Updates from SSS and PhilHealth that you need to read

Updates from SSS and PhilHealth that you need to read

“Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.”

-Dave Ramsey-

 

SSS reminds members to continue monthly contribution payments

This photo was taken from: Facebook: Philippine Social Security System – SSS

 

Heads up, mga Kababayan in Kuwait! Despite the pandemic, the SSS highlights the importance of members continuing to pay their monthly contributions in order to continue earning benefits and privileges.

SSS President and CEO Aurora C. Ignacio is urging participants who are paying their dues willingly and those who are involuntarily separated to stay with the state fund because it will benefit them in the future.

“We understand that times are difficult right now but continuing your membership with SSS is one of the most practical decisions that you can make for yourself and your family. Consider your SSS contributions as savings for today and an investment for your future,” Ignacio pointed out.

“Regularly-paying members are entitled to these social security benefits provided that they meet the specific qualifying conditions set for each benefit eligibility. It is also essential that the member is updated in paying his contributions to apply for such benefits or loans,” Ignacio stated.

Last year, the SSS reports that three (3) million members failed to pay their payments due to a temporary or permanent loss of employment due to company closure. Meanwhile, since the ongoing COVID-19 pandemic has created a lot of uncertainty, informal or voluntary members may try to prioritize expenditure for their immediate needs, such as food and shelter.

“We do not want these members to lose the privilege of availing other benefits from SSS as a result of this situation. We have to convince them to come back, this time as voluntary paying members,” Ignacio emphasized.

 

expreSSS e-Learning (ExSSSeL) Portal

These photos were taken from: Facebook: Philippine Social Security System – SSS

 

Attention all SSS members! Enhance your knowledge about SSS benefits in your own time, at your own pace, and for free! Introducing the ExpreSSS e-Learning (ExSSSel) Portal.

 

SSS outpaces investments benchmarks

This photo was taken from: Facebook: Philippine Social Security System – SSS

 

SSS outperforms investment benchmarks, generating more than P32 billion by 2020. In 2020, the Social Security System (SSS) raised P32.47 billion in full-year investment profits, with a 5.89 percent return on investment (ROI), surpassing key market indices such as the 10-year Treasury bond and 364-day T-bill yields, which averaged 3.43% and 2.42%, respectively.

Despite the pandemic that shocked the Philippine stock market last year, SSS President and CEO Aurora Ignacio said the SSS investment portfolio still produced steady earnings. However, investment income in the previous year was significantly lower than the P40.97 billion posted in 2019.

“The nationwide community quarantine measures drastically affected the stock market since March 2020. Despite this, SSS investments continued to perform well and provided decent returns last year,” SSS President and CEO Ignacio said.

Ignacio noted that the pension fund’s Return on Investment (ROI) in 2020 was ahead of national economic indicators, especially the -9.50 percent GDP growth and 2.60 percent average inflation rate for the same year.

SSS investment performance has consistently outperformed major investment benchmarks. Whatever are the prevailing market conditions, we continue to perform well in our investment activities. As guided by our charter, we adhere to the principles of safety, good yield, and liquidity,” Ignacio added.

Government securities (41.86%), member loans (19.09%), equities (16.73%), properties (10.06%), corporate notes and bonds (5.83%), bank deposits (2.80%), external funds (2.17%), and housing and development loans (1.46%) make up the P589 billion SSS investment portfolio.

 

P15 Billion Hindi Nawala!

The Philippine Health Insurance Corporation (PhilHealth) reported to the public that the controversial P15 Billion disbursed to the Interim Reimbursement Mechanism is not lost due to fraud or corruption.

In a press statement, PhiliHealth reiterates that the P15 Billion is properly reimbursed to 711 hospitals in the country as an aid for the pandemic and them to remain operational for patients needing medical attention.

PhilHealth also stressed that the reimbursement is properly accounted for. In fact, they stated that 95% of the P15 Billion are already liquidated to the hospitals and “it didn’t went to someone’s pocket.” [hindi ng bulsa ng sinoman]

You may refer to the picture below to give details on where does the P15 Billion disbursed through the Interim Reimbursement Mechanism went.

This photo was taken from: Facebook: Philippine Health Insurance Corporation

 

For more Interim Reimbursement Mechanism (IRM) liquidation updates, you may visit https://www.philhealth.gov.ph/irm/#gsc.tab=0

 

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