President Ferdinand Marcos Jr. announced that the Social Security System (SSS) has started offering emergency loans to its members this December to help them cope with urgent financial needs during times of crisis. In a video message, the President said the emergency loan program is being made available while the country remains under a state of national calamity. The SSS emergency loan program is part of the government’s broader efforts to provide timely financial relief to affected citizens. This feature, he said, is meant to ease the immediate financial burden on members affected by disasters. The President added that the emergency loan is intended to serve as a safer alternative to informal lending schemes, such as the so-called “5-6,” which charge excessively high interest rates. He explained that qualified SSS members may now apply for the loan to help cover essential expenses brought about by emergencies. According to Marcos, the loan carries a relatively low interest rate of seven percent and includes a six-month grace period, during which borrowers are not required to pay amortization. He stressed that the government is working closely with the SSS to ensure Filipinos have access to fair and affordable financial assistance. Marcos earlier declared a one-year state of national calamity under Proclamation No. 1077 on November 6, following widespread damage caused by recent disasters and in preparation for possible future emergencies.
