MANILA, Philippines — Benefit payments released by state-run pension fund Social Security System (SSS) have reached P1.1 trillion since 2016.
In a statement, SSS said it has disbursed a record P1.1 trillion in benefit payments from 2016 to 2021 to its members, pensioners and other beneficiaries.
The aggregate amount for the six-year period of the Duterte government is double the P550 billion in payments from 2010 to 2015 or during the term of the late president Benigno Aquino III.
SSS president and CEO Michael Regino said the improvement in benefit disbursements is largely attributed to the reforms implemented in the past years.
These include the Social Security Act in 2018, Expanded Maternity Leave Law in 2019 and the additional P1,000 benefit pension grant which started in 2017.
The Social Security Act paved the way for the expansion of the SSS’s mandatory coverage to overseas Filipino workers, increased the maximum monthly salary credit for the computation of benefits and the grant of unemployment benefits, among others.
On the other hand, the Expanded Maternity Leave Law extended the compensable days from 60 days for normal delivery and 78 days for caesarean section delivery to 105 days.
An additional 15 days has also been set for solo mothers for every delivery.
Meanwhile, the SSS said it saw record loan releases in the past six years to P249.54 billion. This is 84 percent higher than the P135.63 billion loans released in the Aquino administration.
The jump in loan releases was attributed to the increase in the maximum loanable amount, the Pension Loan Program and the nationwide offering of the COVID-19 Calamity Loan Assistance Program.
Right now, the SSS fund life is estimated to last until 2054 amid the anticipated increase in the number of paying members due to the expansion of SSS membership coverage and increases in the contribution rate.
“Much as we have progressed, there is still a lot more to be done. We will continue to build on our gains and establish a more viable SSS for our current and future stakeholders,” Regino said.