Professional Documents
Culture Documents
Discuss its current situation, how it had manages its operation, especially in the handling of
funds in this challenging times of pandemic, its solutions to sustain its operations and future
plans.
I. COMPANY PROFILE
II. ASSESS THE CURRENT SITUATION AND STATE THE PROBLEM RELATING TO CASH
MANAGEMENT OF THE COMPANY.
IV. CONCLUSION/RECOMMENDATION
The concept of social security evolved from an age-old search of man for protection against
poverty, which breeds grave social ills that not only threaten his survival but also erode his
sense of human dignity. It, therefore, becomes the duty of the State to operate a mechanism
that would provide such protection to its people.
Legislative History
On Jan. 26, 1948, Pres. Manuel A. Roxas proposed a bill seeking to establish a social security
system for wage earners and low-salaried employees. This was recommended to Congress in
his State of the Nation Address.
After the death of President Roxas, Pres. Elpidio Quirino created the Social Security Study
Commission on July 7, 1948. The creation of the commission was his first official act upon his
assumption to office. Based on the report of the Study Commission, a draft of the Social
Security Act was submitted to Congress.
In 1954, Rep. Floro Crisologo, Senators Cipriano Primicias and Manuel Briones introduced bills
based on the report of the Social Security Study Commission in the House of Representatives
and in the Senate. These bills were consolidated and enacted into Republic Act (RA) 1161,
better known as the Social Security Act of 1954.
However, business and labor groups objected to the Social Security Act resulting to a deferment
of its implementation.
In 1957, amendatory bills were presented in Congress. These bills were the bases of RA 1792,
which amended the original Social Security Act.
On Sept. 1, 1957, the Social Security Act of 1954 or the Social Security Law (SS Law) was
finally implemented, marking a significant milestone in the social security program.
Thus, with the implementation of the SS Law, the government also adopted the social insurance
approach to social security, covering the employed segment of the labor force in the private
sector. In 1993, household helpers earning at least P1,000 were included in the compulsory
coverage of employees.
In 1980, some groups of self-employed persons were also required to contribute to the social
security fund from which benefits are paid upon the occurrence of a contingency provided by
law. Self-employed farmers and fisherfolks were included in the program in 1992 while workers
in the informal sector earning at least P1,000 a month such as ambulant vendors and watch-
your-car boys, were covered in 1995.
The Social Security System (SSS) administers social security protection to workers in the
private sector. On the other hand, the Government Service Insurance System (GSIS) takes care
of workers in the public sector.
The SSS administers two programs namely:
Social security provides replacement income for workers in times of death, disability, sickness,
maternity and old age.
On May 1, 1997, Pres. Fidel V. Ramos signed RA 8282, further strengthening the SSS. Also
known as the Social Security Act of 1997, it amended RA 1161, providing for better benefit
packages, expansion of coverage, flexibility of investments, stiffer penalties for violators of the
law, condonation of penalties of delinquent employers and the establishment of a voluntary
provident fund for members.
The EC program, started in 1975, provides double compensation effective June 1984 to the
worker when the illness, death or accident occurs during work-related activities. EC benefits are
granted only to members with employers other than themselves.
SSS used to administer the Medicare program for hospitalization and other medical needs of
the private sector workers; and the Government Service Insurance System (GSIS), for the
public sector workers. However, with the passage of Republic Act 7875 or the National Health
Insurance Act of 1995, the SSS and GSIS transferred the administration of the Medicare
program to the Philippine Health Insurance Corporation (PhilHealth) for an integrated and
comprehensive approach to health development -effective July 1999.
SSS retirement, death and total disability pensioners prior to the effectivity of RA 7875 on March
4, 1995 are entitled to hospitalization benefits under PhilHealth. Pensioners upon the effectivity
of RA 7875 on March 4, 1995 and thereafter, are no longer covered except when they meet the
qualification requirements set by PhilHealth.
I. COMPANY PROFILE
STATEMENT OF VISION
“The SSS aims to develop and promote a Viable, Universal and Equitable social security
protection scheme through World-class service.”
STATEMENT OF MISSION
“To manage a sound and viable social security system which shall promote social justice and
provide meaningful protection to members and their families against the hazards of disability,
sickness, maternity, old age, death and other contingencies resulting in loss of income or
financial burden.”
STATEMENT OF CORPORATE VALUES
“The SSS aims to institutionalize a corporate culture that instills the core values of Trust,
Empowerment and Teamwork.”
DECLARATION OF POLICY
“It is the policy of the State to establish, develop, promote and perfect a sound and viable tax-
exempt social security system suitable to the needs of the people throughout the Philippines
which shall promote social justice and provide meaningful protection to members and their
families against the hazards of disability, sickness, maternity, old-age, death and other
contingencies resulting in loss of income or financial burden. Towards this end, the State shall
endeavor to extend social security protection to workers and their beneficiaries.” (Section 2, RA
8282)
DESCRIPTION OF PROGRAMS
BENEFITS
• SICKNESS BENEFIT is a daily cash allowance paid for the number of days a member is unable to work
due to sickness or injury.
• MATERNITY BENEFIT is a daily cash allowance granted to a female member who was unable to work
due to childbirth or miscarriage.
• DISABILITY BENEFIT is a cash benefit granted either as a monthly pension or a lump sum amount to a
member who becomes permanently disabled, either partially or totally.
• RETIREMENT BENEFIT is a cash benefit granted either as a monthly pension or a lump sum amount to
a member who can no longer work due to old age.
