LET US WELCOME THE NEW YEAR…GIVE THE HAPPY ADIEU TO THE OLD AND START THE NEW BEGINNING WITHOUT FEAR AND CHERISH THE MEMORIES WE HOLD! KUNG HEI FAT CHOI!
About 703,209 members in Cavite will have easier access to services of the Social Security System (SSS) when it opened SSS Dasmariñas Branch last December 12, 2014. The new branch. Located at the Central Mall along Aguinaldo Highway, will serve the areas of Dasmariñas and Dasmariñas Bagong Bayan.
Present during the inauguration were (photo above, left to right) SSS Senior Vice President for Luzon Operations Group Ms. Josie G. Magana; SSS Assistant Vice President for Luzon South Division Ms. Virginia Cruz; Dasmariñas City Congressman Elpidio F. Barzaga, Jr.; SSS President & CEO Emilio S. De Quiros, Jr.; Officiating Priest Rev. Fr. Danilo Paraiso, Jr. (partly hidden) and mall owner Mr. Enrico U. Dee.
The Social Security System (SSS) is calling on members with outstanding loans under the Stock Investment Loan Program (SILP) and the Privatization Fund Loan Program (PFLP) to avail themselves of the option to sell their shares of stocks under the two programs.
“Despite loan condonation programs that we have offered in the past, there are still quite a number of SSS members who have let their unpaid SILP and PFLP loans balloon into staggering amounts due to penalties and interest,” said SSS Senior Vice President and concurrent Officer-In-Charge for Lending and Asset Management May Catherine Ciriaco.
As of 31 December 2014, there are 3,037 delinquent SILP loan accounts, amounting to P304.44 million, inclusive of penalties and interest. There are also 5,755 delinquent PFLP loan accounts, totaling P304.19 million, with penalties and interest. The Social Security Commission in September 2014 approved the Option to Sell Shares of Stocks, as a way to lessen these delinquent accounts that total over P608.63 million.
In the late 1980s, SSS offered the SILP to give its members an opportunity to invest in the stock market. Similarly, it offered PFLP in 1994 to enable its members to participate in the initial public offering of Petron shares which at that time was owned entirely by the government. The PFLP was also open to SSS members who were interested in buying shares of stock of Meralco that it was disposing at that time.
Under the option to sell shares, the member-borrower will execute a Special Power of Attorney authorizing the SSS to sell his shares of stocks at the prevailing market price, based on the quotation of an accredited broker and subject to the usual broker’s commission, taxes and other fees. The net proceeds from the sale of the shares of stocks will then be applied to the member’s outstanding SILP or PFLP loan balance.
“Any excess amount after application to the outstanding SILP/PFLP loan balance will be applied to his delinquent salary or housing loan, if any,” Ciriaco explained. “If none, or if there is still excess amount, then this will be refunded to the member-borrower.”
However, if the net proceeds from the sale of the member-borrower’s shares of stock are not sufficient to cover the outstanding SILP or PFLP loan balance, then the member shall be required to pay the remaining amount either in cash, from a salary loan renewal, or from the final benefits (total disability, retirement, and death). However, the remaining balance will continue to be charged with interest and penalties until fully paid.
“While this is not the condonation program that members are waiting for, the Option to Sell program is the next best way for members to finally pay off their outstanding loans under the SILP and PFLP to ensure that they fully enjoy their SSS benefits without deductions,” Ciriaco said.
Members interested to apply for the Option to Sell Shares Program may contact Teresita Badiola or Ma. Divina Cadorna at the SILP Section of the SSS Member Loans Department, 11/F of the SSS Main Office, or call 435-9862 and 920-6401 locals 5887 and 5915 for further details.
From February 1 – March 31, Beats by Dr. Dre Studio wired variant in red, black, white, and blue comes with a Beats by Dr. Dre urBeats in-ear headphone in white, for your loved one so you can both enjoy your music the way it was meant to be heard.
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Beats by Dr. Dre (Beats), is the leading audio brand founded in 2006 by Dr. Dre and Jimmy Iovine. Through its family of premium consumer headphones, earphones, and speakers, Beats has introduced an entirely new generation to the possibilities of premium sound entertainment. The brand’s continued success helps bring the energy, emotion and excitement of playback in the recording studio back to the listening experience for music lovers worldwide. Beats was acquired by Apple Inc. in July 2014.
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The Social Security System (SSS) expects to increase its current membership base of 17,000 in the southern part of Cebu as it opens a new branch in Talisay, Cebu on February 4, 2015.
Located at Gaisano Grand Fiesta Mall in Tabunok, the new SSS branch will serve the municipalities of Talisay, Minglanilla, Naga, San Fernando and Carcar covering a total of 14,442 employee-members and 3,000 self-employed or voluntary members.
“One of our priority thrusts is to make SSS accessible to our current and potential members especially to the informal sector workers,” SSS Assistant Vice President for Central Visayas Helen C. Solito said.
Solito said that personal services is now one of the major industries in Talisay aside from manufacturing and agriculture. The City of Naga, on one hand, is emerging as the industrial city of southern Cebu with the opening of several manufacturing plants starting with two power plants that supply electricity to the entire province of Cebu.
SSS Talisay Branch is a full-service branch which offers issuance of SS number; accepts and processes applications on benefit claims such as sickness, maternity, disability, funeral and death applications as well as UMID Data Capture Section.
SSS President & CEO Emilio S. De Quiros, Jr. and Cebu Vice Governor Agnes A. Magpale formally opened the SSS Talisay Branch on February 4, 2015.
THE PHILIPPINES EVENTS The Philippine Events is an event planner in the Philippines that caters several events whether big or small activities all over the country. The team is recognize for its professionalism, creativity, talent and expertise. It … Continue reading