Marcos Leads Labor Day with Major SSS Loan Program Reforms to Benefit Filipino Workers

**** by: Edjun Mariposque

****

May 1, 2025

4–5 minutes

In celebration of Araw ng mga Manggagawa on May 1, 2025, President Ferdinand R. Marcos Jr. unveiled key improvements to the Social Security System’s (SSS) loan programs, aiming to provide greater financial support for Filipino workers both in the country and abroad. Announced during his Labor Day address at the SMX Convention Center in Pasay City, the reforms include reduced interest rates on salary and calamity loans, expanded pension loan access for surviving spouses, and the development of a micro-credit loan facility.

Speaking at the SMX Convention Center during his Labor Day message, President Marcos underscored the administration’s commitment to uplifting the welfare of the Filipino labor force. SSS President and CEO Robert Joseph M. De Claro detailed the enhancements, which include reduced interest rates for existing loan products, the expansion of the pension loan program, and the launch of a micro-credit facility.

Reduced Interest Rates for Salary and Calamity Loans

Effective July 2025, interest rates for SSS salary and calamity loans will be reduced from the current 10% to 8% and 7%, respectively. This benefit is aimed at members with clean credit records—those with no penalty condonation in the past five years.

“This is part of our effort to reward members who maintain good credit standing. It also increases the actual cash they receive when they apply for a loan,” said De Claro.

Expanded Pension Loan Program for Surviving Spouse Pensioners

Another key development is the inclusion of surviving spouse pensioners in the Pension Loan Program (PLP). With over 1.2 million surviving spouse pensioners as of December 2024, the initiative offers up to P150,000 in loans, safeguarded by Credit Life Insurance. This ensures full payment of outstanding loans in case of the borrower’s death.

The expanded program is set for rollout by September 2025.

New Micro-Credit Facility in the Works

SSS is also exploring a new micro-credit loan product for members in urgent need of short-term funds, offering tenors ranging from 15 to 90 days. Initial consultations with partner financial institutions are underway, and implementation will follow upon the development of a working framework.

Broader Vision for Financial and Social Protection

De Claro emphasized that these reforms are part of a broader mission to improve service delivery and expand social protection under the Social Security Act of 2018. The SSS is also considering livelihood loans for workers in specific sectors, such as transportation, to support national poverty alleviation goals.

Additionally, the agency is collaborating with the DICT on digitalization, coordinating with PhilHealth for data sharing, and engaging industries like mining, BPOs, and the gig economy to tailor programs that meet sector-specific needs.

“These initiatives reflect our ongoing commitment to service excellence and our role in nation-building,” said De Claro. “This Labor Day, we renew our promise to empower Filipino workers with better tools for economic resilience and social security.”

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