President Marcos announced the rollout of a low-interest emergency loan program under the Social Security System (SSS), saying the measure is meant to protect members from predatory “5-6” lenders during times of crisis.

In a video message uploaded to his social media account on Thursday, Dec. 18, the President said SSS members may now access emergency loans whenever a national emergency is declared, with an interest rate capped at seven percent.

“Maganda po ito kasi imbis na pupunta po kayo sa 5-6 at mapasubo sa malalim na utang, meron na kayo magagamit at ang babayaran lang ay seven percent lang (This is good because instead of going to loan sharks and getting trapped in deep debt, you now have an option where you only pay seven percent),” he said.

Marcos said the emergency loan is designed to help SSS members immediately address urgent needs brought about by disasters or other crisis situations.

“Magagamit po ninyo itong loan na ito para sa inyong pangangailangan, lalo na, kagaya ng aking nabanggit, pagka emergency (You can use this loan for your needs, especially during emergencies, as I mentioned),” he said.

Under the program, borrowers will be given a six-month moratorium before they begin paying loan amortizations, a feature the President said would help ease the financial burden on affected members.

“Ibig sabihin pagtanggap ninyo ng loan galing sa SSS sa unang anim buwan hindi kayo kailangan magbayad para sa loan amortization para naman mapagaang ang inyong dala (This means that for the first six months after receiving the SSS loan, you do not need to pay amortization so your burden is eased),” he said.

President Marcos underscored that the emergency loan offers a safer and more affordable alternative to informal lending practices that often charge exorbitant interest rates.

He said the government wants to ensure that SSS members are not forced into disadvantageous borrowing arrangements when they are most vulnerable.

With this, the President said he remains in constant coordination with the SSS to expand fair and secure lending options for members.

“Tuloy-tuloy naman po ang pakikipag-ugnayan ko sa SSS upang makahanap ng iba't iba pang paraan para magkaroon ng mas ligtas at makatarungan na alternatibo sa microloan at emergency loan (I continue to coordinate with the SSS to find various ways to provide safer and fairer alternatives to microloans and emergency loans),” he said.

“Kaya sana ito ang makatulong sa inyong lahat (I hope this will help all of you),” he added.