http://www.abs-cbnnews.com/nation/03/09/09/sss-defends-no-loan-stance-retrenched-workers
“Where are you when we need you?”
This is the exasperated question of an increasing number of members of the private sector workers pension fund who’ve lost their jobs in the deepening economic crisis.
Angrily, they are asking how it is that SSS boss Romulo Neri is committing to “invest” PhP 12.5-B to the so-called economic stimulus fund but will not lend money to its jobless members “because they have no capacity to pay back any money they will borrow from their own pension fund. WTF!!!???
But wait, SSS says it will make emergency jobs available.
All of 2,000 jobs.
If this is not tokenism bordering on insult, nothing is.
Popularity: 2% [?]
Oligarchs first.
cvj,
That’s what really angers me. Ths is already about the members’ money. Neri is being generous with OUR money.
Forget the pretense of a loan . . . SSS should just give money away to people with no ability to pay.
upn,
SSS has a fiduciary responsibility.
The basic problem springs from who is heading it: Neri who postures as a professional fund manager but who is in reality wearing GMA’s skirt.
Recall in Erap’s time the issue that bedeviled SSS and government GFIs was the scourge pf behest loans.
The pending 12.5B ‘investment in GMA’s eco stimulus fund could, in reality, be the new incarnation of a behest loan.
Hoover enthusiastically followed the advice of his Treasury
Secretary, multimillionaire Andrew Mellon, who said in 1931:
“Liquidate labor, liquidate stocks, liquidate the farmers, liquidate
real estate. Purge the rottenness out of the system. High costs of
living and high living will come down… enterprising people will
pick up the wrecks from less competent people.”
Economic efficiency requires equilibrium to work its magic. It is like karma……You cannot postpone it indefinitely…
I do not see any outpouring of an army of unemployed men on the streets.
That would mean the layoffs have not reached a critical mass.
The informal sector is simply expanding. Don’t worry. Drugs, jueteng, prostitution, kidnapping, carnapping, smuggling and all sorts of criminal activities are all growth sectors.
Pambihira talaga ang Pilipinas, ano??
Iyong nasa posisyong matataas, hindi mo mahulaan kung sino ang puwedeng pagkatiwalaan. Kaya dapat kalimutan na iyong stimulus fund dahil may posibilidad na may graft and corruption iyan!!!
Ganoon ba dapat?
We need to believe, and act, if needed to make sure the road to 2010 is not subverted.
FYI, the 2,000 jobs offered are temporary positions for the sons and daughters of laid-off workers. Niece and nephew, if the member is unmarried. Probably on-the-job training and that sort.
I say SSS is right. SSS has to make sure that reserves are sufficient. Giving away money is not actuarially sound as members never contributed to unemployment benefits.
I believe the 12.5 billion peso to the stimulus fund is a loan to the government with guaranteed interest rate. It’s just bad sound bytes the way the VP-Public Affairs said it.
there is also a limit to the short-term emergency laws it can give out:
http://www.chanrobles.com/legal4sss.htm#SOCIAL%20SECURITY%20ACT%20OF%201997
part E reads:
“”In short and medium term loans to members such as salary, educational, livelihood, marital, calamity and emergency loans: Provided, That not more than thirty five percent (35%) of the Investment Reserve Fund at any time shall be invested for housing purposes: Provided, further, That not more than ten percent (10%) of the Investment Reserve Fund shall be invested in short and medium term loans;”
the limit is put in there for a good reason. its important to keep the system solvent, and to lend to borrowers that can pay off the loans.
Between the ‘the people who could not pay the loan’ and the ‘government who could not pay the loan’ I’d chose the people!
And you guys should know why.
“It’s just bad sound bytes the way the VP-Public Affairs said it.”
Phil Manila,
Yes and no.
The crux of the matter here, I submit humbly is not simply what the SSS charter allows and the credibility of who now runs it.
How do YOU rate Romulo Neri?
BTW,
Recent SSS history during Erap’s time saw the institution’s fund being misused to buy ampaw share publicly-listed firm owned by an Estrada crony – a presidential behest loan
susmaryosep…eto na nga ba ang sinasabi ko…sa tinagal tagal ng panahon na. bayad tayo ng bayad ng SSS at GSIS pero ano ba ang nakukuha natin?
Gaya ng sabi ko noon pa…maximum of 15K ang pwede mo maloan (at least yun alam ko). Pag nawalan ka ng trabaho, automatic di ka na pwede makaloan…ang nanay ko 40yrs as a teacher, she is receiving 2000 pesos pension every month…ang laki.
Pero ano ba ang ginagawa ng mga politiko…meron bang politiko na nagbanggit man lang na pagagandahin ang benepisyong maibibigay para sa mga miembro nito???? meron bang nag attempt na pagandahin ang servicion ng SSS at GSIS?
meron akong alam na bansa na ang SSS na binabayaran nila ay para sa sandaling matanggal sila sa trabaho…sa bawat isang taon na pagtatrabaho, kung ikaw ay natanggal..babayaran ka ng 70% or your salary per month, for 3 months…and you can avail this up to 2 yrs. Ibig sabihin, kung unfairly terminated ang contract mo, the company will pay you…at makakatangap ka pa ng buwanang sweldo galing sa SSS mo.
itong mga bulok na politiko natin…walang pakialam sa SSS dahil di naman nila ginagamit ang SSS…dahil sa dami ng kinukurakot nila.
So ano pa…bilib pa tayo sa mga politiko bwahahahahaha
Juwan ang tinutukoy mo ay unemployment insurance program.
Sa pagkakaalam ko tila may isang mambabatas nang nagpapanukala niyan rito.
They have a saying: “A banker is a fellow who
lend you an umbrella during sunshine. Then,
takes it away when it rains.”
The SSS is such banker…
Ding,
whatever you call it..or whatever the term is, i dont care…bottomline is, its something that will protect the filipino people or at least the members in bad times like these.
¨Sa pagkakaalam ko tila may isang mambabatas nang nagpapanukala niyan rito.¨
SO ano ang nangyari sa panukala nitong mambabatas na to…tumahimik na..baka nabayaran na..o kaya di na tinuloy dahil walang perang makukurakot hahahahahahahahaha
Juwan,
Makikibalita ako.
a debt repayment holiday would be useful. sana magawa ng SSS.
Not only SSS members have no capacity to pay back the loans, the bureaucrats cannot get commission for each check they cut.
It’s better to put it in 12.5billion stimulus at 1% commission that’s 0.125B that lines their pockets.
Go figure.
They take your money. If you need it, they will
not give it back, even just to borrow it.
Good deal for SSS. Bad deal for you…
Spot on.
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.