Lowest Interest Rate to SSS Loans

I learned just today that the SSS or Social Security System of the Philippines has lowered the interest rates of loans by its members either commercial loans or personal loans.

The latest interest rates are 7.5 percent for personal loans and 10.5 percent for commercial loans.

This is a good news to me especially that I have applied a personal loan. My loan is not that big but a high interest rate could make my loan big.

I sent my application for loan last week, and I am still waiting for the check.

SSS Condonation Law

The Manila Bulletin reported this:

President Arroyo on Thursday signed into law here a measure that would condone 100 percent of the penalties imposed by the Social Security System (SSS) against employers for their unpaid contributions.

In a simple ceremony at theSouthville 7 Housing Project Site 1 in Barangay Dayap in this town, Mrs. Arroyo signed Republic Act 9903 or the SSS Condonation Law that would give a one-time authority to SSS to fully condone the penalties slapped on unpaid employers' remittances.

The law is a consolidation of House Bill No. 5922 and Senate Bill No. 2454 passed by Congress on October 9.

The President signed the law shortly after she led the turnover of the deed of donation and acceptance for 37 school buildings constructed for Southville and Northville relocation sites between the National Housing Authority (NHA) and the Department of Education (DepEd).

Mrs. Arroyo said with the signing of the Act, the government seeks to collect P5 billion in unremitted principals from small and medium enterprises that have incurred penalties due to their failure to remit employers’ contributions to the private sector pension fund.

Di ko maunawan bakit kailangang magkaroon ng condonation. Ito ba ay ginawa upang bigyan ng laya ang mga employeer na hindi nag reremit ng contribution of their employees?

SSS Anniversary Gift to Pensioner

I recently received PhP500.00 from the SSS. I wonder what this is. But other pensioner told me that it was simply a gift, an anniversary gift, from the SSS.

Actually, it's my first time to receive this kind of gift in my 5 years being pensioner of the SSS. Just don't know if other SSS pensioner like me received the same amount. What I knew is that my friends who are pensioner too received this.

SSS Income Rises?

It was reported that SSS net income rises:

Its net revenues reached P22.8 billion in 2008, up by 88% from P12.1 billion in the previous year.

Horacio T. Templo, SSS executive vice-president and chief actuary, said this was the largest surplus that the fund has notched so far.

The growth was on the back of the 60% rise in its investment income after it disposed its holdings in the Manila Electric Co. and Banco de Oro Unibank, Inc.

“The major blocks that we sold were Meralco and BDO,” Mr. Templo told BusinessWorld last week. (source)

But this news made me ask: is this increase of net income the advantage to the members of the SSS? This question was raised due to the report that the personnel of the SSS are willing to give the money of the SSS to the government not in the terms of credit or debt or investment but in terms of financial support to the projects of the President.

I am really worried that members of the SSS will be deprived of their right to enjoy the benefits from SSS just because of this kind of financial management that the authorities in the SSS have.

SSS Website

SSS has its own official website which can be accessed at www.sss.gov.ph. It's recently overhauled making it more secured.

But there was a quite big problem with it. SSS members who want to register into the website hoping that they can use it for their advantage as members of the SSS failed to register. The registration process is very complex which ended up to the rejection of the registration process.

Some of the SSS services offered to its members are now available online. That's the reason why if you'll ask them by visiting their offices, you'll be told to do your transaction online through that website.

What is SSS?

In the Philippines, if you'll hear the acronym SSS, people are referring to the Social Security System of the Philippines.

Social Security System (SSS) is an agency which is created to establish a social security protection to workers in the private sector, wage earners as well as self-employed persons. It is implemented in accordance with the Republic Act 1161, better known as Social Security Act of 1954.