• DEATH BENEFIT is cash benefit granted either as a monthly pension or a lump sum amount to the
beneficiaries of a deceased member.
MEMBER LOANS
HOUSING LOANS
• CORPORATE HOUSING PROGRAM is designed to support the government’s low-cost housing project,
help accelerate economic activity, and promote good labor-management relations and industrial peace.
The two kinds of loans available under the program are the Developmental Loan and Commitment Line
for individual borrower’s loan. A Developmental Loan is granted to the employer for land development and
house construction. A Commitment Line is granted to an employer who plans to undertake an employee
housing under the terms and conditions of the existing SSS individual housing loan program.
• HOUSING DEVELOPMENT LOAN is a lending program of the SSS designed to support the social
housing project of the government as well as to provide affordable and decent houses to all homeless
SSS members.
• HOUSING LOAN FOR REPAIRS AND/OR IMPROVEMENTS is a lending program available either
directly from the SSS or through its accredited participating financial institutions (PFIs). The loan may be
used for major repairs, particularly for dilapidated and structurally unsafe housing units and other house
improvements.
• DIRECT DEVELOPMENTAL LOAN is a lending program of the SSS which primarily aims to support
developers for their development of land including the access road and house construction within the
project site, working capital to the extent of 20% of project cost and construction of housing units eligible
for mortgage or take-out financing.
• INDIVIDUAL HOUSING LOAN is a lending program of the SSS established to provide funds thru SSS-
accredited participating financial institutions (PFIs).
• DIRECT HOUSING LOAN FACILITY FOR TRADE UNION MEMBERS AND OVERSEAS FILIPINO
WORKERS is designed to support the government’s Pabahay sa Bagong Siglo Program which aims to
provide socialized and low-cost housing to certified overseas Filipino workers and bona fide members of
duly registered and accredited workers’ organization.
• PARI-PASSU is a joint housing loan program of the SSS and the SSS’ accredited participating financial
institutions (PFIs) which enables a member to avail of credit higher than the loanable amount under the
Individual Housing Loan.
BUSINESS LOANS
• THE SSS SPECIAL FINANCING PROGRAM is a lending program designed to address the
unavailability of credit facility to the business sector through the conduit banks or participating financial
institutions (PFIs) which will on-lend the fund to eligible borrowers; To encourage the formation and
growth of barangay micro business enterprises; and to generate employment.
• INDUSTRY LOAN PROGRAM (Under the PFIs Omnibus Credit Line) is a lending program designed to
contribute to the national recovery effort by providing financial assistance to selected companies through
conduit arrangement with SSS accredited participating financial institutions (PFIs); To create employment
opportunities by increasing the capacity utilization or modernization of plant and equipment of selected
companies; and to further diversify SSS investments and to efficiently use its resources consistent with its
earnings, liquidity and risk targets.
• FINANCING PROGRAM FOR TOURISM PROJECTS is a lending program designed to provide long-
term financing to SSS members engaged in tourism projects through accredited participating financial
institutions (PFIs) as a means of spurring economic growth and regional development; To contribute to
the government’s program of generating more employment opportunities especially in the countryside;
and to contribute to the country’s foreign exchange earnings.
• HOSPITAL FINANCING PROGRAM is a lending program designed to facilitate the establishment of and
to help maintain hospitals and related institutions by providing funds through accredited participating
financial institutions (PFIs); to improve hospital care delivery to the general population and to SSS
members and their dependents by making adequate hospital care accessible and affordable to low-
income workers; and to support the national government’s program of attaining a much better distribution
of hospital facilities throughout the country that will be more responsive to the needs of particular localities
and their inhabitants.
RIZALDY T. CAPULONG
Executive Vice President/Concurrent Acting Head
ELVIRA G. ALCANTARA-RESARE
Executive Vice President/Concurrent Acting Head
VOLTAIRE P. AGAS
Senior Vice President and Chief Legal Counsel
PEDRO T. BAOY
Senior Vice President/Concurrent Acting Head
DIANA PARDO-AGUILAR
Commissioner
MICHAEL G. REGINO
Commissioner
ANITA BUMPUS-QUITAIN
Commissioner
Relationship with SSS Members and Stakeholders - All Commissioners and Officers accept
their positions fully aware that they assume certain responsibilities not only to the SSS and its
members, but also to the different constituencies or Stakeholders, who have the right to expect
that the SSS is being run in a prudent manner and with due regard to the interests of all
Stakeholders. Consequently, Commissioners and Officers shall deal fairly with SSS employees,
members, suppliers and other Stakeholders. No Commissioner or Officer may take unfair
advantage of SSS employees, members, suppliers and other Stakeholders through
manipulation, concealment, abuse of confidential or privileged information, misrepresentation of
material facts, or any other unfair-dealing practices.
Corporate Social Responsibility - As an integral part of the National Government, the SSS is
inherently mandated to be socially responsible, to act and operate as a good corporate citizen.
The SSC recognizes and performs the obligations the SSS has towards the National
Government, its members, suppliers and other Stakeholders and the communities in which it
operates.54 The protection of the reputation and goodwill of the SSS is of fundamental
importance such that the Commissioners, Officers and SSS employees should be aware of the
disciplinary implications of breaches of ethical policies mandated by the GCG. Every employee
of the SSS is encouraged to promptly report any potentially illegal, improper and/or unethical
conduct that he or she may become aware of at the workplace or in connection with work. The
SSC shall create an environment that enables its people to raise genuine and legitimate
concerns internally. In addition, the SSC shall enact policies providing for a regular employee
development discussion and the creation of structured training programs for continuing personal
and professional development of employees.