The Social Security System (SSS) Building on East Avenue, Quezon City. (Photo by RAFFY LERMA/Philippine Daily Inquirer)
The Social Security System (SSS) on Wednesday lauded the approval of House Bill (HB) 2158, which aims to rationalize and expand the powers and duties of Social Security Commission (SSC), which controls the SSS
SSC Chairman Amado Valdez thanked the House for recognizing the need for “continuous reforms in the pension program, allowing the SSC to adopt on its own, measures and mechanisms to better manage the pension fund.”
The bill would allow the SSC to condone on a case-to-case basis penalties on unremitted monthly contributions and unpaid loan amortization for short- and medium-term loans by entering into compromise agreements; to fix and determine the needs of its members and rate of penalty on unremitted contributions and loan amortization – all without the need for approval of the president.
With the rationalized powers, Valdez said, the SSC would find it easier craft policies in earliest possible time for the benefit of its members without being subjected to political issues.
“Undeniably, this bill will insulate the system from politics since the decision of the SSC – which is comprised of representatives from the employers, employees, and the general public – will be based on actuarial and risk studies,” Valdez added.
He assured SSS members and the public that the agency would “exercise powers and duties with due diligence, prudence and integrity.” /ATM