PNoy rejects SSS pension hike bill

[Luap]

Mahusay ang political strategy ni Colmenares. Lumabas na kontrabida si BS Aquino. Yari yellow army. Pupulutin na lalo sa kangkungan si Mr. Palengke

[shadow]

From the SSS president. "We wrote to every senator before, presented to Congress that SSS cannot afford the P2k monthly pension increase, but they passed measure anyway. Even P500 is a big amount. Raising the expectations of the pensioners that it will be passed is the problem" [emoji15] SSS Pres & CEO Emilio de Quiros says PNOY called them in Malacanang & asked for SSS opinion. "Contribution rate needs to increase from 11% to 16%, pension is low bec maximum salary credit is low. SSS funds are not mismanaged - from P8B a year, income is now at P33-40B a year"


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[_Cathy_]

5% raise is needed? I think that is reasonable

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[shadow]

5% raise is needed? I think that is reasonable

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Tell that to all the noisy ones. Gusto puro kabig pero ayaw mag share


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[safeorigin]

Tell that to all the noisy ones. Gusto puro kabig pero ayaw mag share


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gusto kasi ng mga yan e obamacare style.

just look at that disastrous social program.

socialists/communists have neither foresight nor hindsight.

[chua_riwap]

& chiz escudero has filed a resolution to override PNoy's veto. As per 24Oras,11 senators has already signed the reso. Pero dapat daw sa lower house mag-umpisa ito.

Drilon: "Namumulitika lang si chiz."
Chiz: "Isa sya (drilon) sa pumirma sa bill sa senado."

Tang nang yan. Ang gulo.

[Altis6453]

Maybe it's time for the social security law to allow for voluntary additional contributions by employed members so that they can more or less have the desired level or amount of pension they want upon retirement. Also, let a private fund manager manage the SSS funds and do away with so many executives and senior managers.

[vinj]

Eto nanaman.

Resolution urging override of SSS veto pushed in Senate | Inquirer News

Maybe it's time for the social security law to allow for voluntary additional contributions by employed members so that they can more or less have the desired level or amount of pension they want upon retirement. Also, let a private fund manager manage the SSS funds and do away with so many executives and senior managers.

Janet Napoles?

[CVT]

Just to highlight (can anyone validate these numbers, agree or otherwise ?) :

The COA 2013 audit report, which came out in November 2014, notes that delinguent employers account for uncollected contributions and fines worth P13 billion.
Aging Member Loans, meanwhile, amount to P64.01 billion, of which P19.407 billion represents loans outstanding for more than 5 years.
The SSS’s operating ratio – 11% of contributions – is way above Malaysia’s 2% and Singapore’s 0.5% (year 2007).


What would it cost to fund the SSS pension hike?
Four billion pesos this year, or less than a third for those delinquencies chalked up by an agency that rewards its top officials with million-peso bonuses.
Four billion pesos is 6.4% of P64 billion; 20% of the more than five-year-old aging loans.
It is but a fraction of an estimated almost half-a-billion pesos in disallowed bonuses that COA maintains must be returned.
And our moral and pro-poor SSS executives say improved collection is no answer to their fiscal woes.

The SSS #Spinungaling | ABS-CBN News


The famous Conrado De Quiros,- care to rebut?

The SSS #Spinungaling

Inday Espina-Varona
Posted at 01/18/16 8:49 PM

Whoever thought of sending that pouting pretty boy to defend President Benigno Aquino’s veto of the P2000-SSS premium hike bill just increased Filipino’s anger over this administration’s perceived insensitivity to the needs of the nation’s working class.

SSS Commissioner Michael Victor Alimurung officially became the crown prince of TralalaLand when he announced at the start of a press conference that most executives of the agency are “pro-poor.” He followed that up with a hearty endorsement of Mr. Aquino’s veto:

“We support President Aquino's veto. Giving an across the board P2,000 pension hike will lead to SSS bankruptcy in 2027…

"Para sa akin, I would want a president who would do the right thing given the information he knows, no matter how unpopular that decision may be. I have full admiration that that is in fact what the President did."

WATCH: Head over heart: 'Pro-poor' SSS justifies veto on pension hike

He’s probably Mr. Aquino’s next-door neighbor in that parallel universe where words have different meanings. (Remember “suspension” and Alan Purisima and Mamasapano?)

