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Social Security System satellite office at Ali Mall in Quezon City on July 6, 2023. ABS-CBN News

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SSS eases requirements for emergency loans, launches microloans amidst Middle East crisis

ABS-CBN News

MANILA -- The Social Security System (SSS) is easing the eligibility requirements for emergency loans as the Middle East war continues to drive up oil prices. In a statement, the SSS said that those with 18 months of posted contributions, with at least 6 posted within the last 12 months, can apply for emergency loans. The rules previously stated that one must have made 36 months of contributions before applying for an emergency loan.The program now also covers members with minimal past-due loans of up to three monthly amortizations, and overseas Filipino workers (OFWs). The agency said P27 billion has been allotted for this program, which is expected to help 2.24 million SSS members.The emergency loan program allows members to borrow up to P20,000 at an interest rate of 7 percent per annum, with a six-month <a href="https://www.abs-cbn.com/news/business/2026/4/15/bsp-asks-banks-to-grant-up-to-6-months-grace-period-for-loans-1203" rel="noopener noreferrer" target="_blank">moratorium</a> on repayments.The SSS is also offering short-term microloans ranging from P1,000 to P20,000, payable within 15 to 90 days at an interest rate of 8 percent per annum.SSS said these loans will be released through digital platforms and partner financial institutions. SSS said it aims to have a loan portfolio of up to P40 billion within the next 2 years. SSS also said it is increasing pensions in June, earlier than the originally planned increase in September. Retirement and disability pensions will climb by 10 percent, while death and survivor benefits will go up by 5 percent.The early implementation will give about P6.5 billion in additional benefits from June to August 2026.Gasoline prices now range from P85.90 to P108.20 per liter, up from P48 to P65.39 per liter from Feb. 24 to March 2, or the last week before the outbreak of war in the Middle East. <div><a href="https://www.abs-cbn.com/news/business/2026/4/14/fresh-lpg-imports-to-stabilize-supply-to-50-days-doe-2025" rel="noopener noreferrer" target="_blank">How much have fuel prices risen since the start of the Mideast conflict</a></div>The purchasing power of the Philippine peso has also fallen to its lowest level to P0.7519 in March as inflation continues to <a href="https://www.abs-cbn.com/news/business/2026/4/7/inflation-quickens-to-4-1-percent-in-march-0905" rel="noopener noreferrer" target="_blank">climb</a>. Since the onset of the Middle East war, the government has given <a href="https://www.abs-cbn.com/news/business/2026/4/14/mandaluyong-toda-and-jeepney-drivers-line-up-early-for-dswd-cash-relief-1844" rel="noopener noreferrer" target="_blank">fuel cash assistance</a> to drivers and has helped <a href="https://www.abs-cbn.com/news/business/2026/4/14/agri-dept-deploys-nearly-40-trucks-to-benguet-to-address-vegetable-oversupply-1754" rel="noopener noreferrer" target="_blank">move</a> agricultural products closer to markets.<div><a href="https://www.abs-cbn.com/news/business/2026/4/10/gsis-p6-6-billion-refunds-given-under-balik-ginhawa-1635" rel="noopener noreferrer" target="_blank">GSIS: More than 453,000 borrowers receive P6.56 billion refunds under Balik Ginhawa</a></div>