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SSS microloan program aims to steer members away from loan sharks
The Social Security System (SSS) is planning to launch a microloan program to provide members with safe, affordable, and convenient short-term credit options.
This initiative aims to protect members from predatory lending practices and high-interest loan sharks.
The program aligns with President Ferdinand Marcos, Jr.'s directive to safeguard Filipinos from costly informal lending.
Loan amounts will range from P1,000 to P20,000, with repayment terms of 15 to 90 days.
The proposed interest rate for the microloans will be 8% per annum, or 0.67% per month.
The SSS plans to collaborate with participating banks and financial institutions to deliver the program via their digital platforms.
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