The Social Safety System (SSS) launched final 12 months 31.69 billion pesos in calamity loans and 1.71 billion in unemployment advantages to assist authorities efforts to mitigate the financial affect of the COVID pandemic -19 on wage earners, the Division of Finance (DOF) stated on Friday.
Citing the state pension fund’s report back to Finance Secretary Carlos Dominguez III, the DOF stated catastrophe loans had benefited 2.12 million SSS members whereas unemployment insurance coverage advantages (UIB) had been paid to 136,000 claimants.
The SSS has seen a marked improve within the variety of debtors underneath its Calamity Mortgage Help Program (CLAP) after President Rodrigo Duterte declared a nationwide state of calamity in March 2020 within the aftermath of the COVID-19 disaster, in response to the finance division.
He stated UIB claims have additionally elevated almost 10-fold, from 15,000 claimants benefiting from 178 million pesos in 2019 to 136,000 beneficiaries claiming a complete of 1.71 billion pesos in 2020.
In its report, the SSS stated it had additionally launched 30.47 billion pesos in wage loans for 1.28 million members, and prolonged retirement loans totaling 3.4 billion pesos to 74,799 debtors in 2020.
Retirement mortgage releases in 2020 elevated 34.6% from P2.52 billion reported in 2019 on account of improved pointers issued by the SSS, which elevated the utmost loanable quantity underneath this program. 32,000 P to 200,000 P from October 2019.
“From a powerful securities placement in 2019, our investable funds for 2020 have shifted to member loans, particularly for calamity loans,” the SSS stated in its report.
Loans to members elevated by greater than half, from 40.59 billion pesos in 2019 to 62.35 billion pesos in 2020, however member mortgage collections from January to November 2020 fell by 17.6 billion. % to 32.44 billion pesos amid carried out moratoria and pandemic. induced recession, in response to the SSS.
Nonetheless, the DOF stated preliminary information factors to a contribution-benefit surplus of 11.92 billion pesos in 2020 regardless of the pandemic. This determine is, nevertheless, decrease than the excess in contributions and advantages of 62 billion pesetas recorded in 2019.
Preliminary information additionally exhibits that SSS contributions reached 204.75 billion pesos in 2020, down 7.1% from the gathering of 20.38 billion pesos the earlier 12 months and 17% by in comparison with its goal of 246.83 billion pesos.
This drop outcomes from the truth that 1.5 million members had been unable to pay their dues on account of job losses linked to COVID.
The working bills of the pension fund decreased by 17.7% to eight.18 billion pesos in 2020, in comparison with 9.93 billion pesos in 2019.
For its digitization efforts, the SSS reported a 140.8% improve in My.SSS digital data to three.27 million in 2020 from 1.36 million transactions in 2019.
As well as, 99.3% of SSS contribution transactions in 2020 had been made by digital channels.
The SSS additionally helped course of and generate disbursement data for functions authorised underneath the Small Enterprise Wage Subsidy Program (SBWS), which launched a complete of 45.61 billion pesos in support to three, 1 million expert employees as a part of the federal government’s response efforts to COVID-19. – Information RSJ, GMA