Marcos: Lower interest rates for SSS loans to start in July
President Ferdinand Marcos Jr. — File photo
MANILA, Philippines — President Ferdinand Marcos Jr. announced on Thursday that starting in July, the interest rates for the Social Security System’s (SSS) salary and calamity loans would be reduced.
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“With the help of the SSS, the Social Security System, starting July 2025, members with clean records will be able to obtain loans from the SSS at a lower interest rate,” he said in Filipino at the 123rd Labor Day celebration in Pasay City.
“The interest rate will go down to 8% for salary loans and 7% for calamity loans. These rates have been reduced from the previous 10%,” he added.
In a statement, SSS said the reduced interest rate is applicable to members who have had no availment of penalty condonation in the past five years or those who have good credit quality and will increase cash proceeds from loan applications.
The spouses of deceased pensioners will also be allowed to apply for a loan of up to 150,000 starting September this year.
As of December 2024, there are 1.2 million surviving spouse pensioners, the SSS said.
