By Ruth Abbey Gita-Carlos | Philippine News Agency
President Ferdinand R. Marcos Jr. on Thursday announced that qualified Social Security System (SSS) members may now avail of emergency loan following the declaration of a one-year state of national calamity.
In a video message, Marcos said the SSS emergency loan aims to help Filipinos meet urgent needs during emergencies without falling into deep debt.
“Simula itong Disyembreng ito ay makakapagbigay na ang SSS ng tinatawag na emergency loan dahil habang nasa ilalim ng national emergency ay magbibigay ng emergency loan ang SSS,” he said.
Marcos said qualified SSS members may apply for the emergency loan with only seven percent annual interest and a six-month moratorium on repayments.
“Ibig sabihin, pagtanggap ninyo ng loan galing sa SSS, sa unang anim na buwan ay hindi kayo kailangang magbayad ng loan amortization para mapagaan ang inyong dala,” he said.
He added that the loan may be used for immediate needs, especially during emergencies.
Marcos said the program offers a safe, affordable, and transparent alternative to predatory lending practices.
He said he would continue to work closely with the SSS to develop safer and fairer alternatives to microloans and emergency loans.
“Maganda po ito kasi imbes na pupunta kayo sa 5-6 at mapasubo sa malalim na utang, may magagamit na kayo at seven percent lamang ang babayaran. Sana ay makatulong ito sa inyong lahat,” Marcos said.
Marcos, on Nov. 5, signed Proclamation No. 1077 declaring a state of national calamity for one year to expedite rescue, relief, recovery, and rehabilitation efforts following the extensive damage caused by Typhoon Tino.
The declaration authorizes the implementation of remedial measures, including price ceilings on necessities and prime commodities, prevention of overpricing and hoarding, and the utilization of government funds for relief and rehabilitation programs. (PNA)
