THE Social Security System (SSS) has set aside P60 billion to provide timely financial relief to members, pensioners, and employers in the wake of rising energy costs. SSS President and CEO Robert Joseph de Claro on Thursday said the amount would be used to improve loan accessibility and the early implementation of this year’s pension increase.
“We recognize that rising prices and economic uncertainty continue to place pressure on Filipino families and businesses. Through these enhanced programs, SSS is ensuring that our members and pensioners have access to timely, affordable and reliable financial support when they need it most,” de Claro said.
“Collectively, these programs are expected to provide up to approximately P60 billion in financial assistance and benefit support,” he pointed out.
The SSS said the enhanced Emergency Loan Program is now offering P20,000 at a reduced interest rate of 7 percent per annum, with a six-month repayment moratorium.
To improve accessibility, SSS has relaxed the eligibility requirements from 36 to 18 months of posted contributions, with at least six contributions posted within the last 12 months, it said.
De Claro said the program now also covers members with minimal past-due loans of up to three monthly amortizations, as well as overseas Filipino workers (OFWs) through simplified eligibility requirements.
Expected to benefit are 2.24 million eligible members.
For the Micro-Loan Program (MLP), he said the agency is set to roll out short-term loans ranging from P1,000 to P20,000 with repayment terms of 15 to 90 days and an affordable rate of 8 percent per annum.
The MLP will be delivered through digital platforms and partner financial institutions, enabling faster and more convenient access to funds, the SSS said.
The agency will also release early this year's pension increase. Instead of September, the 10-percent pension hike for retirement and disability pensioners will be implemented in June. It said death and survivor benefits will increase by 5 percent. De Claro said the agency continues to implement the consolidation of past due short-term member loans with condonation of penalty program.
Under this program, penalties of unpaid loans are fully waived upon settlement of the principal and interest.
“Members may choose flexible payment options: one-time settlement or installment terms up to 60 months with a minimum down payment of 10 percent,” he said.
Meanwhile, he said the SSS is also providing relief to delinquent employers through penalty condonation and restructuring programs.
These include the Contribution Penalty Condonation, Delinquency Management, and Restructuring Program for businesses and the Contribution Penalty Condonation and Restructuring Program for household employers.
“These measures allow employers to settle contribution obligations through structured payment arrangements without additional penalties, ensuring continued social security coverage and protection for their employees,” de Claro said.