The country’s finance chief has urged the Social Security System (SSS) to continue improving its investments performance amid a rapidly expanding domestic economy and improved business outlook, according to a statement released by the Department of Finance (DOF) yesterday.
“We must continuously strive to improve the quality and performance of our investments through better financial management and market engagement. This would reassure our members that their contributions are indeed investments in the future,” DOF Secretary Benjamin Diokno said at the 65th founding anniversary celebration of SSS.
Diokno commended the SSS for keeping its fund robust, secure and well-managed despite the impact of the COVID-19 pandemic.
In the last six years, the SSS hit the P1-trillion mark in benefit payments, providing universal and equitable social security protection to over 40 million members and 2.9 million pensioners.
Diokno also lauded the SSS for fast-tracking the digital transformation of its core business processes and frontline transactions.
He said the improvements have enabled the government to accurately target beneficiaries and quickly distribute aid for the Small Business Wage Subsidy Program as part of the government’s COVID-19 response efforts to uplift people and businesses.
“Not only are your modernization programs well-received at home, they are even recognized by international social security organizations. This is a remarkable achievement and I look forward to more impressive endeavors and successes from the SSS in the years to come,” Diokno said.
The SSS has shifted the filing of claims to online platforms for its various insurance products. Benefit claims are now released to the designated disbursement account of the SSS member or pensioner, which may be through electronic wallets, cash payment outlets, PESONet or the Union Bank of the Philippines QuickCard.
SSS salary and calamity loan applications and the renewal of pension loans are also done online and processed in real-time.
