The House Committee on Public Accounts will look into the financial condition of the Social Security System (SSS), its chairman and Probinsyano Ako Party-list Representative Jose “Bonito” Singson Jr. said on Sunday.
Singson filed House Resolution 1563 which called for the said inquiry to find out if any legislation is needed to address “weaknesses or excesses” in the social security program.
The House of Representatives on Feb. 1 approved on third and final reading the measures seeking to grant the President the authority to suspend the scheduled increases in the contribution rates of the Philippine Health Insurance Corp. (PhilHealth) and SSS “in times of national emergencies.”
The Social Security Act of 2018 (Republic Act 11199), which was passed to ensure the long-term viability of the SSS’ fund life, mandates a 1% increase in the contribution of its members this year, bringing the monthly contribution rate to 13%.
However, workers and employers groups called on the government to defer the contribution hike for SSS members due to the COVID-19 pandemic.
The SSS earlier warned the House of Representatives that postponing the contribution rate hike scheduled for this year would result in a P41.37 billion loss to the them in 2021.
To start the probe, Singson said the committee will have the SSS give a briefing on Monday, Feb. 15.
“Congress has strengthened and continues to strengthen the SSS for the purpose of aiding the firm attain its main objectives as set forth in the law and the agency’s implementing rules and regulations,” he said.
Singson said the Commission on Audit’s reports on SSS for previous years which were submitted to Congress have shown some adverse observations in the management of members’ contributions.
Among these are huge overpayments on loans to members which have yet to be refunded.
The COA also said they discovered a lack of monitoring in the assessment and collection of delinquencies which amounted to at least P186.201 billion in uncollected premium contributions as of December 2019.
Singson said the committee will look deep into the issue and give a well-studied recommendation to improve the government’s social security program. —KG, GMA News