Marcos announces SSS loan rate cuts, pension loans

President Ferdinand 'Bongbong' Marcos Jr. announced at an event in SMX Convention Center in Pasay City that the Social Security System (SSS) will reduce interest rates for salary and calamity loans starting July 2025, with new rates of 8% and 7%, respectively.

Starting September 2025, surviving spouse pensioners can avail themselves of a Pension Loan Program offering up to P150,000 in loans accompanied by Credit Life Insurance coverage.

The SSS is also exploring micro-credit loan facilities for short-term cash needs with tenors ranging from 15 to 90 days and considering livelihood loan programs aligned with Republic Act No. 11199.

These initiatives aim to assist both domestic and overseas workers who are members of the SSS in addressing their financial needs, although labor groups like the Federation of Free Workers have called for lower interest rates and higher wages to address the root causes of financial strain.