MANILA — The Social Security System (SSS) is set to roll out significant reforms in 2025 aimed at improving services for pensioners, lowering interest rates on salary and calamity loans, and expanding coverage for self-employed professionals.
SSS President and CEO Robert Joseph de Claro announced that the agency is currently reviewing the guidelines of the Annual Confirmation of Pensioners (ACOP) program to streamline compliance processes and enhance convenience for pensioners.
“We are reviewing our guidelines on the ACOP program about the manner of compliance, requirements, and other verification processes to make the experience more convenient for pensioners,” de Claro stated.
This move comes in response to concerns from pensioners aged 80 and above, who must comply with ACOP requirements under SSS Circular 2023-013 to continue receiving their benefits. Non-compliance results in the suspension or cancellation of their pension. As of the end of 2024, SSS recorded 157,493 pensioners in this age group.
To address these concerns, SSS is assessing the age and geographical distribution of pensioners and considering more accessible compliance methods, including home visits by SSS personnel.
Lower Loan Interest Rates
SSS is also planning to provide financial relief to its members by reducing the interest rates on salary and calamity loans, which are currently set at 10 percent per annum.
“Given the consistent, solid performance of SSS’ investment portfolio, it is now timely to revisit the interest rate of our salary and calamity loan programs toward reducing it to increase the cash proceeds from loan applications by qualified SSS members,” de Claro said.
From 2021 to 2024, SSS’ annualized return on investment ranged between 5.8 and 6.6 percent, demonstrating resilience even during the COVID-19 pandemic.
Expanded Coverage for Self-Employed Professionals
In a bid to boost social security coverage, SSS is also focusing on improving collection compliance among self-employed professionals such as accountants, doctors, and engineers.
“We will also pursue better collection compliance from other groups of workers, particularly self-employed professionals, by coordinating and meeting with the Professional Regulation Commission to discuss opportunities for cooperation and ensure SSS coverage of such workers,” de Claro added.
These initiatives align with SSS’ commitment to prioritizing service excellence while maintaining financial discipline and sustainability. The SSS Management and Social Security Commission are set to finalize and implement these programs within the year. (Latigo Reportorial Team)