izzecoh Posted March 1, 2004 Author Share Posted March 1, 2004 izzecoh: thanks for the evaluation. new query: what u tink of CSP's "secret" move to sell dem equitable shares at a huge goddam loss? curious lang. it's good move in fact.............. nagsacrifice lang ung SSS to earn a better income....... ksi ung shares na yun parang dead investments namin........ cguro mga 5 years na alang natatanggap ang SSS ng dividends mula dun sa shares na yun.............. let's watch n lang paano diskartehan ni CSP 'to!!!! basta to SSS members (including us) ala muna kokontra........... baka macra ung diskarte.......hehehehehehehehe..... Quote Link to comment
archer_dude Posted March 1, 2004 Share Posted March 1, 2004 Good Day Izzecoh! I just wanna ask the requirements for a Non-Working Spouse to file for SSS membership and how can she avail of the maternity benefit? I read in the SSS site that in order to avail of this benefit she must have paid at least three monthly contributions within the 12-month period immediately preceding the semester of her childbirth or miscarriage. So meaning if she's due to give birth in June/July can she still get the maternity benefit if she starts her contribution now? Thanks a lot! Quote Link to comment
avarez Posted March 11, 2004 Share Posted March 11, 2004 pwede pa po ba bayaran yung mga months na nalipasan ko na bayaran? saan ko po pwede malaman kung ilan pa yung balance ko sa housing loan? thanks in advance! Quote Link to comment
Shiro Posted March 11, 2004 Share Posted March 11, 2004 Please excuse this totally ignorant sounding query but: How do you apply for a loan with the SSS? Been working for 7 years now and I still haven't loaned off my contributions. Quote Link to comment
Reese Posted March 15, 2004 Share Posted March 15, 2004 uhm...shiro... check out www.sss.gov.ph or scroll ka sa thread. parang me nagtanong at sumagot na nyan dito. hope this helps. Quote Link to comment
bathala Posted March 15, 2004 Share Posted March 15, 2004 my fellow MTCers.....If you any quiries about the SSS and problems with it...try to ask me...... hi izzecoh, just want to know...i made an inquiry sa website ng sss and when i looked sa contribution ko, ok naman pero when i inquired for a salary loan it said there i will be denied due to delinquent payments...now, i don't know if my previous employer made the right deductions, but tapos na iyon e....what i want to know is..how can i make it right? do i have to tell my present employer that i had a loan before and to make the adjustments sa ontributions ko? please clarify...thank u!!! Quote Link to comment
izzecoh Posted March 16, 2004 Author Share Posted March 16, 2004 hi izzecoh, just want to know...i made an inquiry sa website ng sss and when i looked sa contribution ko, ok naman pero when i inquired for a salary loan it said there i will be denied due to delinquent payments...now, i don't know if my previous employer made the right deductions, but tapos na iyon e....what i want to know is..how can i make it right? do i have to tell my present employer that i had a loan before and to make the adjustments sa ontributions ko? please clarify...thank u!!! check your pay slips pre.......tignan mo ung deductions nila sa salary loan no, then if your computations is dapat paid ka na............then maybe there is a problem your with previous employer.......but if your they cez n remitted naman....... hingi k ng copy ng collections list na ung isinubmit nla nun s SSS..........baka ung posting lang s SSS ang problem...........just coordinate with your previous employer then surely they'll give the necessary proof n nag-remit n cla........ but if hindi p talaga natapos ung term ng loan payment mo...... notify mo ung present employer mo para ideduct k nila ng monthly loan payment...... agahan mo, man......don't forget the penalties and interest!!!! para d gaano lumaki ung babayaran mo... Quote Link to comment
izzecoh Posted March 16, 2004 Author Share Posted March 16, 2004 pwede pa po ba bayaran yung mga months na nalipasan ko na bayaran? saan ko po pwede malaman kung ilan pa yung balance ko sa housing loan? thanks in advance! for self employed and voluntary member,,,, di b puede......considered as gap na yun......or these are the "no-earnings" period......for employed......puede....... meron lang penalties......pero just make sure na pumasok nga ikaw nun mga period na yun..... Quote Link to comment
izzecoh Posted March 16, 2004 Author Share Posted March 16, 2004 Good Day Izzecoh! I just wanna ask the requirements for a Non-Working Spouse to file for SSS membership and how can she avail of the maternity benefit? I read in the SSS site that in order to avail of this benefit she must have paid at least three monthly contributions within the 12-month period immediately preceding the semester of her childbirth or miscarriage. So meaning if she's due to give birth in June/July can she still get the maternity benefit if she starts her contribution now? Thanks a lot! cguro maganda kung punta k s nearest SSS branch....... para ma explain s further........ medyo marami explainations 2........ ok??? Quote Link to comment
