P1,000 addt’l pension not gov’t subsidy, SSS clarifies
Social Security System (SSS) President Emmanuel Dooc on Thursday clarified that the P6.2 billion that was released last March for the additional P1,000 benefit of pensioners did not come from the subsidy of the national government, but from the agency’s investment income and its present member contributions.
“SSS does not receive any subsidy from national government. The P193.86-million fund cited as “subsidy” for the month of January was not used for the [increased] benefit enjoyed by our qualified pensioners since last month,” Dooc said in a statement following reports that claimed the fund was subsidy.
“This amount is the share of national government in the Educational Loan Assistance Program (ELAP) which has been ongoing since 2012,” Dooc added.
Based on the latest Treasury report, SSS received the second highest subsidy in January 2017 with P193.86 million following the P1.697 billion received by the National Irrigation Administration.
SSS further explained that it was allowed to provide educational loan assistance to its members up to P7 billion, based on the Educational Assistance Fund Program (EAFP) rolled out in 2012. Of the P7 billion, P3.5 billion will be financed by the national government as approved by then President Benigno Aquino III and the other half from SSS.
As of March 2017, SSS said that it has released about P4.53 billion for the EALP availments benefitting some 81,000 college student-beneficiaries.
Pensioners received the additional P1,000 early March./rga
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