SSS to cut loan interest rates
MANILA, Philippines — Improved services for pensioners and lower interest rates on salary and calamity loans are among the priorities of the Social Security System (SSS) this year. "We are now working to improve services for pensioners, to reduce the interest rate on its salary/calamity loan programs, and to pursue self-employed coverage" SSS President and CEO Robert de Claro said in a statement emailed to The Manila Times on Sunday. "We are reviewing our guidelines on the Annual Confirmation of Pensioners (ACOP) Program to simplify requirements and other verification processes for the convenience of our pensioners," he added. The SSS chief has sought to address the sentiments of Philippine-based retirement pensioners who are above 80 years old to ensure their continuous receipt of pension benefits. Citing records, he said the agency has 157,493 such pensioners. "Our review of the current guidelines include the analysis of age and geographical distribution of pensioners, authorizing additional means for ACOP compliance and using available SSS resources to facilitate compliance, such as by conducting home visits to pensioners through our branch or office personnel," de Claro said. With its current interest rate of 10 percent per annum, de Claro said the SSS would also work to reduce interest rates. "Given the consistent, solid performance of SSS' investment portfolio, it is now timely to revisit the interest rate of our salary and calamity loan programs toward reducing it to increase the cash proceeds from loan applications by qualified SSS members," he pointed out. SSS' annualized Return on Investment from 2021 to 2024 ranged between 5.8 percent and 6.6 percent, performing well even through the Covid-19 pandemic, the agency's top official said. On the coverage of self-employed, de Claro said that the SSS would pursue better collection compliance from other groups of workers, particularly self-employed professionals such as accountants, doctors and engineers by meeting with the Professional Regulation Commission to discuss opportunities for cooperation and ensure SSS coverage of such workers. "Our goal is to make them continue paying SSS contributions while they are gainfully self-employed even if they have reached 120 contributions already," he said. "These plans and programs reiterate our message last month prioritizing service excellence first and foremost while ensuring financial discipline and sustainability through an empowered SSS workforce," he added.
Tomas Kauer - Moderator 
MANILA, Philippines — Improved services for pensioners and lower interest rates on salary and calamity loans are among the priorities of the Social Security System (SSS) this year.
"We are now working to improve services for pensioners, to reduce the interest rate on its salary/calamity loan programs, and to pursue self-employed coverage" SSS President and CEO Robert de Claro said in a statement emailed to The Manila Times on Sunday.
"We are reviewing our guidelines on the Annual Confirmation of Pensioners (ACOP) Program to simplify requirements and other verification processes for the convenience of our pensioners," he added.
The SSS chief has sought to address the sentiments of Philippine-based retirement pensioners who are above 80 years old to ensure their continuous receipt of pension benefits.
Citing records, he said the agency has 157,493 such pensioners.
"Our review of the current guidelines include the analysis of age and geographical distribution of pensioners, authorizing additional means for ACOP compliance and using available SSS resources to facilitate compliance, such as by conducting home visits to pensioners through our branch or office personnel," de Claro said.
With its current interest rate of 10 percent per annum, de Claro said the SSS would also work to reduce interest rates.
"Given the consistent, solid performance of SSS' investment portfolio, it is now timely to revisit the interest rate of our salary and calamity loan programs toward reducing it to increase the cash proceeds from loan applications by qualified SSS members," he pointed out.
SSS' annualized Return on Investment from 2021 to 2024 ranged between 5.8 percent and 6.6 percent, performing well even through the Covid-19 pandemic, the agency's top official said.
On the coverage of self-employed, de Claro said that the SSS would pursue better collection compliance from other groups of workers, particularly self-employed professionals such as accountants, doctors and engineers by meeting with the Professional Regulation Commission to discuss opportunities for cooperation and ensure SSS coverage of such workers.
"Our goal is to make them continue paying SSS contributions while they are gainfully self-employed even if they have reached 120 contributions already," he said.
"These plans and programs reiterate our message last month prioritizing service excellence first and foremost while ensuring financial discipline and sustainability through an empowered SSS workforce," he added.