The Aquino administration has just given pro-poor – and “moral” -- a whole new spin.

Pro-poor now means holding on to those bloated bonuses on the ground that these are “moral” despite Commission on Audit's (COA) repeated recommendations of disallowance. Moral means rewarding yourself for a performance that includes a very poor collection rate of 38% and a high operating ratio.

The COA 2013 audit report, which came out in November 2014, notes that delinguent employers account for uncollected contributions and fines worth P13 billion.

Aging Member Loans, meanwhile, amount to P64.01 billion, of which P19.407 billion represents loans outstanding for more than 5 years.

The SSS’s operating ratio – 11% of contributions – is way above Malaysia’s 2% and Singapore’s 0.5% (year 2007).

EASY FIX

The President vetoed a bill ratified by the House of Representatives and the Senate (which unanimously adopted Bayan Muna Neri Colmenares’ original bill) on grounds that a P2000 across-the-board pension hike would bankrupt the SSS fast. The same line is peddled by Labor Secretary Rosalinda Baldoz, who says have a heart for the agency’s fiscal health.

What would it cost to fund the SSS pension hike?

Four billion pesos this year, or less than a third for those delinquencies chalked up by an agency that rewards its top officials with million-peso bonuses.

Four billion pesos is 6.4% of P64 billion; 20% of the more than five-year-old aging loans. It is but a fraction of an estimated almost half-a-billion pesos in disallowed bonuses that COA maintains must be returned.

And our moral and pro-poor SSS executives say improved collection is no answer to their fiscal woes.

The SSS airily dismisses the anti-poor charges hurled by disappointed netizens. Not all pensioners are poor, say its executives. Almost 16% of senior citizens are poor. It is true majority of the poor come from the informal sector and probably not covered by social security.

But think about this. Only a small fraction of the elderly are rich and not dependent on pensions to make their twilight years comfortable. Most are from the lower middle classes. They have medical costs to defray monthly. Philhealth benefits only cover hospitalization.

Even with the discounts for senior citizens, the cost of inflation over the past decade has outpaced the purchasing power of stagnant pensions. These SSS pensioners, by the way, also spent their productive years paying taxes to the government.

Mr. Aquino jeers that the SSS pension hike bill is nothing but a “papogi” stunt – a trick to make politicians more attractive to voters.

That’s rich, given the way this administration is throwing discretionary funds left and right to prop the chances of Mr. Continuity.

Once again, the President's below-zero emotional quotient is on display. He tries to to pit 2.3 million pensioners vs 31 million active members -- as if the pensioners do not have children who care for them among the active SSS members. As if active members do not appreciate the harsh realities faced by senior citizens. They do, because they live that same reality.

Here’s what Mr. Aquino conveniently left out: This bill was four years in the making. He should ask his allies in Congress about how the elderly patiently, persistently and noisily lobbied them for years. They swarmed Congress offices weekly. They would stop representatives on the corridors in their district rounds, anywhere they saw them.

He should ask Cerilo Araneta of Negros Occidental who went around Western Visayas collecting signatures from fellow senior citizens and regularly went to Congress to help with the national lobby.

Colmenares and other legislators from both chambers have long called for improvement in collections and the elimination of unnecessary expenses. And since that is not going to be enough – that much is true – then government should provide a subsidy coupled with stringent efficiency measures.

Mr. Aquino says he fears the wrath of SSS active members. But the still-working members resent not the pensioners but the agency's shameful inefficiency and its refusal to reform its clunky management of members' monies.

It is ironic when we hear SSS executives refer to this as an “easy fix”. In the first place, it’s the agency that has a penchant for the easy fix. The law calls on it to submit a study every four years to find ways to increase members’ pension. They’ve been delinquent on this, too.

The rare times people actually move to meet pensioners’ needs, government’s main response is to increase SSS premiums – and ignore the reforms it needs to install. And then it cites actuarial figures that, according to Colmenares, “are mathematical calculation of bankruptcy that presumes no subsidy or reform is undertaken."

Aquino apologists say the SSS is a government financial corporation and should not receive monies from the treasury, unlike, say the Conditional Cash Transfer (CCT) program.

