MANILA, Philippines — The Social Security System (SSS) is set to implement a ₱60-billion relief package aimed at helping members cope with rising fuel prices and inflation pressures linked to global tensions, including the ongoing conflict in the Middle East.
A major portion of the program will go to the expanded Emergency Loan Program, with around ₱27 billion earmarked for qualified members. Under the revised guidelines, eligibility has been eased from 36 months to just 18 months of contributions, allowing more members to access financial assistance.
Qualified borrowers may now avail of loans of up to ₱20,000 at a reduced interest rate of 7 percent per year, with repayment deferred for six months. The agency also confirmed that its micro-lending program will continue to be available for members needing smaller financial support.
In addition, the SSS will release approximately ₱6.5 billion in additional benefits through the early implementation of scheduled pension increases, which will now be given in June instead of September.
The pension fund also announced relief measures such as penalty condonation for unpaid member loans and restructuring options for employers with overdue contribution obligations.
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