“Bringing SSS closer to over 31 million members is among our top priorities, hence establishing more offices across the country is one of our primary thrusts to better serve their needs. We also hope that this increased access and visibility will also encourage more people to join SSS,” President and Chief Executive Officer (CEO) Emilio De Quiros Jr. said.

Of the new 38 SSS offices nationwide, 25 are full-service branches while 13 are Service Offices mostly located in malls. In terms of location, for NCR, there are 14 new branches and three service offices; Luzon with six new branches and four service offices, Visayas with three branches and three service offices, and Mindanao with two new branches and three service offices.

The Social Security System (SSS) opened a total of 38 new offices in 2014, serving locally-based members and pensioners nationwide.

VOL. XIV NO. 4 QUEZON CITY DECEMBER 2014

OFFICIAL PUBLICATION OF THE SOCIAL SECURITY SYSTEM

SSS opens 38 new local offices in 2014

“For next year, we will continue to determine strategic locations for setting up additional branch and service offices to make sure that every member of the SSS has easy and direct access to us,” De Quiros added.

By end-2014, SSS has 264 offices across the Philippines located in NCR (61); Luzon (119); Visayas (41), and Mindanao (43).

Apart from more locations, selected SSS branches are open on Saturdays to serve members who are unable to transact during weekdays. These include those located at Diliman, Makati-Ayala, and Makati-Gil Puyat in the National Capital Region; Cebu, Lapu-lapu, Bacolod and Iloilo in the Visayas; and Cagayan de Oro, Davao and Zamboanga in Mindanao.

The Social Security System (SSS) will release P6 billion for the 13th month pensions of nearly 1.9 million pensioners in December, as part of its annual year-end tradition that began in 1988.

The 13th month pension of retirees and survivor pensioners is equal to the amount of their regular monthly pensions, while it excludes the carer’s allowance for disability pensioners.

Children receiving dependent’s pensions are also entitled to the 13th month pension.

SSS members or their beneficiaries can withdraw their December and 13th month pensions on a schedule based on the members’ contingency date for retirement, disability or death.

Based on current SSS records, the average basic monthly pension amounts to P3,157.

Pensioners receive 13th month pension

(Continued on Page 5)

THE SSS posted a 14-percent increase in profit to P37.3 billion in the first 10 months of 2014, thanks to increasing members contributions. President and CEO Emilio S. de Quiros Jr said SSS net profit increased from January to October, buoyed by contribution collections that rose 16.9 percent to P100 billion in the same period of 2013.

“Contributions, which constitute 77.5 percent of our total revenues, registered growth primarily due to the employed sector. Improvement in collections was apparent after we implemented the new contribution rate and increased the monthly salary credit this year,” de Quiros said.

The double-digit growth in collections was likewise achieved through the SSS AlkanSSSya program, which has covered 106,824 members from 1,061 informal sector groups and associations; intensified marketing campaigns for OFWs; and partnerships with 18 microfinance institutions and cooperatives, he added.

The SSS’ total revenues stood at P129 billion, an increase of 13.2 percent or P15 billion compared to the same period in 2013. Investment and other income comprised 22.5 percent of total revenues and had a modest increase of 1.9 percent to P29 billion.

“Profits slightly moved up with revenues posting an increment of 13.2 percent vis-a-vis expenditures of 13 percent. Significantly, we were able to keep our operations costs down while

What's Inside...“Ruby” Calamity Package ................p. 2SSS foreign offices total 20 .............p. 3Option to sell for stock shares .........p. 4SSS in Western Visayas ..................p. 4Payments via mobile phones...........p. 5Photo News ....................................p. 6

SSS earns P37.3-B in 10 months

SSS earns P37.3-B in 10 months

SSS Newsletter

SSS to tap local fund managers for diversified portfolioThe SSS will contract three local

fund managers to help diversify its invesment portfolio and to benchmark on comparative investment classes. The fund managers will each handle a P1.0-billion investible fund allocated in a mix of equity and fixed income securities. Bidding firms must be duly licensed and have at least five years in fund management experience, and have Assets Under Management of at least P10 billion in equities and P25 billion in fixed income securities as of December 31, 2013. Appointing external fund managers by the SSS is allowed as per Section 26-A of Republic Act No. 8282 or the Social Security Act of 1997.

