Marcos Announces Lower SSS Loan Interest Rates, Expanded Pension Loans for Surviving Spouses

President Ferdinand “Bongbong” Marcos Jr. announced that the Social Security System (SSS) will lower interest rates for salary and calamity loans beginning July 2025. The rate for salary loans will drop to 8% and calamity loans to 7%—a reduction from the previous 10%.

During the 123rd Labor Day celebration, Marcos said the new rates will apply to members with clean records, specifically those who haven’t availed of penalty condonation in the past five years.

SSS also unveiled plans to launch an expanded Pension Loan Program (PLP) in September, allowing surviving spouses of deceased pensioners to borrow up to ₱150,000. These loans will be covered by Credit Life Insurance, ensuring any outstanding balance is cleared if the borrower passes away during the loan term.

As of end-2024, there are 1.2 million surviving spouse pensioners eligible for this support.

SSS President Robert Joseph De Claro added that they’re exploring new micro-loan programs and livelihood loans, particularly for members in the transport sector, under the Social Security Act of 2018 to support the government’s poverty alleviation initiatives.

Marcos emphasized that these programs are designed not only for local workers but also for SSS members abroad.