The Social Security System is offering emergency loans to its members this December to provide immediate assistance for the purchase of essential needs, President Ferdinand R. Marcos Jr. announced Thursday.

In a video message, Marcos said the loan carries an interest rate as low as 7 percent, with a six-month payment moratorium.

“Ibig sabihin, pagtanggap ninyo ng loan galing sa SSS, sa unang anim na buwan hindi kayo kailangan magbayad para sa loan amortization para naman mapagaan ang inyong dala (That means, when you receive the loan from SSS, you don’t need to pay the amortization for six months to ease your burden),” he said.

Marcos added that he continues to coordinate with the Social Security System to find more ways to provide safer and fairer alternatives to microloans and emergency loans for Filipinos.

“Maganda po ito kasi imbes na pupunta po kayo sa '5-6' at mapasubo sa malalim na utang ay mayroon na kayong magagamit at ang babayaran lang ay seven percent lamang. Kaya sana ito ay makatulong po sa inyong lahat (This is better instead of choosing the ‘5-6’ scheme and burdened by online loans, here you can utilize your loan for as low as seven percent interest only. I hope it will help you all),” the President said, referring to the predatory money-lending scheme commonly availed of by low-income households.

On 6 November, Marcos declared a one-year state of national calamity under Proclamation No. 1077 in response to widespread destruction from recent calamities and in preparation for upcoming natural disasters.