Sta. Rosa City LGU contractual workers to

get SSS coverage Some 1,066 casual and 329 job

order workers of the local government unit (LGU) of Sta. Rosa City, Laguna joined the SSS in an information seminar on September 04, 2014. The seminar, conducted by the SSS Sta. Rosa branch in coordination with the Office of the City Mayor, is part of the preparations of Sta. Rosa LGU for the coverage of their job order and contractual workers as self-employed members under the E-AlkanSSSya program.

Top officials meet Tarlac members

Around 200 employers and workers in Central Luzon attended the Stakeholders’ Forum at La Maja Rica Hotel in Tarlac City on October 10, 2014. SSS President and CEO Emilio de Quiros, Jr. and other officials also met the local media during the “Kapihan sa SSS”, wherein updates on SSS accomplishments and current programs were discussed.

2 SSS NEWSLETTER DECEMBER 2014

Calamity assistance for Typhoon Ruby-affected members still available

THE CALAMITY relief package for members affected by typhoon Ruby that the SSS offered on December 15, 2014 is still available until March 31, 2015.

According to SSS Vice President and OIC for Lending and Asset Management Division May Catherine C. Ciriaco, the calamity relief package will allow them to avail of salary and housing loans, or get in advance three-months worth of pensions.

Only active members and regular pensioners living or working in areas that were declared as under a state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC) can apply under the program. These areas at present include San Pablo City, Laguna; Batangas; Albay; Camarines Sur; Catanduanes; Masbate; Naga City; Sorsogon City; municipalities of Juban, Gubat, Magallanes in Sorsogon; Northern Samar and Eastern Samar.

“SSS members who are facing short-term cash needs can apply for salary loans with waived service fee. If they have existing loans, they can renew it under the Salary Loan Early Renewal Program as long as they are eligible in terms of contributions based on our regular loan guidelines,” Ciriaco said.

In addition, borrowers who availed of the penalty condonation program can apply in SLERP.

“The loans will be charged the existing rate of 10 percent annually until fully paid. It is payable for two years and will incur a penalty of one percent per month if not paid on due date,” Ciriaco explained.

The calamity assistance also extends to pensioners who can avail in advance their pensions for three months. A barangay certificate is needed to attest their residency in a declared calamity area except for those whose address in the SSS database is among those in the NDRRMC list.

“Members whose houses were damaged by the typhoon can get cash funds from our SSS House Repair and Direct Improvement Loan under this program, which is offered at only six percent per annum, a three-percent decrease from the existing rate,” Ciriaco said.

Members have until March 31, 2015 to apply in the program, except for the House Repair Loan, which is up to one year from issuance of the SSS Circular.

Payments will be issued in checks that can be picked up at the branch where the member filed his application. Unclaimed checks within the holding period of 10 days will be mailed to the member.

The SSS calamity relief assistance program was first opened in 2013 to help members affected by Typhoon Maring or “Habagat.” It has since helped more than 92,000 members recover - including those affected by the Zamboanga armed conflict, Bohol Earthquake, Typhoons Santi, Yolanda, Agaton in 2013; and Typhoons Glenda and Mario in 2014 - who in total received P1.72 billion in salary loans under SLERP.

The SSS has also advanced more than P332 million in pensions to more than 21,000 pensioners affected by the said calamities.

SCENES OF DESTRUCTION AND DISPLACEMENT FROM TYPHOON RUBY. (Photo Credits: www.Rappler.com and www.cdn.turner.com-cnn-dam)

DECEMBER 2014 SSS NEWSLETTER 3

A new office opens in Ilocos Sur...THE SSS inaugurated its third and newest branch in the province of Ilocos Sur last

October 30, 2014 at San Nicolas, Candon City. The opening of SSS Candon is part of the pension fund’s commitment to bringing its services closer to members and making its offices accessible to as many people as possible. The SSS Candon branch (inset photo) will provide frontline services, such as receiving and screening of membership applications, benefit claims, loan applications, as well as ID data capture services. The newly-opened branch will serve over 1,327 employers and their employees, in addition to the over 7,000 self-employed and voluntary members in Candon City and neighboring towns.

