SSS Davao processes loans of members affected by flood
by Prix D. Banzon
Davao City (9 October) -- The Social Security System (SSS) which declared the processing of loans for victims of Typhoon Ondoy has covered members that were also affected by the flood on September 26, 27 and 28 in the areas of South Cotabato, Cotabato City and part of Sultan Kudarat.
SSS Davao branch head Jove L. Colasito during the Davao Business Forum at SM's MediSpa said these areas were included in the SSS Circular that will fast track the processing of loans of members affected by the recent calamity.
He said they treat this as a renewal loan even as he said that they process the loan even if the member has not fully paid its existing loan. Normally the member can avail of a loan renewal provided that he or she has completed payment of its existing loan. In this case he said they will just deduct the balance from the proceeds.
The Davao branch covers the Davao Region, South Cotabato, part of the Autonomous Region for Muslim Mindanao, Cotabato City and Sultan Kudarat. Extension offices are located in the cities of Tacurong, Koronadal, General Santos, Kidapawan, Digos, Toril, Tagum., Mati. Soon to be established are in Panabo and Nabunturan, Colasito said.
Meanwhile Colasito said that Davao City is still their biggest area of coverage with about 600,000 as of August 2009.
As far as revenue generated he said that they noted a 2.6 percent increase in their collection also of August this year P127 million higher than the August 2008 collection of only over P125 million.
However he said they are working hard to attain their target set by the SSS of a monthly collection of P135 million.
He said they also see a potential growth with the "Good Account Management" where many of the delinquent companies availed of the scheme. "This is a good come on to these companies seeing a positive response from them," he said.
He said there are about 2,000 delinquent companies in Davao City and many availed of the scheme.
SSS however classified companies into regular paying employers (RPE), the intermittent and non-paying employers. But in Davao Region majority of the companies operating here belong to the RPE, he said.
He said also that as of August 2009 they were able to collect P9 million from these delinquent companies. Total collections due to SSS from these companies totalled to P28 million covering only premium and not included still are the penalties.
As to the actuarial life of the SSS Colasito said their funds are good up to 2036 and this is good enough to sustain the services and benefits that they extend to their members. (PIA) [top]