SSS collections hit P85.97 billion in 2011

MANILA, Philippines - The Social Security System (SSS) collected a total of P85.971 billion in member contribution collections in 2011, exceeding the target for the year by 2.35 percent.

 According to a Commission on Audit (COA) report, the achievement was due to continuous implementation of measures to ensure the actuarial soundness of the Social Security Fund.

 State auditors said the agency’s collection for last year was its highest since 2002, a period of 11 years since 2002.

 The COA report said paying members also increased by 3.78 percent from 9.659 million in 2010 to 10.023 million in 2011 resulting in 98.24 percent attainment of the 2011 target.

 State auditors further praised the SSS after learning that the amount utilized for its Maintenance and Other Operating Expenses (MOOE) was limited to 84.96 percent of the budget, representing only 67 percent of the charter limit.

 “The SSS had also implemented various plans and programs for coverage and for service delivery that brought positive results of operations, despite the major reorganization that took place in August 2011,” the COA report said.

 State auditors said the agency conducted an OFW Caravan in the Middle East and Europe in October 2011 with the main objective of assessing concerns and issues on the ground in order to improve coverage of the OFW market.

 They said the SSS also completed the negotiation of Bilateral Agreement with Denmark and Portugal to reach out to migrant Filipinos.

The audit team further hailed the agency for implementing the Member Loans Penalty Condonation Program for Employees through Employers and the enhancement of the SSS website to allow online registration and submission of transactions through the web to provide members an alternative means to access their records.