Secretary Go advocates for the implementation of the SSS Micro-Loan Program to protect members from expensive informal lending sources.

Finance Secretary and Chair of the Social Security Commission, Frederick D. Go, is advocating for the implementation of the SSS Micro-Loan Program to protect SSS members from the burdens of high-cost informal lending. This initiative is in line with President Ferdinand R. Marcos, Jr.’s efforts to shield Filipinos from exploitative lending practices while offering timely financial assistance for urgent requirements.

Secretary Go emphasized the importance of the proposed SSS Micro-Loan Program in addressing the immediate cash needs of members by providing small, short-term loans at reasonable rates with flexible repayment options. By steering members away from loan sharks and other predatory lending schemes, the program aims to encourage responsible borrowing and financial decision-making.

The SSS intends to collaborate with banks and financial institutions to deliver the program through digital platforms under the proposed framework. The key components of the program include loan amounts ranging from PHP 1,000 to PHP 20,000 based on a member’s average monthly salary credit, repayment terms spanning from 15 to 90 days, and an annual interest rate of 8% or 0.67% per month.

Eligibility for the program is open to SSS members aged 18 to under 65 years old, with a minimum of 12 paid monthly contributions and no outstanding retirement, total disability, or death benefit claims. Even members with existing SSS loans may qualify within the program’s limits.

Currently, the SSS is finalizing program guidelines, system integration, and partnerships with participating banks for a pilot rollout scheduled for the first half of 2026. Secretary Go expressed that this micro-loan initiative demonstrates their ongoing dedication to enhancing social protection and promoting financial inclusion among all Filipinos.

In conclusion, the SSS Micro-Loan Program is designed to empower SSS members with access to safe and affordable short-term credit, minimizing their reliance on high-cost informal lending options. By offering small loans with reasonable rates and flexible repayment terms, the program aims to protect members from predatory lenders and foster responsible borrowing habits. Through strategic collaborations with banks, the SSS is poised to provide a valuable financial lifeline to members in need while advancing the country’s financial inclusion goals.