Manila: President Ferdinand R. Marcos Jr. on Thursday announced that qualified Social Security System (SSS) members may now avail of an emergency loan following the declaration of a one-year state of national calamity. In a video message, Marcos emphasized that the SSS emergency loan aims to assist Filipinos in addressing urgent needs during emergencies without incurring substantial debt.

According to Philippines News Agency, Marcos detailed that starting December, the SSS will provide what is called an emergency loan, available while the country is under a national emergency. The loan comes with a seven-percent annual interest rate and includes a six-month moratorium on repayments. "This means that once you receive the loan from the SSS, you will not be required to pay loan amortization during the first six months to help ease your burden," he stated.

The loan is intended to cater to immediate needs, especially during emergencies. Marcos highlighted that the program presents a safe, affordable, and transparent alternative to predatory lending practices. He assured continued collaboration with the SSS to develop safer and fairer alternatives to microloans and emergency loans.

"This is good because instead of turning to loan sharks charging 5-6 and falling into deep debt, you now have an option where you only pay seven percent. I hope this will be of help to all of you," Marcos added.

On November 5, Marcos signed Proclamation No. 1077, declaring a state of national calamity for one year to expedite rescue, relief, recovery, and rehabilitation efforts, following the extensive damage caused by Typhoon Tino. The declaration permits the implementation of remedial measures, including price ceilings on basic necessities and prime commodities, prevention of overpricing and hoarding, and the utilization of government funds for relief and rehabilitation programs.