Duterte, law­mak­ers lauded for So­cial Se­cu­rity Act

Sun.Star Pampanga - - TOPSTORIES! -

After 22 years, the state-run So­cial Se­cu­rity Sys­tem (SSS) now has a new char­ter as Pres­i­dent Ro­drigo Duterte signed into law Repub­lic Act 11199 oth­er­wise known as the So­cial Se­cu­rity Act of 2018.

“This is a huge suc­cess for the pen­sion fund. This new law will breathe in new life to SSS so that it can con­tinue to serve its stake­hold­ers, mem­bers, and pen­sion­ers. And we sin­cerely ex­press our grat­i­tude to Pres­i­dent Duterte for ac­knowl­edg­ing the long over­due need for this amend­ment and sign­ing this into law,” SSS Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer Em­manuel F. Dooc said.

“We would also like to take this chance to thank our dear law­mak­ers, Se­nate Pres­i­dent Vi­cente Sotto III and House Speaker Glo­ria Ma­ca­pa­gal-Ar­royo for their lead­er­ship in both cham­bers; our SSSCham­pion in the Se­nate, our prin­ci­pal au­thor and spon­sor, Sen. Richard Gor­don; and our Se­nate and House con­tin­gents – Se­na­tors Ralph Recto, Franklin Drilon, Sher­win Gatchalian, and Rep­re­sen­ta­tives Pros­pero Pichay and Mark Go,” Dooc added.

The new law, RA 11199, re­pealed RA 1161 as amended by RA 8282, mainly aims to strengthen the pen­sion fund through its salient fea­tures such as the ra­tion­al­iza­tion of the pow­ers of the So­cial Se­cu­rity Com­mis­sion, the pol­i­cy­mak­ing body of the SSS, al­low­ing it to ex­pand the in­vest­ing ca­pac­ity of the pen­sion fund to gen­er­ate bet­ter in­come for the ben­e­fit of its mem­bers and pen­sion­ers.

The law is also ex­pected to gen­er­ate ad­di­tional fund­ing for the pen­sion fund as it im­poses the im­ple­men­ta­tion of the grad­ual in­crease of monthly con­tri­bu­tions from the cur­rent 11 per­cent to an ad­di­tional 1

The DTI, as the chair­man of the Na­tional Com­mit­tee on In­tel­lec­tual Prop­erty Rights (NCIPR), in­tends to en­sure that the ben­e­fits or pro­ceeds from the com­mer­cial use of IPR re­dound to the le­gal holder of the IPR, and to avoid un­due copy­ing and il­le­gal use of IPO-reg­is­tered trade names.

The NCIPR, a com­mit­tee made up of 12 gov­ern­ment agen­cies in­clud­ing the In­tel­lec­tual Prop­erty Of­fice, Bureau of Cus­toms, Na­tional Bureau of In­ves­ti­ga­tion, Bureau of Food and Drug, Op­ti­cal Me­dia Board and other agen­cies, re­ported that for 2018 a to­tal of P23.6 bil­lion worth of coun­ter­feit or pi­rated goods have been con­fis­cated by the com­mit­tee, a ma­jor­ity of which are fake cig­a­rettes, al­co­hol prod­ucts, phar­ma­ceu­ti­cal and per­sonal care prod­ucts.— War­ren Ser­rano/ DTI-3

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