That’s hogwash. Republic Act 8282 or the SSS Act of 1997, Section 20 and 21 mandates the government that it is its duty to fill up SSS shortfalls vis-a-vis the needs of pensioners.

If that is their version of “moral” and “pro-poor” – they’ve just given Filipinos a clear vision of what “continuity” means.

"The measure of a man is what he does with power" LJIOHF!

28.6K _/_/_/_/_/:spam:_/_/_/_/_/

[Altis6453]

Eto nanaman.

Resolution urging override of SSS veto pushed in Senate | Inquirer News




Janet Napoles?

Nah. Rose Baladjay, the original pyramiding queen. Multitel anyone? Hehe!

[vinj]

Nah. Rose Baladjay, the original pyramiding queen. Multitel anyone? Hehe!

So siya Chairman... COO nalang si Janet.

[Juan Martinez]

^CDQ is on medical leave, bro. very good writer though.

[H1Tman]

Election year. It is election year.

[cast_no_shadow]

Sakto ito sa campaign period. Kaya join the bandwagon everybody!

Nganga nanaman si Mar and Leni.


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[anonemus]

Pakshet.

----

At the Mercury Drugstore the other day, I overheard two senior citizens discussing about the President’s veto of the P2, 000 peso a month increase for members of the Social Security System.

One was telling the other about the commentaries of DZMM’s Ted Failon which she fully agreed.*“Bakit nila binigyan ang sarili nila ng bonus na P1 milyon tig-isa kapag Pasko kung wala pa lang pera para sa mga miembro?”

The lady said bonuses are given as reward for good performance but the she cited the report of the Commission on Audit that the SSS owns many assets that are idle that have resulted in losses amounting to over a hundred million pesos yearly.

“Bad management yun. Bakit sila may bonus?” the lady asked to which the other one senior citizen fully agreed.

ABS-CBN reported that among the properties owned by the SSS are 102 condominium units in seven condominium buildings in the National Capital Region; 44,000 square meters of office space, 16 residential houses and 69 parking lots, all valued at P17.956 billion.

The idle status of the assets means that the SSS is “(deprived) of an estimated P198.118 million in a year when occupied/rented, computed based on the lowest rental rate of lessees in the condominium units, office/store spaces, houses or parking lots,” ABS-CBN quoted the COA report.

On top of these, COA also found more idle properties of SSS in Mindanao, particularly the 15 units in Pryce Tower condominium located in Pryce Business Park, J.P Laurel, Bajada, Davao City.

SSS also acquired Pryce Tower’s parking slots, as well as 663 units of memorial lots in various measurements in Mt. Apo Garden Memorial Lots in Barangay Calinan, Davao.

“The idle/unoccupied properties incurred fixed costs such as association dues, electricity and water bills, repairs and maintenance, and manpower without any return on invested capital,” COA said.

- See more at: ellen tordesillas » Doble ?gudtime?

[machine.pistol]

Pakshet.

----

On top of these, COA also found more idle properties of SSS in Mindanao, particularly the 15 units in Pryce Tower condominium located in Pryce Business Park, J.P Laurel, Bajada, Davao City.

SSS also acquired Pryce Tower’s parking slots, as well as 663 units of memorial lots in various measurements in Mt. Apo Garden Memorial Lots in Barangay Calinan, Davao.

- See more at: ellen tordesillas » Doble ?gudtime?

The Pryce Group of Companies of the Escano family of CDO went through several years of corporate rehabilitation. I suspect the SSS was a lender to this group. As payment for its debt, the group assigned those memorial lots and condo units to SSS who now has to dispose of them. Problem though is SSS is not a realtor and would not know how to sell those lots and units.

[machine.pistol]

The economies of a number of European countries who followed the welfare state model but whose economies were not as strong as Germany's turned belly up because they could not sustain that model. The result was a cutback on welfare expenditures which resulted in mass actions and riots.

[Tj_abs]

Saw this last night.. Hmm sss ? I smell something..

[cast_no_shadow]

What's fishy?

Hindi naman government plate.


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[Roden Villegas]

What's wrong with the plate?

Baka naman pangalan nung may ari ay Saturnino Sevilla Sanchez kaya SSS