State-run Social Security System will implement the second phase of its pension overhaul in late 2026, a step in the state insurer’s efforts to bolster the national retirement fund while maintaining a heavy rotation of emergency credit for its members.

SSS President and Chief Executive Officer Robert Joseph Montes De Claro said in a statement on Wednesday that the second tranche of the Pension Reform Program is slated for implementation in September 2026.

The SSS announcement comes as the agency seeks to balance long-term fiscal sustainability with immediate social protections, including the extension of its emergency loan facility through December 2026.

The pension fund’s leadership is pivoting toward a more aggressive expansion of its service footprint and product portfolio.

Under the direction of Finance Secretary Frederick D. Go, the SSS is preparing to debut a micro-loan program early next year to provide members with a formal alternative to predatory lenders.

The Social Security Commission already approved guidelines for the program last week, targeting borrowers who need short-term liquidity for urgent needs. These loans will carry a tenor of 15 to 90 days and an interest rate of eighht percent per annum, equivalent to approximately 0.67 percent per month.

De Claro noted that the program will be facilitated through partner institutions to ensure broad accessibility and safety for borrowers.

The extension of the emergency loan program through the end of next year, or until the lifting of official calamity declarations, follows a volatile period of natural disasters in the Philippines.

A series of typhoons and earthquakes has strained the finances of many of the fund’s members, prompting the SSS to maintain the credit window as a critical safety net.

Beyond credit facilities, the SSS is also eyeing a broader geographic reach. The agency plans to open 10 new domestic branches and three foreign representative offices in Madrid, San Francisco, and Macau in 2026.

SSS said the international expansion is designed to better serve the millions of Filipinos working overseas, who remain a vital contributor base for the fund. In a specific move to bolster overseas Filipino worker (OFW) participation, the SSS is processing a ₱28.8-million commitment from DoubleDragon Corp. to provide contribution subsidies for 2,000 workers.

Operational efficiency remains a core focus for the state insurer as it deals with a growing volume of assistance requests and complaints.

The agency disclosed plans to hire roughly 1,800 new personnel to staff its frontline services and digital platforms. This recruitment drive is part of a wider modernization effort that includes a potential partnership with the National Commission of Senior Citizens to streamline the Annual Confirmation of Pensioners program, as well as the creation of bespoke contribution frameworks for workers in the gig economy.