The Social Security System (SSS) is weighing a loan moratorium and penalty condonation program to shield millions of members and employers from the financial fallout of skyrocketing fuel prices.
The proposal comes as the Philippines grapples with a global energy shock triggered by escalating Middle East conflict, which has sent local pump prices surging and prompted President Ferdinand Marcos Jr. to declare a state of national energy emergency this month.
“We recognize the hardships many Filipinos are enduring,” SSS president and CEO Robert Joseph de Claro said in a statement.
Under the proposed relief package, the SSS is considering a temporary deferral of loan payments for its members, while employers could be granted a waiver on penalties for delayed monthly contributions.
The agency is also evaluating a potential extension of contribution deadlines for both businesses and voluntary-paying members.
The pension fund, which serves more than 40 million members, is currently conducting a feasibility study to ensure the measures do not compromise the fund’s long-term actuarial health.
“SSS remains committed to protecting the welfare of our over 40 million members. 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,” de Claro said.
