• SSS collections up 10% in 4 months
State run Social Security System (SSS) reported that collections from member’s contributions increased by 9.6 percent in the first four months of the year, driven by strengthened collection efforts of the fund.
In a statement issued over the weekend, SSS said contribution collections rose to P52.18 billion from January to April 2017, based on data from the pension fund’s general accounting department.
“Collections for the month of January translated the highest growth at 13.9 percent to P13.55 billion followed by the performance in the month of February at 12 percent-growth to P12.86 billon,” the SSS said.
March and April collections grew seven percent and 5.9 percent to P13.14 billion and P12.63 billion, respectively.
For the first four months, collections grew at an average of P13.05 billion every month, driven by the aggressive collection drive of SSS such as “Operation Tokhang” dubbed as “Run After Contribution Evaders” (RACE) or running after delinquent employers.
RACE was launched last April and about 684 retailer stores were mapped for their compliance in Republic Act 8282 or the SS Law.
Last week, the SSS in cooperation with the Criminal Investigation and Detection Group (CIDG) of Philippine National Police (PNP), arrested the owner of a security agency for contribution delinquencies amounting to over P180,000.
SSS also developed a manual on warrant of distraint, levy and garnishment (WDLG), which was submitted to the office of President Duterte.
“The proposed WDLG is similar to the tax collection of the Bureau of Internal Revenue whereby SSS can seize real and personal properties, subject to an auction sale, as payment for unpaid contributions,” SSS said.
SSS president and chief executive officer Emmanuel Dooc attributed the increase in collections to its branch expansion initiatives.
“We’ve also increased our presence to our members so they can easily reach us as we opened three new branches, 15 new service offices and two foreign offices. We’ve also relocated 14 of our branches since we assumed our posts last November 2016,” Dooc said.
The pension also engaged in official memorandum of agreements with different professional groups such as the Integrated Bar of the Philippines to encourage lawyers to become active members of SSS.
The new SSS administration assured its members that it has enough reserves to fund the recently approved pension increase for the first year of implementation due to the strengthened effort to increase collection.
“Our current contribution collection and investment income from last year is enough to finance the additional P1,000 benefit for pensioners so we assure the public that the pension fund remains strong and viable,” Dooc said.
At present, the SSS investment reserve fund remains intact at P478 billion.
“This fund is invested to lengthen the lifespan of the pension fund to pay for future benefits, SSS said.