MANILA, Philippines — President Ferdinand Marcos Jr. announced on Thursday that the Social Security System (SSS) will lower interest rates for salary and calamity loans starting in July 2025.
The announcement was made during the 123rd Labor Day celebration in Pasay City.
Under the new rates, salary loans will have an interest rate of 8%, while calamity loans will be set at 7%. These reductions will benefit SSS members with clean records, making loans more affordable and accessible.
The initiative is part of ongoing efforts to support the financial needs of the workforce and improve the financial conditions of SSS members. The changes are expected to enhance access to financial resources for those in need.