SSS 11-month collections in Bicol hit P1.15-B

Posted at 03/11/14 4:53 PM

MANILA, Philippines – The Social Security System (SSS) said it posted a 10% growth in its collections in the Bicol region from January to November 2013.

The state-run pension fund said its collections climbed to P1.15 billion in contributions from members and employers in the 11-month period, compared to the P1.04 billion total for the same period in 2012.

About 37%, or P430 million, of total collections came from contributions from branch accounts, which are small- and medium-sized companies with less than 100 employees, SSS Luzon officer-in-charge Josie Magana said.

Contributions from large Bicol-based accounts reached P334.54 million while contributions from self-employed and voluntary members in the area hit P390.12 million.

Magana noted that the continued growth in SSS collections reflects the growing number of workers in Bicol who realize the value of an active SSS membership.

“While employees still account for most of total Bicol collections, we expect contributions from self-employed and voluntary members to grow as we increase our partnerships with organized workers' groups, particularly in the informal sector, within the region,” she said.

Magana said nearly 80%, or P899.23 million, of total contributions from Bicol were remitted over-the-counter at SSS branches.

Another P160.99 million were paid at SSS-accredited banks, while the rest were remitted via other SSS payment facilities such as Bayad Centers, Auto Debit Arrangements and the web-based Electronic Data Interchange for employers.

“The SSS has enhanced its tellering facilities by providing all of our branch tellers with an online system that validates the paying member’s SSS number and name, thereby ensuring accurate payment information. This enables the same day posting of their SSS payments and eliminates the occurrence of 'unpostable' contributions,” Magana said.

The SSS Bicol Division has over 40,000 registered employers and nearly 663,000 members.

The Bicol arm holds office at Naga City and supervises nine branches located in Naga, Daet, Goa, Iriga, Masbate, Sorsogon, Tabaco, Virac and Legazpi; a service office at the Ligao Municipal Hall; and eight representative offices in Jose Panganiban, Labo, Ocampo, Bulan, Irosin, Matnog, Pilar and Donsol.