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PRESIDENT Arroyo has asked the board of the Social
Security Systems (SSS) to consider an additional 10-
percent increase in benefits for its members, as part of
the government’s social payback to the people.
The
President, who succeeded in seeking board approval for a
10-percent increase in benefits in September last year,
made the appeal at the 50th anniversary celebration of
the SSS where she lauded the institution’s plan to widen
its membership by tapping previously uncovered sectors.
“The SSS,
last September, was able to grant 10 percent increase in
pension benefiting more than 1 million members. Now,
it’s your 50th anniversary. So my instructions again, my
request to our board, is maybe let’s gift the Filipino
people with another 10-percent increase in benefits this
year. This is social payback,” she said.
She said
she believed that the SSS can accommodate her request
because of its successful “disciplined” financial reform
program that has extended its actuarial life from 2015
to 2038.
But the
Chief Executive also acknowledged that as the SSS enters
its next 50 years, it needs new social security schemes,
including expanding the SSS coverage.
She said
the SSS is embarking on a pilot test of a project that
seeks to expand SSS coverage to overseas Filipino
workers in the United States.
Other
possible groups for SSS Coverage, she said, are the
self-employed, new small and medium enterprises,
microenterprises, and those serving the underground
economy.
“We have
these continuing challenges but if you have gone through
the challenge of improving collection and (overcoming)
seemingly insurmountable (obstacles).
I’m sure
these challenges now of widening your market, improving
the benefits and getting into investment areas like
microfinance, should be much easier than what you have
done over the last six years,” she said.
Mrs.
Arroyo said that when her administration took over, the
SSS was on the brink of collapse because bad investments
had shortened it’s actuarial life to only 2015.
But by
2006, under the help of SSS president and chief
executive officer Cora dela Paz, SSS “is more than back
to its feet, it is stronger and more resilient than
ever.” “What a great gift to the 50th anniversary of SSS,”
she said. |
