SSS mulls loan moratorium, waiver of penalties amid Mideast shock

MANILA, Philippines — The Social Security System (SSS) said it is considering a loan moratorium for members and waiving employers’ contribution penalties as part of relief measures to ease the financial strain of the Middle East conflict on Filipino households.

In a statement, the state-run pension fund said it is actively studying the feasibility of offering relief measures such as a loan moratorium for members and the condonation of employers’ contribution penalties.

The move comes after President Marcos’ sister, Sen. Imee Marcos, called for the suspension of mandatory government contributions in light of soaring fuel and commodity prices and prolonged geopolitical tensions.

Marcos also called on the Government Service Insurance System, Pag-IBIG Fund and the Philippine Health Insurance Corp. to implement similar measures.

SSS president and CEO Robert Joseph de Claro said these measures seek to extend immediate relief to members and employers facing financial strain, ensuring continued access to essential benefits without added burden.

“We recognize the hardships many Filipinos are enduring,” De Claro said yesterday.

“We are expediting internal reviews and consultations with stakeholders to roll out these support initiatives as swiftly as possible while safeguarding the long-term sustainability of the SSS fund,” he added.

Surging oil prices are expected to ripple through higher costs for consumer goods and services. However, the Department of Trade and Industry assured the public that the prices of basic necessities will remain frozen until April 16.