Social Security

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Administrator Jennifer Manalili of the Philippine Overseas Employment Administration (POEA) confirmed yesterday that millions of pesos for overseas Filipino workers (OFW) have gone missing after being invested in the padlocked Rural Bank of Parañaque.

As jOB losses mount, the Social Security System will make available P500 million in emergency loans for its members who have been displaced by the global economic crisis.

I am told that the Philippines is the only country in Asia that has no social pension for poor, older people. These are mostly the ones who were not formally employed when they were younger and therefore did not have social security or insurance that they could draw from in their older years.

Premium contributions to the Pag-IBIG Fund are likely to increase if Congress approves a bill strengthening the housing fund scheme.

MANILA, Philippines—For Asia to overcome the global economic crisis, the region needs to develop more robust social protection systems for its people, a top ranking United Nations official visiting here said Wednesday.

The Social Security System (SSS) announced Monday that it is offering an emergency fund for workers who lost their jobs because of the global financial crisis.

Senator Mar Roxas is batting for a two-year moratorium on the mandatory premium contributions of all workers to the Pag-IBIG Fund.

The government will start implementing the Unified Multipurpose Identification, or UMID, system by August to members of the Social Security System (SSS) and later to other government agencies, including the Commission on Elections (Comelec) for the registered voters.

In keeping with the directive of President Gloria Macapagal Arroyo to make housing programs more affordable, the Government Service Insurance System (GSIS) reported that it has, so far, condoned some P41.97- million worth of penalties and surcharges from its previous housing loan programs.

The Government Service Insurance System has condoned P41.97 million worth of penalties and surcharges from its previous housing loan programs.

MEMBERS of the Philippine Health Insurance Corporation (PhilHealth) will enjoy increased subsidies for hospitalization fees and professional charges of physicians for confinements starting May 1 this year.

We made a link to the SSS Online Inquiry System to help SSS members check on their SSS contributions, work history, and loan eligibility.

MANILA, Philippines – Socioeconomic Planning Secretary and National Economic and Development Authority (NEDA) Director-General Ralph Recto urged yesterday the Social Security System (SSS) and the Government Service Insurance System (GSIS) to also hike benefits to its members similar to the move of the Philippine Health Insurance Corp. (PhilHealth).

MANILA, Philippines – The First Metro Investment Corp. (FMIC) is protesting a plan to disallow non-trust entities such as investment houses, investment company advisors, insurance companies and stock brokerages in participating as administrator and investment manager in the implementation of the Personal Equity and Retirement Account (PERA) Act of 2008.

BAGUIO CITY, Philippines – The Philippine Health Insurance Corp. (PhilHealth) will set aside P7 billion to help its members cope with the impact of the global economic crisis.

Workers who have been displaced by the global financial crisis may avail themselves of free health services courtesy of the Philippine Health Insurance Corp.

Vice President Noli “Kabayan” De Castro announced another adjustment in Pag-IBIG Fund housing loan interest rates, making the monthly amortizations for its most popular loan package even more affordable.

MANILA, Philippines — The Social Security System (SSS), the state pension fund manager for private employees, said its planned P12.5-billion contribution to the government’s economic stimulus package would require full government guarantee.

THE government has proposed a P30-billion package of increases in benefits to members of the Social Security System, Government Service Insurance System, Philippine Health Insurance Corp. and the Pag-IBIG Fund for housing.

While massive job layoffs could hurt the Social Security System (SSS), its financial muscle is strong enough to make the private pension fund withstand shocks “for the next five to 10 years,” its president and chief executive officer Romulo Neri said yesterday.

Many Asian countries will need to reform their pension systems to deliver sustainable and adequate retirement incomes.

MANILA, Philippines—With so many Filipinos losing their jobs because of the slowing global economy, the government should reconsider using the money of the state-run pension funds for the P330-billion economic stimulus package.

The state-run Government Service Insurance System said it is reviewing its planned $400-million foreign investment because of uncertainties in the international market.

GFIs to contribute P100B MANILA, Philippines—The Social Security System (SSS) is chipping in P12.5 billion to the P300-billion economic stimulus fund meant to help tide the Philippines over this year when the global downturn is anticipated to worsen.

Dear Editor: This is with reference to Ambassador Ernesto Maceda’s column article “Creating accounting,” which was published in the Daily Tribune on Jan.14.

They call it creative accounting which just means that certain bonuses or payments to officers of the Development Bank of the Philippines (DBP) are hidden as discretionary or miscellaneous expenses. In the AFP, PNP and SSS, they are charged to intelligence funds, no receipts necessary.

MANILA — A novel cash incentive program for the Philippines poor is helping keep children in primary school, but not preventing them dropping out of high school, according to a study released Tuesday. The food-for-education subsidy started just over a year ago and gives 300 pesos (US$6.30) a month to children aged between six and…

State-run pension fund manager Government Service Insurance System remains an active player in the local capital market despite allotting $1 billion for global investments.

The Government Service Insurance System (GSIS) announced yesterday that it paid 12 percent more in claims and benefits to its pensioners in the 10-month period from January to October 2008, and added that it will provide higher monthly pensions to its member retirees this year.