izzecoh Posted March 16, 2004 Author Share Posted March 16, 2004 uhm...shiro... check out www.sss.gov.ph or scroll ka sa thread. parang me nagtanong at sumagot na nyan dito. hope this helps. hey, reese, thanks for the backup...... Quote Link to comment
izzecoh Posted March 19, 2004 Author Share Posted March 19, 2004 CIRCULAR NO. 14-P TO: All SSS Members/Employers SUBJECT: Revised guidelines on salary loans granting The Social Security Commission, under Resolution No. 669 dated 10 December 2003, approved the following revised guidelines on salary loans granting: 1. Eligibility Requirements 1.1 An employed, currently paying self-employed or voluntary member (SE/VM) who has 6 posted monthly contributions for the last 12 months prior to the month of filing of application. 1.2 For a one-month loan, the member-borrower must have 36 posted monthly contributions prior to the month of filing of application. 1.3 For a two-month loan, the member-borrower must have 72 posted monthly contributions prior to the month of filing of application. 1.4 If the member-borrower is employed, his employer must be updated in contributions and loan remittances. 1.5 The member-borrower must be updated/current in the payment of his obligations in his other member loans, which include educational, stock investment, MADE & housing loans granted under the Unified Housing Loan Program (UHLP) or direct from SSS. 1.6 The member-borrower has not been granted final benefit (total permanent disability, retirement and death). 1.7 The member-borrower must not be more than sixty (60) years of age at the time of application. 1.8 The member-borrower has not been disqualified due to fraud committed against the SSS. 2. Loan Amount 2.1 A one-month salary loan is equivalent to the average of the member's latest 12 monthly salary credits posted. 2.2 A two-month salary loan is equivalent to twice the average of the member's latest 12 monthly salary credits posted (rounded to the next higher monthly salary credit), but not to exceed P24, 000. 3. Repayment Term The one-month or two-month salary loan shall be payable within two (2) years in 24 equal monthly installments. 4. Interest and Penalty 4.1 The loan shall be charged a nominal interest of 10% per annum. First year's interest shall be deducted in advance from the proceeds of the loan. Second year's interest shall be included in the monthly amortizations. 4.2 Loan amortization not remitted on due date shall bear a penalty of 1% per month. 5. Service Fee A service fee of 1% of the loan amount shall be charged and deducted from the proceeds of the loan. 6. Loan Renewal The loan may be renewed after the prescribed amortization period of two (2) years. Balance of P500 or less shall be deducted from the proceeds of the new loan. 7. Mode of Payment Self-Employed/Voluntary Member-Borrowers (SE/VM) 7.1 For self-employed or voluntary paying member-borrowers, the first amortization shall be paid to the SSS or any of its authorized banks on or before the 10th day of the third month following the date of loan. Employed Member-Borrowers 7.2 For employed member-borrowers (including participants of the fast track program), the first deduction from their salaries shall start on the second month following the date of loan. All remittances shall be made on or before the 10th day following the applicable month of deduction to the SSS or to any of its authorized banks. 7.3 The employee is obliged to report to the new employer his obligations with SSS and shall allow the new employer to deduct from his salary the corresponding amortizations due, plus any penalty for late remittance of amortizations. Employer 7.4 The employer shall be responsible for the collection and remittance to the SSS of the amortization(s) due on the member-borrower's salary loan through payroll deduction. 7.5 The employer shall require new employees to secure from the SSS an updated statement of account. 7.6 The new employer shall continue the deduction and shall be accountable for remittance to the SSS. 7.7 In case the member-borrower is separated voluntarily, (e.g. retirement or resignation) or involuntarily, (e.g. termination of employment or cessation of operations of the company), the employer shall be required to deduct the total balance of the loan from any benefit(s) due to the employee and shall remit the same in full to SSS. 7.8 If the benefit(s) due the employee or the amount thereof legally available for offset of obligations of the employee is insufficient to fully repay the loan, the employer shall report the unpaid loan balance to SSS. 8. Deduction of Unpaid Loan from Benefits In case of member-borrower's death, total disability or retirement under the Social Security Act, the entire amount or any unpaid amount of the loan as well as the interest and penalty thereon, if any, shall be deducted from the corresponding benefit. This Circular supersedes previous guidelines on salary loans granting and takes effect on 01 March 2004. Quote Link to comment