Photo above shows the ribbon-cutting ceremonies led by (from left) Candon City Administrator Grace G. Singson, Ilocos Sur 2nd District Congressman Eric D. Singson, SSS President and CEO Emilio S. de Quiros, Jr.; SSS Senior Vice President for Luzon Operations Group Josie G. Magana; and SSS Candon Branch Head Francisco F. Pentecostes. Looking on are Auxiliary Bishop Most Rev. David William Antonio of the Archdiocese of Nueva Segovia, and Vice President for Public Affairs and Special Events Division Marissu G. Bugante (partly hidden).

... as well as in Dasmariñas, CaviteThe SSS Dasmariñas Branch was formally

opened on December 12, 2014 by SSS and Dasmariñas City officials. Located at the Central Mall Annex along Aguinaldo Highway (see inset), this new branch is the fifth SSS office in Cavite province, and will cover an estimated 3,691 employers, 24,526 employees, 4,438 self-employed and voluntary members.

Photo at right shows Cavite Congressman Elpidio Banzaga Jr. (third from left) and SSS PCEO Emilio de Quiros, Jr. (fourth from left) cutting the ribbon to open the branch office. Others in photo are (from left): SSS Senior Vice President for Luzon Operations Group Josie G. Magana; Assistant Vice President for South Luzon Division Virginia Cruz; officiating priest, Rev. Fr. Danilo Paraiso (partly hidden); and Central Mall owner Enrico U. Dee.

SSS foreign offices total 20THE SSS is pushing for wider

coverage of Filipinos abroad with 20 offices now in Asia, Middle East and Europe, three of which were recently opened in Toronto in Canada, Tokyo in Japan, and Muscat in Oman.

Located in Philippine Embassies or Consulates, the SSS foreign offices accept applications for membership, benefits and loans, and perform data capture services for the Unified Multi-purpose ID.

SSS offices in Asia are located in Hong Kong, Macau, Singapore, Taipei, Brunei, and Kuala Lumpur. In the Middle East, there are SSS offices in Riyadh, Jeddah and Al Khobar in Saudi Arabia, Abu Dhabi and Dubai in the United Arab Emirates, and in Kuwait, Qatar and Bahrain.SSS offices in Europe are in London, in Rome and Milan.

“We will continue to expand our foreign operations to provide our members abroad with immediate access to social security. Next year, we will be deploying additional personnel in our offices overseas to assist our members,” said SSS Senior Vice President and International Operations Head Judy Frances A. See, adding that SSS will continue to conduct outreach activities for Filipinos abroad.

In a related news, the Philippines has bilateral social security agreements with

(Continued on Page 4)

4 SSS NEWSLETTER DECEMBER 2014

Members offered option to sell shares for delinquent stock investment and

privatization fund loans

W. Visayas generates P2.8-B in collections

The SSS is calling on members with outstanding loans under the Stock Investment Loan Program (SILP) and the Privatization Fund Loan Program (PFLP) to avail themselves of the option to sell their shares of stocks under the two programs.

“Despite loan condonation programs that we have offered in the past, there are still quite a number of SSS members who have let their unpaid SILP and PFLP loans balloon into staggering amounts due to penalties and interest,” said SSS Senior Vice President and concurrent Officer-in-Charge for Lending and Asset Management May Catherine Ciriaco.

As of 31 December 2014, there are 3,037 delinquent SILP loan accounts, amounting to P304.44 million, inclusive of penalties and interest. There are also 5,755 delinquent PFLP loan accounts, totaling P304.19 million, with penalties and interest. The Social Security Commission in September 2014 approved the Option to Sell Shares of Stocks, as a way to lessen these delinquent accounts that total over P608.63 million.

In the late 1980s, SSS offered the SILP to give its members an opportunity to invest in the stock market. It offered the PFLP in 1994 to enable members to participate in the initial public offering of Petron shares, which at that time was owned entirely by the government. The PFLP also allowed members to buy shares of stock of Meralco that it was disposing at that time.

Under the option to sell shares, the member-borrower will execute a Special Power of Attorney authorizing the SSS to sell his shares of stocks at the prevailing

market price, based on the quotation of an accredited broker and subject to the usual broker’s commission, taxes and other fees. The net proceeds from the sale of the shares of stocks will then be applied to the member’s outstanding SILP or PFLP loan balance.

“Any excess amount after application to the outstanding SILP/PFLP loan balance will be applied to his delinquent salary or housing loan, if any,” Ciriaco explained. “If none, or if there is still excess amount, then this will be refunded to the member-borrower.”

