SSS collects over P5 billion in overdue credit payments

STATE-RUN Social Security System (SSS) said it accumulated over P5 billion in overdue credit payments through its one-year payment scheme and is seeking to gain around P9 billion in the next five years.

SSS also reported that over 850,000 of its members have availed themselves of its Loan Restructuring Program (LRP), in which the firm collected a total of P13.83 billion for the one-year period the program was offered.

“We are very much overwhelmed with the huge volume of applicants especially during the last few days before the deadline. We hope that they are more persistent in paying their monthly obligations so they could avail of the condonation of penalties as soon as they have paid in full their outstanding loan. We are expecting P8.6 billion in collection until the end of the five-year installment term,” SSS President and Chief Executive Officer Emmanuel F. Dooc was quoted saying in a statement e-mailed to reporters on Friday.

The bulk of the LRP applications were employee-members, with contributions amounting to P3.23 billion while voluntary members comprised 27%, with initial payment of P1.38 billion.

Meanwhile, 39,000 self-employed SSS members yielded an equivalent collection of P194.37 million and over 46,000 overseas Filipino workers had a total remittance of P412.76 million.

The payment scheme was rolled out last April 28. This aimed at giving delinquent member-borrowers an opportunity to regaining their standing before the SSS and enjoy SSS benefits in the future, like renewing their loans six months after they have fully paid their overdue principal and interest under the LRP.

Borrowers could settle their unpaid SSS loans via flexible payment terms of up to five years, with interest rates of as low as 3% annually.

Meanwhile, those who have availed themselves of the program could also pay in full their overdue loans within 30 days with no additional interest or through installment basis of up to five years with an interest rate of 3% yearly.

“We would like to remind our LRP availees that loan penalties will be completely waived after full payment of total loan principal and interest under the restructured loan. So they are advised to pay their financial obligations on time to prevent an additional penalty of 0.5% per month,” Mr. Dooc said.

The LRP covers short-term SSS loan programs including the Salary Loan, Salary Loan Early Renewal Program (SLERP), Emergency Loan, Calamity Loan, Voc-Tech Loan, Y2K Loan, Investments Incentive Loan, Study Now Pay Later Plan, and the previously offered Educational Loan, which is different from the ongoing Educational Assistance (Educ-Assist) Loan Program.

Excluded from the program are Stock Investment, Privatization Fund, and Educ-Assist loans.

By end-April, the state-run pension fund’s total revenue collection reached P52.18 billion, a 9.6% uptick from the P47.59 billion recorded in the comparable period a year ago.

source:  Businessworld

A future and a hope with SSS

TODAY is the last day of the year and, like most people around the world, Filipinos are busy preparing to welcome 2015 with a bang. New Year’s Eve fare often includes something sticky, like glutinous rice cake (biko), and 12 round fruits; and traditions handed down to us by our Chinese forebears, including the practice of lighting firecrackers and other pyrotechnic items. Aside from the preparations for the media noche, or New Year’s Eve dinner, it is also the time for most of us to reflect and thank God for what we have accomplished in the year that passed, and a time to pray and plan for the year to come.

The revelry and enthusiasm that characterize New Year’s Eve celebrations in the Philippines are indicative of the Filipinos’ resilience and optimism. No matter how bad the year that passed was, many look forward to the new year with the hope that things would be better. This hopeful attitude is confirmed by the results of a nationwide survey showing that 93 percent of Filipinos look forward to 2015 with hope, instead of fear.

The Social Security System (SSS), as an institution, also looks forward to the coming year with the great expectation that it will do even better than what it had accomplished in 2014, which is a banner year for the pension fund. As of end-October, the SSS disbursed more than P85.6 billion in social-security and employees’ compensation benefits to more than 2.6 million pensioners and beneficiaries out of the more than P100 billion that it collected from members’ contributions. It earned P37.3 billion in net revenues, 13.4 percent higher than in 2013 for the same period. Its membership grew by 3.7 percent to over 31.8 million. To improve service delivery and give the public greater access to its services, the SSS officially opened eight new branches as of end-October, 10 service offices nationwide and two overseas representative offices.

For 2015 the SSS hopes to surpass its accomplishments in 2014 as it continues to work strongly in pooling its resources, while taking cognizance of the economic and sociopolitical developments in the country. Its major strategic objectives include the improved compliance of employers and members; improved service delivery; better benefits for members; effective fund management; and a more responsive organization.

With its policymaking body— the Social Security Commission— and the SSS management working hand in hand and fully committed to achieve these objectives, SSS members can, indeed, look forward to the new year with hope for a better future.

As we wonder what is in store for us in 2015, I leave these words of assurance fromJeremiah 29:11 of the Good Book: “‘For I know the plans I have for you,’ declares the Lord, ‘plans to prosper you and not to harm you, plans to give you hope and a future.’”

A happy and prosperous New Year to everyone!

For more information about the SSS and its programs, call its 24-hour call center at (632) 920-6446 to 55 from Monday to Friday, send an e-mail tomember_relations@sss.gov.ph or visit its website at www.sss.gov.ph.

Susie G. Bugante is the vice president for public affairs and special events of the SSS. Send comments about this column to susiebugante. bmirror@ gmail.com.

I suspect that view would be a mistake this time around. The world is experiencing much more than a temporary dip in oil prices. Because of a change in the supply model, this is a fundamental shift that will likely have long-lasting effects.

Through the years, markets have been conditioned to expect members of the Organization of Petroleum Exporting Countries (Opec) to cut their production in response to a sharp drop in prices. Saudi Arabia played the role of the “swing producer”. As the biggest producer, it was willing and able to absorb a disproportionately large part of the output cut in order to stabilize prices and provide the basis for a rebound.

It did so directly by adhering to its lowered individual output ceiling, and indirectly by turning a blind eye when other Opec members cheated by exceeding their ceilings to generate higher earnings. In the few periods when Saudi Arabia didn’t initially play this role, such as in the late 1990s, oil prices collapsed to levels that threatened the commercial viability of even the lower-cost Opec producers.

Yet, in serving as the swing producer through the years, Saudi Arabia learned an important lesson: It isn’t easy to regain market share. This difficulty is greatly amplified.

source:  Business Mirror's Column of Susie Bugante

SSS sets up new retirement fund

THE SOCIAL Security System (SSS) has opened a new savings mechanism offering its members another way to build their retirement nest egg.

The SSS Personal Equity and Savings Option (PESO) Fund is a voluntary retirement savings fund that SSS members with extra money can contribute to, on top of their regular contributions as SSS members.

The minimum PESO Fund contribution is P1,000 per year, although members can put in as much as P100,000 annually. 

The SSS said the scheme offers guaranteed earnings at rates higher than what a regular savings bank account currently offers.

A larger portion of the fund, or 65%, is allocated for retirement savings and earns income based on five-year Treasury yields.

Asked whether there is demand for the product among SSS members, SSS president and chief executive officer Emilio S. de Quiros said: “We should be generating very good amounts here.”

The private pension fund has a total of 31.4 million members as of June. Of this, about 23 million are employees, 4.17 million are self-employed, 3.25 million are voluntary members, and 983,262 are OFWs.

source:  Businessworld

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