President Benigno Aquino III. FILE PHOTO
Employees of the Social Security System got a pleasant surprise Monday when President Benigno Aquino gave each one of them a P10,000 anniversary bonus to mark the 55th founding anniversary of the SSS.
The President approved the bonus after the SSS earned windfall profits last year—P25.5 billion in net earnings, 11.8 percent more than the P22.8-billion net income it recorded in 2010.
But Mr. Aquino underscored the primordial mission of the SSS to safeguard the money of its members.
“Therefore, the money reserved for the people should not be trifled with. The funds of the SSS should not be gambled in risky ventures as if one were playing in a casino. So my repeated plea to our public servants: Be steadfast and be vigilant,” said the President in remarks before SSS officials and employees at the SSS main office in Quezon City.
Created on Sept. 1, 1957, through Social Security Act of 1954, the SSS aims to develop and promote a viable, universal and equitable social security protection scheme, suited to the needs of the Filipino people.
The SSS provides, among other things, pensions, loans and insurance to its members.
In his speech, the President hailed the SSS for being a steadfast and reliable partner of Filipinos in ensuring security for pensioners, aid in times of need, and providing members with a “decent living.”
He also highlighted the trust and respect every SSS member had for the agency as it ensured utmost care of their hard-earned money. He enjoined all SSS personnel to remain firm and alert in his administration’s war against corruption.
“If you see cracks in the system, if you mingle with those having ‘wang-wang’ mentality in the bureaucracy, don’t play blind. Let’s expose the truth. This is what the people expect from you, this is what I expect from you,” said Mr. Aquino.
He lauded the SSS for rising to the challenge of serving more Filipinos and increasing its profitability, saying the efforts of the pension fund would benefit generations of Filipinos in the years to come.
In 2011, the SSS’s investment income reached P30 billion, a 7.1-percent increase over the P28 billion in 2010.
The President further recognized that improvements in the SSS had been noticed by information technology (IT) specialists around the world for its innovations in using the worldwide web, and advancements in telecommunications for the delivery of services.