In celebration of Araw ng mga Manggagawa 2025, the Social Security System (SSS), under the directive of President Ferdinand R. Marcos, Jr., has announced a series of enhancements to its loan programs that aim to empower the Filipino workforce—both local and overseas—with greater financial flexibility and social protection. These updates were shared during the Labor Day message at the SMX Convention Center in Pasay City.
🔻💸 Reduced Interest Rates on Salary and Calamity Loans
As part of its mission to ease financial burdens on members, the SSS will be lowering the interest rates for salary loans and calamity loans starting July 2025.
🔍 Key Details:
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From 10% to 8% for Salary Loans
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From 10% to 7% for Calamity Loans
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Applies to members with good credit standing:
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Must not have availed penalty condonation in the past 5 years
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Benefits:
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Increased cash proceeds
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More affordable repayment terms
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✅ This move is expected to offer significant relief to millions of Filipino workers, especially in times of financial need or natural disasters.
👵❤️ Pension Loan Program Now Open to Surviving Spouse Pensioners
Since its successful rollout in 2018, the Pension Loan Program (PLP) has helped thousands of retirees. Now, surviving spouse pensioners will also have access to this life-enhancing facility by September 2025.
📋 Details of the Expansion:
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Eligible Beneficiaries: Surviving spouse pensioners
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Total beneficiaries (as of Dec 2024): 1.2 million
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Maximum Loanable Amount: ₱150,000
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Covered by Credit Life Insurance:
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If the borrower passes away during the loan term, the balance is fully paid
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Insurance premium automatically deducted from the loan proceeds
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🏦 This program ensures financial dignity and safety net for the surviving partners of deceased SSS pensioners.
💼⚡ Upcoming Micro-Credit Loan Facility via Third-Party Providers
To address short-term cash needs, the SSS is developing a micro-credit loan program in partnership with third-party financial institutions. This initiative is part of its vision for more flexible and accessible lending solutions.
🔑 What to Expect:
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Loan term: 15 to 90 days
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Target members: Employed, self-employed, and informal sector workers
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Currently: Under study and consultation with partner institutions
🧠 This innovation will cater especially to gig economy workers, freelancers, and others who experience temporary income gaps.
🌍✨ SSS Commitment to Service Excellence & Broader Reforms
President and CEO Robert Joseph M. De Claro emphasized that these enhancements reflect SSS’s dedication to Filipino workers and its push for continuous improvement.
🔧 Additional Programs Underway:
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Livelihood Loans:
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In line with Republic Act 11199 (Social Security Act of 2018)
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Targeted for members like transport sector workers
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Digitalization Efforts:
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Partnership with DICT for better online services
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Collaboration with PhilHealth:
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For data synchronization and unified member services
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Sector-Focused Engagements:
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Targeted programs for:
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Mining
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Construction
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BPO
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Gig Economy
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🎯 These steps reinforce a whole-of-government approach to poverty alleviation and social empowerment.