izzecoh Posted March 19, 2004 Author Share Posted March 19, 2004 Sale of E-PCIBank stake would improve our portfolio-------------------------------------------------------------------------------- The Social Security System said a proposal from Banco de Oro, majority-owned by a shopping mall tycoon, to purchase its shareholdings in the Equitable-PCIBank offered a rare opportunity to the institution to recover and realize a return from a low-performing investment. SSS President Corazon S. de la Paz said the offer by Henry Sy to purchase the entire SSS ownership of the bank for P14 billion was the highest market price since 2002. “Holding on to the shares precludes the opportunity for SSS to invest the potential proceeds in safe and higher yielding instruments,” she said. “This opportunity is magnified in the current rising interest rate environment.” The proposal involved the purchase of 188 million shares at P43.50 per share, which is 30 percent higher than the last trading price of P33.50. Equitable-PCIBank has been trading at a low of P16 per share in 2001 to a high of P33.50 last December. SSS is carrying the investment in Equitable-PCIBank in its books at P14.2 billion. It expected to recover the amount under the deal, which is a combination of cash and six and a half-year term secured promissory note. De la Paz said the offer would allow SSS to recover its acquisition costs for the shares and use the money to generate earnings that would benefit the institution and its 25 million members. She said SSS has not received any dividends from the shares since four years ago and the deal offered an opportunity for SSS to improve its investment portfolio, which could lead to better viability for the fund. “We want to make sure the deal would be advantageous for the SSS and Equitable-PCIBank,” De la Paz said. “It should be a win-win deal.” “We want to recover our investment and generate earnings, but we also want a strong party to come in and help build an even stronger bank.” Investment bankers and financial analysts have hailed the transaction as a good deal for the SSS, De la Paz said. __________09 January 2004 Quote Link to comment
izzecoh Posted March 19, 2004 Author Share Posted March 19, 2004 No to anomalies-------------------------------------------------------------------------------- The Social Security System needed to generate earnings from its investments to improve the viability of the Fund, but management would not tolerate anomalous transactions, President Corazon de la Paz said. She called on the public to report to her office any anomaly involving use of SSS funds, “but there must be a basis for the accusation and not mere speculations.” “It is wrong to destroy the integrity and reputation of another person on mere speculation,” De la Paz said. “If there is no evidence the prudent thing to do is to shut up.” De la Paz was reacting to allegations by Senator Serge Osmeña that unidentified people received P2 billion pesos to facilitate the proposed sale of SSS shareholdings in Equitable-PCI Bank to Henry Sy, owner of Banco de Oro. Osmeña refused to identify the people who allegedly received bribes. Osmeña also called on the Senate to look into the deal, which would allow the SSS to recover and earn income from the P14 billion it has invested in Equitable-PCI Bank. SSS has not made any earnings from this investment since it bought the shares in 1999. De la Paz brushed aside calls from Osmeña for her resignation, saying she would only quit for reasons of bad health or “when it is proven that the transaction is tainted with anomalies.” She said she considered it her duty to find ways to improve SSS earnings from investments and other income and she would seize any opportunity that will be beneficial to the institution even it will not be popular. “We have to exercise leadership. Otherwise, there is no reason for us to be here,” De la Paz said. __________19 January 2004 Quote Link to comment
Reese Posted March 20, 2004 Share Posted March 20, 2004 izzecoh: nice updates. cge na nga i'll give CSP the benefit of the doubt. any word on loan restructuring similar to HDMF's? thanks. :-) Quote Link to comment