However, if the net proceeds from the sale of the member-borrower’s shares of stock are insufficient to cover the outstanding SILP or PFLP loan balance, then the member shall be required to pay the remaining amount either in cash, from a salary loan renewal, or from the final benefits (total disability, retirement, and death). Any remaining balance, however, will continue to be charged with interest and penalties until fully paid.

“While this is not the condonation program that members are waiting for, the Option to Sell program is the next best way for members to finally pay off their outstanding loans under the SILP and PFLP to ensure that they fully enjoy their SSS benefits without deductions,” Ciriaco said.

Members interested to apply for the Option to Sell Shares Program may contact Teresita Badiola or Ma. Divina Cadorna at the SILP Section of the SSS Member Loans Department, 11/F of the SSS Main Office, or call 435-9862 and 920-6401 locals 5887 and 5915 for further details.

Austria, Canada and Quebec, France, United Kingdom, Belgium, Switzerland and Spain. Agreements with Denmark, Portugal and Germany have been signed and are awaiting completion of the ratification process. The agreements ensure payment of social security benefits to migrant workers through “totalization” and export of benefits.

With totalization, Filipinos who have divided their career time between the

SSS contribution collections in Western Visayas for the first nine months of 2014 rose 13 percent to P2.8 billion, from P2.5 billion in same period of 2013.

SSS President and CEO Emilio S. de Quiros Jr. said employers remitted P2.2 billion for their employees’ contributions, while self-employed and voluntary members contributed P653 million.

Within the three quarters of 2014, a total of 14,559 new employees were registered. The SSS now has 1.81 million members in Western Visayas, comprised of employed members at 1.24 million; self-employed at 336,481; and voluntary members, including 231,255 Overseas Filipino Workers.

“Contribution collections in this region also increased due to more informal sector groups joining the AlkanSSSya program, and the continuous enrollment of contractual and job order employees of local government units,” de Quiros said.

For the period, 51 associations and LGUs joined the AlkanSSSya program in Western Visayas to cover some 4,680 individuals as self-employed members.

Social Security and Employees’ Compensation benefit disbursements in the region, meanwhile, reached P5.1 billion. About P4.64 billion was paid for retirement, death and disability pensions. Members there also received P5.03 million in lump-sum for retirement, P134.96 million for death, P254.65 million in funeral grants, P7.75 million for disability, P49.34 million for maternity and P20.01 million for sickness.

SSS foreign offices... (from Page 3)

Philippines and these countries will be able to combine their coverage periods in both countries to meet eligibility requirements for social security pension in either or both countries. In addition, a worker will continue to receive his benefits wherever he decides

to reside in the Philippines or in any of these countries where the agreement is in effect.

Bilateral discussions with Japan, Korea, Israel, Sweden and Luxembourg are currently being pursued for new social security agreements.

DECEMBER 2014 SSS NEWSLETTER 5

MOBILE PAYMENTS to SSS will be available soon with the memorandum of agreement (MOA) signed between the pension fund and G-XChange, Inc. The MOA will allow SSS members to pay their contibutions and loan amortizations through G-XChange’s mobile remittance facility called “G-Cash,” which will be offered exclusively to Globe and TM Network subscribers. G-Cash is a free mobile application that turns mobile phones into a virtual wallet that allows secure, fast, and convenient money transfers.

For SSS transactions, a one-time registration is required, and payments are free of charge. SSS members will need to load their G-Cash accounts to cover their payments for contributions and loans. The member will receive a confirmation text message for every successful transaction.

SSS Vice-President for Member Services Mario R. Sibucao said the facility will be opened to household employers, voluntary and self-employed members.

Payments via mobile phone to open to SSS members

“We encourage our members to register in this new payment facility once it is rolled out. It promises prompt remittance of SSS contributions and loan payments at their convenience.”

Photo above shows SSS and G-Xchange officials (seated from L-R) SSS Vice President Mario R. Sibucao, SSS President and CEO Emilio S. de Quiros Jr. and G-Xchange Inc. President Paolo Eugenio J. Baltao signing the MOA on November 21 at the SSS headquarters in Quezon City.

