SSS told to cut loan interest to aid poor

President Ferdinand R. Marcos Jr.’s directive to reduce interest rates on calamity loans issued by the Social Security System (SSS) is part of a broader effort to ease the financial strain on Filipinos and contribute to poverty alleviation, Malacañang said Friday.

Presidential Communications Undersecretary and Palace Press Officer Claire Castro said during a media briefing that the measure, set to take effect in July 2025, sends a strong message of relief and hope to those facing economic hardship.

“Napakaganda pong balita niyan (reduce interest rates of calamity loan), ito po ang nais po kasi ng Pangulo, sa programang ito ay magkaroon po talaga ng poverty reduction,” she said.

Castro underscored the practical benefits of the initiative, noting that the lower interest rates would help borrowers manage their payments better and preserve more of their earnings.

“Kapag po nalaman natin na iyong interest po ay bababa para sa mga kababayan natin na may kasalukuyang utang sa SSS, maganda pong balita iyan, para po kahit po iyong kanilang kinikita o kanilang kaunting savings para maibayad mababawasan iyong kanilang pagbabayad sa kanilang mga utang dahil liliit po ang interest,” she explained.

She also cited the President’s directive for all Regional Tripartite Wages and Productivity Boards to review and update wage levels in line with local economic realities and cost-of-living standards as another concrete step in supporting workers.

In his Labor Day message, President Marcos unveiled several measures aimed at making daily life easier for Filipinos, especially workers and low-income families.

Castro added that the President remains committed to open dialogue and practical solutions “para sa taong-bayan at mga manggagawa.”