SSS to offer emergency loan in Dec.

PHILIPPINE President Ferdinand R. Marcos, Jr. said state-run Social Security System (SSS) members will gain access to a loan facility designed to provide quick, low-cost relief during periods of national emergency, starting this December.

In a video message released on Thursday, Mr. Marcos said that the SSS will offer emergency loans with a 7% interest rate, accompanied by a six-month moratorium on repayments to ease the immediate financial burden on borrowers. 

Loan amortization will not be required during the first half-year after release.

The country is under a one-year state of national calamity following successive storms, including a super typhoon, that battered the climate-vulnerable nation.

“Starting this December, the SSS will be able to provide what is called an emergency loan,” Mr. Marcos said in Filipino.

“You can use this loan for your needs, especially, as I mentioned, during emergencies; this is what you can access from the SSS.”

The President added he is continuing to work with the SSS to explore additional options for safer and more equitable microloans and emergency loan programs for Filipinos. — Chloe Mari A. Hufana