The Social Security System (SSS) has announced that it will be cutting interest rates by as much as three percent for commercial and personal loans.
The new rates, about 11.5 percent for commercial loans and 7.5 percent for personal loans depending on the payment terms, will be the lowest rate for the agency in the last 11 years. Previously, rates were pegged at a maximum of 13.5 percent and 10.5 percent respectively.
“Our current interest rate scenario requires lower interest rates and we would like to attune our dues to the market,” SSS President and Chief Operating Officer (CEO) Emilio de Quiros Jr.De Quiros told the media during the event, Kapihan sa SSS. “Under the new guidelines, employers can use the loan to acquire existing structures, expand and diversify businesses and fund projects on forest development and sustainable energy.”
For companies wanting to expand operations, SSS is offering loans for agri-business, food processing, manufacturing, services, commercial production, real estate development, utilities, transportation and communication.
To contact SSS for more loan details, click here.