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PIA Press Release
2007/09/04

SSS pensioners out for treat

Cebu City (4 September) -- As part of the 50th year anniversary of the Social Security System (SSS), pensioners will be treated to an entertainment show at the SM City Cebu, according to SSS Information Officer Janice Caballes.

Caballes said due to the limited space, only 350 pensioners can be conveniently accommodated while it will be a first-come, first-serve basis.

For the Central Visayas Cluster, the celebration of the SSS Golden Anniversary started last August 24 highlighted by the trade fair and exhibit showcasing the finest products from Cebu, Bohol, Leyte and Samar such as fashion accessories, footwear and food items that will be on sale at very low prices.

The trade fair will run until Friday, September 7 with daily sponsored concerts featuring Cebu's best bands that is held within the grounds of the former SSS Building along Jones Avenue, Cebu Cuty.

Pensioners encountering problems in their pension retirements, retirement processing or any SSS transactions may visit the SSS information and assistance booth at the trade fair venue.

President Gloria Macapagal-Arroyo meanwhile, lauded the SSS for their P1 billion special window for micro, small and medium enterprises (MSME). Last week, the President has issued a directive to push government and private financial institutions and NGOs to increase lending to MSMEs which are the biggest job generators.

Mrs. Arroyo asked the SSS to expand their coverage and pushed for the inclusions of overseas Filipino workers (OFWs) especially the seafarers and directed the extension of its housing loan condonation program by another six months. SSS members total more than 27M in number.

Six years ago, the SSS was facing near financial collapse but due to hard-fought economic reforms, the SSS assets grew and ballooned to P248B while its investment income in the last six months alone has reached P15.58B, according to President Arroyo.

"New revenues, including increases in contributions for SSS, better collection and a crackdown on remittance cheats along with fiscal discipline has put the SSS and the Philippines on a path to permanent, sustainable economic growth and stability," Mrs. Arroyo quoted.

Over1M pensioners nationwide have benefited from the 10 percent across the board increase on pensions effective last month. This is the second time the SSS has given a hike in pension just within 12 months. The SSS has a total of 1.2 M disability, death and retirement pensioners.

This year, the SSS is expected to post a surplus of P2.6B in contribution collections vis--vis benefit payments because of its strong collection campaign and an improving economic climate. (PIA-Cebu/FCR) [top]

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