President Ferdinand Marcos Jr. has announced the rollout of a low-interest emergency loan program under the Social Security System (SSS), aimed at shielding members from predatory “5-6” lenders during times of crisis.
In a video message posted on 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 interest rates 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,” 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,” 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,” 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. (Argyll Geducos)
