Driving the news:
Following President Ferdinand R. Marcos Jr.’s directive in May to accelerate government aid, the SSS has:
Reduced interest rates for calamity loans to 7 percent per year, down from 10 percent.
Cut the activation period to just 7 days, from the previous 30-day wait.
Allowed loan renewal after six months for members in good standing.
Loan terms at a glance:
Repayment: 24 monthly installments over two years
Start of payment: Month after loan approval
Service fee: 1 percent of the loan amount
Disbursement: UMID-ATM or any PESONet-linked bank account
Eligibility: Must have good credit standing
Deadline: Must apply within 30 days from official publication
Why it matters:
The revamped loan program aims to provide faster and more affordable financial assistance to SSS members in areas under a declared State of Calamity.
“Kung dati isang buwan bago mo makuha ang loan, ngayon pitong araw na lang. Bukod pa dito, mas pinababa pa natin ang interest para hindi mabigat sa bulsa,” Recto said. (If before it took a month to get the loan, now it only takes seven days. In addition, we’ve lowered the interest rate so it won’t be a burden on the pocket.)
What’s next:
The SSS expects these changes to boost loan accessibility and ease the burden of Filipinos facing natural disasters, while reinforcing transparency through digital disbursement channels. —Ed: Corrie S. Narisma
