Good news
THIS year, the Social Security System (SSS) plans to cut the interest rate on salary and calamity loans, drawing cheers from members.
SSS is the state-run pension fund for the country’s workers in the private sector, including the Overseas Filipino workers (OFWs).
At present, SSS charges an interest rate of 10 percent per annum for its salary and calamity loans.
Millions of SSS members are made to believe that the government agency has enough fiscal space to reduce its lending rate.
Note that some quarters, including members, described SSS’ income from investments as “robust.”
“Isa lang ang ibig sabihin nito,” according to a pensioner, “talagang maganda ang financial standing ng SSS.”
“Kung hindi ay baka taasan pa ng ahensya ang kanyang lending rate na magpapahirap sa mga miyembro,” he said.
“Given the consistent, solid performance of SSS’ investment portfolio, it is now timely to revisit the interest rate of our salary and calamity loans,” said SSS President Robert Joseph de Claro.
Without doubt, the planned lending rate reduction is good news to SSS members, particularly the borrowers.
In fact, some SSS members see better signs for 2025.
