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Manila Bulletin devider Philippines devider As nation celebrates Labor Day, SSS enhances loan programs for members and pensioners

As nation celebrates Labor Day, SSS enhances loan programs for members and pensioners

Published May 1, 2025 08:43 am

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In celebration of Labor Day on Thursday, May 1, the Social Security System (SSS) said it is rolling out enhancements to its loan offerings.

President Ferdinand R. Marcos Jr. announced these improvements during his Labor Day address at SMX Convention Center in Pasay City, underscoring the government’s support for Filipino workers at home and abroad.

In a statement, the state-run pension fund for private-sector workers said that among the key changes are lower interest rates for salary and calamity loans.

“As announced early this year, we proposed and obtained approval of the Social Security Commission (SSC), headed by our chairperson, Finance Secretary Ralph G. Recto, to reduce interest rates for salary loans and calamity loans. From the current interest rate of 10 percent, salary loan interest rate shall be reduced to eight percent while calamity loan interest rate shall be reduced to seven percent,” said SSS President and Chief Executive Officer (CEO) Robert Joseph M. De Claro.

The reduced interest rates will be available to members with good credit standing—those with no penalty condonation in the last five years. This move is expected to boost loan proceeds for qualified applicants, with implementation targeted for July 2025.

The pension loan program (PLP), which has served retiree pensioners since 2018, is being expanded to cover 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,” De Claro said. Eligible borrowers may avail of up to ₱150,000.

These loans will also include credit life insurance, which ensures that the loan balance is fully paid in the event of the borrower's death. The expansion is scheduled for implementation in September 2025 and is expected to benefit over 1.2 million surviving spouse pensioners.

The SSS is also exploring the introduction of a micro-credit loan facility through partner financial institutions, aimed at members needing short-term financial support. “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 added.

These efforts reflect SSS’s ongoing commitment to innovation and service. “We offer these enhancements to all Filipino workers, here and overseas, for Labor Day—Araw ng mga Manggagawa. We remain committed to our push for service excellence with program enhancements and innovations,” said De Claro.

Future initiatives include livelihood loan programs aligned with Republic Act (RA) No. 11199 and efforts to collaborate with government agencies and industries to expand digital services and strengthen social protection across various sectors.

“For instance, livelihood loans for SSS members working in the transport sector,” De Claro said.

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