, is September 2025.

“Currently, we are bringing the idea of a micro credit loan facility among our partner financial institutions through meetings and brainstorming sessions and see if we can address such short-term cash needs of our members. When we see a framework for this micro-credit program, we will implement as soon as possible,” De Claro said.

“Next, we are looking at how we can help members through livelihood loans as allowed under Republic Act 11199 or the Social Security Act of 2018 to support whole-of-government approach of President Ferdinand Marcos Jr. in poverty alleviation efforts. For instance, livelihood loans for SSS members working in the transport sector,” he added.

Marcos said these programs can benefit workers in the Philippines as well as SSS members overseas. — VBL, GMA Integrated News