The Social Security System (SSS) has cut its interest rates of its social and business loans. This action is to encourage more businesses, schools and hospitals to avail of SSS credit facilities and spur socio-economic growth in the country.
SSS cuts down interest rates from six (6) percent to 5.5 percent for loans with a term of one year; from seven (7) percent to 6.25 percent for a term of over one to three years; from 8 to 7 percent for more than three to five years; and from 9 percent to 8.5 percent for over five to ten years.
Under the Special Financial program, the pension fund offers loans of up to Php50-million for SMEs. Under the Industry Loan Program , large-scale companies can borrow Php51-million to Php500-million. SSS offers special loans to tourism projects, hospitals and educational institutions.
SSS business and social loans are coursed through the pension fund’s accredited banks. (SSS/PIA)
