Amid the Middle East War, SSS Loan Moratorium Being Eyed To Help Filipinos
SSS LOAN MORATORIUM – The Social Security System is looking into the measure amid the soaring fuel costs in the Philippines due to the Middle East war.
The war in the Middle East is not only affecting the United States, Israel, and Iran. Several other nations including the Philippines is greatly affected by the conflict which resulted to high oil costs.
Tehran closed the Strait of Hormuz, a waterway that is vital for global oil shipments, towards ships linked to U.S. and Israel following the attack to Iran. The joint airstrikes led to the death of several Iranians including Iran’s Supreme Leader, Ayatollah Ali Khamenei.
U.S. Pres. Donald Trump previously gave Iran a 48-hour ultimatum to open the Strait of Hormuz or they will attack their powerplants. The said warning did not scare off the Iranians.
Instead, Iran warned that it will fully close the Strait of Hormuz. It was followed by Trump saying that the U.S. had very good talks with Iran, thus, they will postpone the attack — which the Iranian authorities denied. They expressed no interest in negotiating with the Americans.
Amid the war in the Middle East, the pump prices in the Philippines had bigtime increases thrice already. It led the price of fuel to hit P140 per liter and it is even expected to cross P150 per liter. Countless Filipinos are already struggling from the high fuel costs in the country.
Recently, the Social Security System confirmed that they are studying the possibility of an SSS loan moratorium amid the high fuel costs in the Philippines now. Based on a report of News5, the said development was confirmed by SSS President and CEO Joseph de Claro.
Aside from eyeing an SSS loan moratorium which will allow the members to defer their payments, the social insurance giant is also looking into the possible implementation of a penalty condonation program for the employers who have delayed contributions.
According to the report, the Social Security System is currently studying the possibility of extending the deadlines for the posting of contributions by the employers and the individual paying members of the social insurance giant. The agency assured that it is speeding up its internal reviews over the matter.
Previously, amid the soaring fuel costs in the Philippines, Malacañang assured the Filipinos of the continued work of Pres. Ferdinand Marcos Jr. to help the people.