SSS Shifting To Electronic Releases
By CHINO S. LEYCO
June 20, 2012, 4:32pm
MANILA, Philippines --- State-run Social Security System (SSS) said
yesterday that it plans to shift towards the electronic disbursement of
salary loans and short-term benefits from its current system of
releasing them through checks.
Emilio de Quiros Jr., SSS president and chief executive said the pension
fund has started this year its mandatory reimbursement of employees'
sickness and maternity claims through bank accounts of employers all
over the country as initial step.
De Quiros said the move aims to provide more convenience and ensure the
timely delivery of funds to members and employers.
"Our ultimate goal is to institutionalize check-less transactions to
eliminate problems that may occur with sending checks through mail. It
will offer greater convenience for members and employers since they no
longer have to go to a bank to encash or deposit their checks, nor wait
for the required check-clearing period," De Quiros said.
The electronic release of loans and benefits will also address problems
such as delay in delivery of checks, as well as stolen, misdelivered or
return-to-sender checks. Lost checks take up to as much as six months to
replace.
"Disbursing benefit and loan proceeds electronically will help
especially members based in the provinces, since issuance of checks is
centralized at the SSS main office in Quezon City and thus, takes more
time to be delivered to them," de Quiros said.
The state-run institution recently tied up with Citibank for the
electronic release of salary loan proceeds and short-term benefits
through a special cash card for members. SSS and Citibank signed a
memorandum of agreement at the SSS corporate headquarters on June 5.
De Quiros said SSS expects to start issuing the new Citi Prepaid Card
for SSS Salary Loans and Benefits to members within the second half of 2012.
"There will be no additional cost for the use of the card, which is
valid for three years and accepted in automated teller machines and
debit transactions. Cards of OFW-members will be issued only in the
Philippines but they can use them to transact anywhere in the world," he
said.
The Citi Prepaid Card can be used in over 15,000 ATMs under the combined
networks of Bancet, Megalink, Maestro, Cirrus, Mastercard, Visa and
Plus. More than half a million point-of-sale terminals in the
Philippines will also accept transactions using the card.
"For transactions outside the Philippines, our members based overseas
will benefit from Citi's worldwide service since the prepaid card is
recognized by over 30 million merchants and more than 1.5 million ATMs
all over the world," de Quiros said.
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