The Social Security System (SSS) is planning to offer a calamity loan assistance program for overseas Filipino worker (OFW) members recently affected by the earthquake in Taiwan.
In a press briefing at the SSS office in Quezon City, SSS president and chief executive officer Rolando Macasaet said this will be the first time that the SSS will offer a calamity loan for SSS members abroad.
“We have calamity loans in the Philippines, but we don’t have calamity loans abroad. I think this is the first time,” Macasaet said.
He said there are 10,000 active SSS members in Taiwan to date.
Depending on the amount of their contribution, active members can avail of the calamity loan which will amount to a maximum of PHP20,000.
The guidelines for the calamity loan program is targeted to be issued on Monday.
“I’ve already given… immediately recommended to the SSC (Social Security Commission) that we should allow workers in Taiwan affected by this earthquake to be able to avail of our financial assistance,” Macasaet said.
Macasaet is confident that the SSC will approve the proposal of the SSS.
“I have a board meeting on Monday. I’ve already asked management to prepare a recommendation and I’ve already advised [Finance] Secretary Ralph [Recto]. I ensure that the members of the Commission will be more than glad to approve that,” he said.
Aside from a calamity loan, OFW members in Taiwan may also avail of medical and disability benefits from the SSS.
Unremitted contributions
During the briefing, Macasaet also reported that the unremitted SSS contributions from delinquent employers went down by 39 percent to PHP56 billion in 2023 from PHP92 billion in 2022.
Macasaet attributed the decline to the increase in the frequency if its Run After Contribution Evaders (RACE) campaign nationwide which aim to ensure that employers comply with their obligation as stipulated in Republic Act 11199 or the Social Security Act of 2018.
He said the SSS launched 587 RACE operations nationwide and issued notices to 4,923 delinquent employers.
Macasaet said SSS also filed cases in court against 2,422 errant employers, most of who opted to settle their deliquencies either through full payment or via installment schemes, resulting in a record-high collection of PHP1.37 billion in 2023.
“We issued Show Cause Orders or Notices of Violation to delinquent employers and instructed them to report to SSS within 15 days to settle their unpaid conyributions and corresponding penalties or face legal consequences for violating RA 11199,” he said.
Net income
Macasaet, meanwhile, said he expects the net income of the SSS to hit over PHP100 billion this year.
“We have receivables over PHP60 billion. These are all fully provided so any money we get from it is converted… though it’s already in the accounts receivable, that exact amount will go to income,” he said.
He said other drivers of growth include the agency’s massive collection drive and the Worker’s Investment and Savings Program which is a mandatory provident fund scheme that serves as another savings for private-sector workers and other individual paying members of the SSS.
Macasaet said the SSS also aims to increase its members by at least two million per year.
“I’ve given instructions that we increase the number of SSS members from 1 million to 1.5 to at least 2 million a year to exceed the population growth of this country. Otherwise, over time, the number of Filipinos having pension will decrease as a percentage of population,” he said.
SSS data showed that as of the first quarter of this year, new SSS members have reached more than half a million. (PNA)
