SSS Sets Four Milestones Under New Management

The Social Security System (SSS) has laid out four milestones that would shape the reforms in the institution including increasing pension levels, enhancing its fund life, improving service delivery, and using the pension fund as a tool for economic activity.

Social Security Commission (SSC) Chairman Dean Amado D. Valdez, head of the highest SSS policymaking body, said these four priority areas were enumerated in response to the challenge of lawmakers for a more responsive SSS.

High on the new SSS management’s agenda is granting the P2,000 pension increase.

SSS has made it more feasible by proposing to implement it in two tranches, with an initial across-the-board pension (ATBP) increase of P1,000 eyed for 2017 and the remaining P1,000 in 2022 or earlier. Over the past few weeks, top SSS officials along with lawmakers sought creative solutions to address the greatest hindrance to the P2,000 pension increase, particularly its threat to the institution’s long-term viability and capacity to meet its benefit obligations to current members and future pensioners.

“The impact of the P2,000 pension increase on SSS fund life is a grave concern that should not be ignored. SSS is entrusted with the mandate to ensure the lifetime social protection of Filipino workers across generations. We are happy that our lawmakers support the commitment to our members contributing today who look forward to getting pensions in the future,” he said.

Granting the full P2,000 benefit in 2017 will require a staggering P64 billion additional payout on its first year of implementation alone. SSS is exploring new and enhanced partnerships with relevant government agencies such as the Philippine Statistics Authority, the National Bureau of Investigation and the Professional Regulation Commission, specifically in terms of database-sharing, to facilitate its faster delivery of services and ease the documentary requirements of members.

“We will find ways to coordinate with other government offices so that our transacting members can have an easier time in filing their SSS claims and completing their required documents. This will complement our plans to improve our internal systems through automation of procedures to cut down our turnaround time for processing members’ benefits, SSS registration and other transactions,” Valdez said.

For the first time too, SSS is considering innovative investment initiatives such as investing in infrastructure like toll roads, which is expected to offer SSS stable and profitable returns. SSS also plans to invest in up to 25 percent ownership in utility corporations, toll roads, airports, and the like, to provide the working class better representation during deliberations on rate hikes for electricity, water and other basic utilities.

“The investible funds will be used to maximize the potential of SSS to spur economic activity thru investments which would directly support the lives of all Filipino workers,” Dean Valdez said.

At present, the nine-member SSC includes Dean Valdez as Chairman and employer representative, newly-appointed SSS PCEO Emmanuel F. Dooc as Vice Chairman, and Labor Secretary Silvestre H. Bello III in an ex-officio role. Also part of the SSC are sector representatives Arthur L. Amansec, Ibarra A. Malonzo and Anita Bumpus-Quitain for labor, Jose Gabriel M. La Viña and Diana Pardo-Aguilar for employers, and Michael G. Regino for the general public. (SSS)