SSS cuts calamity loan interest rate to 7% a year

The Social Security System (SSS) has reduced the interest rate on its Calamity Loan Program (CLP) to 7% per annum from 10%.

This decision, approved by the Social Security Commission chaired by Finance Secretary Ralph Recto, aligns with President Ferdinand R. Marcos, Jr.'s directive to lower loan interest rates.

The revised guidelines also allow for calamity loan renewal after six months if the existing loan is not past due.

SSS President and CEO Robert Joseph de Claro mentioned that this initiative aims to provide financial relief and support recovery under liberalized terms.

The SSS is allocating approximately P20 billion for the CLP this year.

Last year, the state pension fund disbursed nearly P10 billion worth of calamity loans to over 560,000 affected members.