SSSpension loan releases reach P5-B mark
CITY OF SAN FERNANDO---The Social Security System (SSS) hits its P5 billion mark in pension loan releases benefitting 138,917 pensioners from September 2018 to July 31, 2020.
The National Capital Region (NCR) topped the highest amount of disbursement with P1.75 billion, followed by Luzon, Visayas, and Mindanao area with P1.57 billion, P1.01 billion, and P724.12 million, respectively. In terms of the number of borrowers, Western
Visayas 1 took the lead with 17,660 borrowers, followed by Northern NCR with 17,037 borrowers, and Southern Luzon 1 with 14,872 borrowers.
“We appreciate that this special loan program has served its purpose of providing retiree pensioners with their immediate financial needs especially in this time of health and economic crisis,” SSS President and CEO Aurora C. Ignacio said.
The Pension Loan Program was launched in 2018 to provide a secure, low-interest, and convenient loan program to its retiree-pensioners. Enhancements were made in 2019 increasing the maximum loanable amount to 12 times their basic monthly pension plus the additional P1,000 benefit, but not exceeding P200,000.
The age limit was also extended to 85 years old at the end of the month of the loan term wherein they are given four options to choose their loanable amount, equivalent to 3, 6, 9, and 12 times of their basic monthly pension including the P1,000 benefit given by SSS in 2017.
Qualified borrowers are retiree-pensioners who are 85 years old and below at the end of the chosen loan term and have already started receiving their monthly pension for at least a month. However, pensioners with deductions from their monthly pension due to outstanding loan balances or benefit overpayments, as well as with existing advance pensions under the SSS Calamity Assistance Program are not qualified under the program.
CITY OF SAN FERNANDO---The Department of Trade and Industry (DTI) reported that business name registration of online businesses boomed from 1,753 in January-March 15 this year--or before the declaration of the community quarantine-to 75,876 as of September 2.
Meanwhile, based on latest data released by the Business Name Registration Division (BNRD) of the DTI, total number of business names registered in the DTI (as of September 2) is 712,657 which is 12 percent higher than total business names registered for the entire 2019 recorded at 637,690.
Trade Secretary Ramon Lopez expressed optimism over this development citing the growing adoption by citizens of digital transactions in government.
“We are pleased to know that our citizens are starting their businesses right by registering their business with appropriate government agencies, such as the DTI,” he said.
Lopez added: “I think the end to end registration system is the reason for the increase. With the online business name registration system (BNRS), I believe that our entrepreneurs find it easier to comply as they can finish the entire registration process within eight (8) minutes. This platform is readily available to the public in the comfort of their own homes.”
The trade chief emphasized that the migration of business registration to the digital platform was part of the government’s ultimate push for ease of doing business.
In 2018, reforms to make BN registration easier and more convenient were introduced and Lopez issued Department Administrative Order (DAO) 18-07 on the Revised Implementing Rules and Regulations of 2018 of Act 3883.
The following year, the BNRS Next Gen was launched allowing the end-to-end online registration of BNs. Sole proprietors may submit applications for BN registration (new and renewal), pay the registration fee via credit card, Gcash, Paymaya, and Landbank’s Link Biz portal and download their certificate of BN registration through the BNRS Next Gen anytime, anywhere using their mobile devices connected to the internet.
Lopez explained that DTI saw a drastic increase during the COVID period, when BN applications reached 9,692 in May, and further peaked in June when over 33,000 business names were registered.
“The silver lining in COVID-19 is the accelerated adoption of ecommerce. Hence, the DTI is also increasing our efforts to promote ecommerce by building trust between consumers and merchants, and focusing on the digitalization of our micro, small and medium enterprises (MSMEs),” the Trade Secretary said.
Lopez also reported that aside from the increase in the number of total businesses registered, there was also a surge in people transacting payments online.
He added: “DTI is closely working with fellow government agencies and the private sector to address speed, security and structure. We shall comply with the Presidents directive during the SONA to work with Congress and address the needs of the consumers while promoting the growth of e-Commerce in the country. Our focus is to increase market access through digitalization and logistics integration – Basta eCommerce MADALI.”
Likewise, the trade chief also reiterated the importance of the Internet Transactions Act, which he noted would “support the government’s role of enabling business and protecting consumers.”
BNRS can be accessed bnrs.dti.gov.ph.(PR)
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