PBBM: SSS offers emergency loans to members

President Ferdinand Marcos Jr. announced that the Social Security System (SSS) is offering emergency loans this December to help members purchase essential goods and avoid predatory lenders.

The loans feature a 7 percent interest rate and a six-month payment moratorium, allowing borrowers to delay amortization payments for half a year.

“When you receive the loan from SSS, you don’t need to pay the amortization for the first six months to ease your burden,” Marcos said in a video message.

The President positioned the program as a safer alternative to “5-6” lending, an informal and often predatory money-lending scheme common among low-income households that charges high interest rates.