Manila, Philippines — Amid the economic challenges faced by Filipinos as an impact of the Middle East tension and global crisis, the Social Security System assures its members of expanded programs and services to aid financial needs during these trying times.
SSS President and Chief Executive Officer Robert Joseph De Claro recognizes that the rising fuel costs and inflation is an additional burden to Filipino families.
With this, SSS commits to improved accessibility of its programs and benefits, allotting P60 billion of financial support that can be availed by its members and pensioners.
SSS members that have urgent financial needs may avail the enhanced Emergency Loan Program which offers up to P20,000 loan with a reduced 7% interest rate per annum, payable in 6 months moratorium.
From the previous 3 years, SSS eased the eligibility requirement to 18 months of posted contribution, given that they have 6 contributions within the last year.
The loan program now also covers members with 3 monthly amortization due, as well as Overseas Filipino Workers.
P27 billion is allocated for the program, expected to benefit 2.24 million eligible members, with the fund to be used for medical needs, education, and other daily expenses.
Aside from this, SSS is set to launch the micro-loan program—which offer short-term loans from P1,000 up to P20,000, payable from 15 to 90 days with 8% interest rate per annum.
P40 billion is allocated for the program, and will be delivered through digital platforms and partner financial institutions to allow faster roll-out.
SSS likewise eased the penalties for members with unpaid loans, given that they will be able to pay the principal amount and interest. This may be paid through one time settlement or installment terms up to 5 years.
Delinquent employers are also condoned from penalties, allowing structured payment arrangements to settle the contribution obligations to its employees.
On the other hand, SSS allowed the early implementation of pension increase under the Pension Reform Program in June instead of September 2026.
Retirement and disability pension will increase by 10%, while death and survivor benefits by 5%.
SSS expressed commitment to continue improving its programs and services to provide aid to Filipinos especially during crisis situations.—Mia Layaguin, Eurotv News