President Ferdinand R. Marcos Jr.’s directive to cut interest rates on Social Security System (SSS) calamity loans aims to ease Filipinos’ financial burden and help reduce poverty, according to Presidential Communications Undersecretary and Palace Officer Claire Castro.

In a press briefing on Friday, Undersecretary Castro said that the move of President Marcos is a clear message of hope for struggling Filipinos. It will take effect in July 2025.

“Napakaganda pong balita niyan (reduce interest rates of calamity loan), ito po ang nais po kasi ng Pangulo, sa programang ito ay magkaroon po talaga ng poverty reduction,” the Palace Press Officer added.

Castro highlighted the positive impact of lowering SSS loan interest rates on ordinary Filipinos, saying, “Kapag po nalaman natin na iyong interest po ay bababa para sa mga kababayan natin na may kasalukuyang utang sa SSS, maganda pong balita iyan, para po kahit po iyong kanilang kinikita o kanilang kaunting savings para maibayad mababawasan iyong kanilang pagbabayad sa kanilang mga utang dahil liliit po ang interest.”

“Ito po ang nais po kasi ng Pangulo—sa programang ito ay magkaroon po talaga ng poverty reduction,” Castro said.

Castro also emphasized that the presidential directive that all Regional Tripartite Wages and Productivity Boards assess and update minimum wages in their jurisdictions to reflect regional economic conditions and cost-of-living factors will help ordinary Filipinos.

In his Labor Day message, the President announced various measures to ease and assist ordinary Filipinos’ daily difficulties.

Castro also stressed the President’s resolve to do what is feasible “para sa taong-bayan at mga manggagawa” and he is always open to dialogue. | PND