MANILA — President Ferdinand R. Marcos Jr. announced that the Social Security System (SSS) will offer emergency loans to its members starting this December to provide immediate assistance for essential needs.

In a video message, Marcos said the emergency loan program will be available while the country is under a national emergency.

“Simula itong Disyembre na ito ay makakapagbigay na ang SSS ng tinatawag na emergency loan dahil habang nasa ilalim halimbawa ng national emergency ay magbibigay ng emergency loan ang SSS,” the President said.

“Magagamit po ninyo itong loan na ito para sa inyong pangangailangan lalo na kagaya ng aking nabanggit ay pagka emergency, ito po ang makukuha ninyo sa SSS,” he added.

Marcos said the loan will carry a low interest rate of 7 percent and will include a six-month payment moratorium.

“Ibig sabihin, pagtanggap ninyo ng loan galing sa SSS, sa unang anim na buwan hindi kayo kailangan magbayad para sa loan amortization para naman mapagaan ang inyong dala,” he said.

The President said he continues to coordinate with the SSS to explore more ways to provide safer and fairer alternative microloans and emergency loans for Filipinos.

“Maganda po ito kasi imbes na pupunta po kayo sa ‘5-6’ at mapasubo sa malalim na utang ay mayroon na kayong magagamit at ang babayaran lang ay seven percent lamang. Kaya sana ito ay makatulong po sa inyong lahat,” Marcos said, referring to the predatory money lending scheme commonly used by low-income households.

Marcos last November 6 declared a one-year state of national calamity under Proclamation No. 1077 in response to widespread damage caused by calamities and in preparation for upcoming natural disasters.