jstn Posted March 24, 2004 Share Posted March 24, 2004 hi there... i have several questions, hope u can help...im still n the process of weighing the pros n cons n having SSS. by the way, im self employed n have one employee. my monthly income ranges from 20-30Thou. How much do I pay a month as contribution and how can a self employed claim sickness benefits? What are the requirements? Thanks bro... Quote Link to comment
Reese Posted March 25, 2004 Share Posted March 25, 2004 hi there... i have several questions, hope u can help...im still n the process of weighing the pros n cons n having SSS. by the way, im self employed n have one employee. my monthly income ranges from 20-30Thou. How much do I pay a month as contribution and how can a self employed claim sickness benefits? What are the requirements? Thanks bro... izzecoh try ko ulet sagot ha. kse i'm sure u r busy. just check if it's right. jstn: joining SSS is like maintaining a pension plan. although required sha if u have at least 5 employees as a private company and optional lang ata for househelp (right izzecoh?). i guess if u r earning that much at least once may nakapag-alok na sayo nun. better to have a pension plan na rin on top of your SSS. if wala, these are what the SSS have the ff: salary/housing loan, maternity, hospitalization, retirement and death benefits. more details on contributions(premiums) and requirements are on their website http://www.sss.gov.ph personally i don't believe in it. kse in analysis what happens with the system is that the premiums u r paying now simply goes to the system's operating expenses, pension funds and other benefits of those who paid their premiums eons ago. previous fund managers f**ked up big time so it didn't earn the money it's supposed to earn. kaya nga cla nagkakagulo ngayon eh. that's an outsider's view. i'd like to hear izzecoh's take on this since he's from the inside. Quote Link to comment
robbietan Posted March 26, 2004 Share Posted March 26, 2004 its always the saying "YOU GET WHAT YOU PAY FOR" sa SSS, liit contributions kaya liit din benefits kung kukuha ka outside pension plans and HMOs, mas magastos pero mas maganda quality (daw) ng services na makukuha mo. d only thing sss is good for is security (hindi ka tatakbuhan, bubuwisitin ka lang) and widely accepted kahit saan ospital ka magpunta. if u have d moolah, puede mong pagsabayin sss and outside pension plan Quote Link to comment
robbietan Posted March 26, 2004 Share Posted March 26, 2004 pagkaka-alam ko kc them equitable-pcib shares was bought by sss as an arroyo support when customer confidence was falling. remember mismong vp ng pcib ang nagsiwalat ng 'secret' accounts ni erap. naturally the other big accounts natakot na masiwalat din mga 'secrets' nila, leading to the point na pcib was offering 20% interest just to keep depositors from bolting.kagaguhan ni arroyo, taumbayan ang kawawa Quote Link to comment
kano_d_great Posted March 29, 2004 Share Posted March 29, 2004 guyz, PM me naman kung sino may kilala kayong nag bebenta ng Toyota GL 1990-1991 model 16v. Thanks in advance! :mtc: Quote Link to comment
kano_d_great Posted March 29, 2004 Share Posted March 29, 2004 guyz, PM me naman kung sino may kilala kayong nag bebenta ng Toyota GL 1990-1991 model 16v. Thanks in advance! :mtc: Quote Link to comment
Reese Posted April 1, 2004 Share Posted April 1, 2004 pagkaka-alam ko kc them equitable-pcib shares was bought by sss as an arroyo support when customer confidence was falling. remember mismong vp ng pcib ang nagsiwalat ng 'secret' accounts ni erap. naturally the other big accounts natakot na masiwalat din mga 'secrets' nila, leading to the point na pcib was offering 20% interest just to keep depositors from bolting.kagaguhan ni arroyo, taumbayan ang kawawa pa-off topic ha. robbietan: so halata bang nde si GMA iboboto mong presidente? Quote Link to comment
elantra644 Posted April 1, 2004 Share Posted April 1, 2004 >how about pag-ibig?when can i get all my contribution Quote Link to comment
izzecoh Posted April 1, 2004 Author Share Posted April 1, 2004 reese: you're doing good ha!!!! thanks......... but we don't have hospitalization......... for maternity and sickness benefits we just give financial assistance based on their monthly contributions....... parang kami muna ung nag pasahod s kanila in the time when they could not able to work............... SSS is like a commercialized insurance company in someway.............. ok lang if you don't believe in the system.............. listen to this.............. when i sss member died and has only one monthly contribution........ we give the full amount of funeral benefit na P20,000.00 ...... kahit na minimum lang ung earnings nya....... P94.00 a month to be exact........magkano ung abono ng SSS??? do the math....... one more fact: SSS can survive in 40 years without any incoming collections from the members....... and can sustain the financials para sa benefits.... marami kasing assets ang SSS na puede magsupport........... Quote Link to comment
