MANILA – President Ferdinand Marcos Jr. has directed the Social Security System (SSS) to implement lower interest rates on salary and calamity loans starting July 2025, alongside expansions in pension loans and micro-credit facilities, as part of broader efforts to ease financial burdens on Filipino workers. The announcements, highlighted in Marcos’ Labor Day message on May 1, 2025, aim to reward members with good credit records while enhancing support for vulnerable groups, including surviving spouse pensioners.
Key changes include:
- Salary Loans: Interest reduced to 8% per annum (from 10%).
- Calamity Loans: Dropped to 7% per annum (from 10%).
- These lower rates apply to members with no penalty condonation availments in the past five years (“good credit quality”).
Marcos emphasized the move’s inclusivity: “These programs benefit workers here and abroad,” extending relief to OFWs and self-employed members. SSS also plans:
- Expanded Pension Loan Program (starting September 2025): Surviving spouses of deceased pensioners can borrow up to P150,000.
- Micro-Credit Facility: Short-term loans (15-90 days) via third-party providers for urgent needs.
SSS President Robert Joseph De Claro confirmed implementation timelines, noting the reductions increase loan proceeds for eligible borrowers. The reforms align with Marcos’ poverty alleviation push, complementing livelihood loan explorations (e.g., for transport sector workers).
For millions of SSS members facing rising costs, these tweaks offer tangible holiday-season relief—lower borrowing costs without compromising fund sustainability.
Loan Rate Comparison:
| Loan Type | Old Rate | New Rate (July 2025) | Eligibility Note |
|---|---|---|---|
| Salary Loan | 10% | 8% | No penalty condonation in 5 years |
| Calamity Loan | 10% | 7% | Same as above |