President Ferdinand “Bongbong” Marcos Jr. announced on Thursday that qualified members of the Social Security System (SSS) can now avail of an emergency loan following the declaration of a one-year state of national calamity.

In a video message, President Marcos said the initiative is part of the government’s efforts to ensure that every Filipino has access to reliable financial support during times of need without falling into heavy debt.

He explained that eligible SSS members can apply for the emergency loan, which features a low interest rate of 7% and a six-month payment moratorium.

“Simula itong Disyembre na ito, ay makakapagbigay na ang SSS na tinatawag na emergency loan. Dahil habang nasa ilalim, halimbawa, ng national emergency, ay magbibigay ng emergency loan ang SSS. Ito ay isang pautang na ang bayad ay mababa lang, 7% lang,” Marcos said.

“Bukod pa riyan, ay meron tinatawag na six-month moratorium. Ibig sabihin, ang pagtanggap ninyo ng loan galing sa SSS, sa unang anim na buwan, hindi kayo kailangan magbayad para sa loan amortization. Para naman ay mapagaan ang inyong dala,” he added.

He further said that the loan is intended to help members meet urgent financial needs and is part of ongoing efforts to provide safer and fairer alternatives to high-interest microloans.

“Tuloy-tuloy naman po ang pakikipag-ugnayan ko sa SSS upang makahanap ng iba't ibang paraan para magkaroon ng mas ligtas at makatarungan na alternatibo sa microloan at emergency loan,” the President said.