izzecoh Posted April 1, 2004 Author Share Posted April 1, 2004 hi there... i have several questions, hope u can help...im still n the process of weighing the pros n cons n having SSS. by the way, im self employed n have one employee. my monthly income ranges from 20-30Thou. How much do I pay a month as contribution and how can a self employed claim sickness benefits? What are the requirements? Thanks bro... 3. For Employers Single Proprietorships An owner of a single proprietorship business should accomplish and submit SSS Forms R-1 (Employer's Data Record) and R-1A (Initial or Subsequent List of Employees). Partnerships Any of the partners of a partnership firm should accomplish SSS Forms R-1 (Employer's Data Record) and R-1A (Initial or Subsequent List of Employees) and submit these forms together with a photocopy of the Articles of Partnership. The original copy of the Articles of Partnership must be presented for authentication. Corporations A corporation must accomplish SSS Forms R-1 (Employer's Data Record) and R-1A (Initial or Subsequent List of Employees) signed by its President or any of the corporate officers and submit these forms together with the photocopy of the Articles of Incorporation. The original copy of the Articles of Incorporation must be presented for authentication. Household Helper Employers A household helper employer who has an existing SS number should use this personal SS number as his employer number in all transactions with regard to his household helper. If the employer has no existing SS number, he should get his SS number by accomplishing SSS Form E-1 (Member's Data Record). ....mas maganda if you visit the nearest SSS Branch para ma clear ung need mo sa registrations no..... Quote Link to comment
izzecoh Posted April 1, 2004 Author Share Posted April 1, 2004 -------------------------------------------------------------------------------- CIRCULAR NO. 13-P CHANGES IN POLICIES ON CONTRIBUTIONS OF SELF-EMPLOYED ANDVOLUNTARY MEMBERS AND REVISED SCHEDULE OF PAYMENTS The Social Security Commission (SSC) approved under its Resolution No. 667 dated December 10, 2003 the following changes in policies on contributions of self-employed and voluntary members and revised schedule of contribution payments; and under its Resolution No. 669 dated December 10, 2003 the revised guidelines on salary loans: Monthly salary credit (MSC), its manner of changing and the schedule of remittance of contributions of self-employed and voluntary members (SE/VM), including overseas Filipino workers (OFWs): Termination of granting discounts to payments made in advance. Grant SE/VMs, including the OFWs, with option to pay their contributions either on monthly or quarterly basis. Increase in the minimum MSC of OFWs from P3,000.00 to P5,000.00. The frequency of changing the MSC will be as follows: The SE/VMs, including OFWs, may change their MSCs by one or two salary brackets without requiring the submission of documents to prove their earnings. Where the change will result in an MSC of lower than P5,000.00, or where the change will result in more than two salary brackets higher or lower than the present MSC, a Declaration of Earnings or an Income Tax Return (ITR) for the prior year, duly received by the Bureau of Internal Revenue (BIR), must be submitted to prove their new earnings. Where the present MSC is more than P10,000.00 and the age of the member is 55 years or older, the allowed increase is only one salary bracket regardless of whether the supporting documents are submitted or not. Revised schedule of payment The deadline of payment of contribution and loan amortization: For Employer - on the 10th day of the month following the applicable month. For SE and VM, including OFW - on the 10th day of the month following the applicable month or quarter, as the case may be. In case the last day of payment falls on a Saturday, Sunday or holiday, payment may be made without penalty on the next working day. This rule shall be made applicable to all types of payors, i.e. employer, employee, self-employed and voluntary member; and to all types of payments, i.e. contribution, loan amortization and miscellaneous payments. Item A (2) is effective October 01, 2003. Hence, any payment for one, two or all of the months within the fourth quarter of year 2003 may be made on January 10, 2004, subject to the provision of Item B (2). The rest of the items are effective January 01, 2004. Thus, under Item B, the deadline of payment for applicable month December 2003 is on January 12, 2004. For strict compliance. Quote Link to comment
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