Witnessing the signing are (standing, from L-R) SSS Senior Vice President for Information and Technology Management Group Joel A. Layson, SSS Assistant Vice President and Officer -in-Charge for Service Delivery Department Rene N. Malto, G-XChange Chief Operations Officer Renato Rex Xavier Marzan, and G-XChange Director for Merchant Acquiring Remo M. Garovillo.

outperforming our target by 46 percent,” de Quiros said.

Total expenditures, covering benefit payments and operating expenses, amounted to P91.7 billion, of which P85.6 billion was spent on benefits, up 13.7 percent from P75.3 billion of the same period of 2013. Over P46.5 billion was paid for retirement claims, and P28.1 billion went to death survivors.

“The increase in benefit payments resulted from the five percent across-the-board increase for SSS pensioners that took effect this June 2014. Another reason was the pensions advanced to 3,931 pensioners who were affected by the Zamboanga siege, the Bohol and Cebu earthquake, typhoons Labuyo and Santi, and the 17,394 pensioners affected by Typhoon Yolanda,” he explained.

Meanwhile, operating expenses was only P6.1 billion or 47.6 percent of the charter limit.

Total SSS assets reached P436.6 billion, 13.5 percent higher than 2013 yearend level of P384.6 billion.

SSS President and CEO Emilio S. de Quiros Jr. (front row, middle), Representative Romero Federico S. Quimbo (front row, left) of District 2 of Marikina City, and Marikina City Mayor Del R. De Guzman (front row, right), cut the ribbon of the newly opened SSS Marikina-Malanday last July 30, 2014.

Also present during the blessing of the new branch are Senior Vice President for NCR Group Jose Bautista (back row, left) and OIC of the SSS Marikina-Malanday Branch Wendelino V. Comboy Jr. (back row, right). The branch, which is located at the Graceland Plaza in Sta. Teresita Village, Brgy. Malanday, Marikina City, is open to members from Mondays- Fridays, 8am-5pm, and provides services such as issuance of SS number, receiving of applications for salary loans and benefit claims, ID capture, and other SSS transactions.

SSS Marikina-Malanday branch opened

SSS earns... (from Page 1)

P H O T O N E W SSSS TOP EMPLOYERS FOR

NATIONAL CAPITAL REGION (NCR). The SSS NCR Operations Group held its first Balikat ng Bayan Program for top employers in Metro Manila that were recognized for their outstanding compliance with the SSS Law. The awarding ceremonies were held on October 1, 2014 at SSS Main Office in Quezon City.

Photo at lef t shows SSS officials led by SSS President and CEO Emilio de Quiros Jr. (fourth from left) and Social Security Commissioner Ibarra Malonzo (rightmost), and representatives

from the awarded top employers, namely: JC Food Corp. (Overall Top Employer and Top Employer for NCR North Division); Kajima Philippines, Inc. (Top Employer for NCR South Division); and Goldwyn Manufacturing Corp. (Top Employer for NCR East Division).

SSS MAKATI-AYALA AND BARANGAY LGU LAUNCHES FIRST ALKANSSSYA PARTNERSHIP THROUGH SALARY DEDUCTION. SSS Makati-Ayala Branch launched its first Alkansssya Program with a payment scheme exclusively for local government job order and contractual (JOC) workers who signed up as SSS self-employed members and will be paying through salary-deduction. Their contributions and the collection report will be remitted to SSS by the personnel department of the local government unit. The AlkanSSSya for JOC workers was launched on November 6 at Barangay San Lorenzo Village, Makati City. Photo above shows (from left to right): Brgy. San Lorenzo Village Human Resource Head Marie Ann C. De Silva, Brgy. Kagawad Carmina C. Ortega, Brgy. Captain Ernesto A. Moya, Ayala Branch Head Cristine Grace B. Francisco, Alkansssya Program Director Amalia Tolentino, and AVP NCR South Division Cynthia O. Barcelon.

MEDIA APPRECIATION DINNER. The SSS organized a Christmas dinner for its many media partners in appreciation of the latter's support in promoting the SSS and its benefit programs. The event, held on December 12, 2014 at the SSS headquarters in Quezon City, was spearheaded by the SSS Media Affairs Department under the Public Affairs and Special Events Division.

SSS - MMDA AGREEMENT. Over 3,000 job order and contractual (JOC) workers of the Metropolitan Manila Development Authority (MMDA) are now covered as self-employed members of SSS, thanks to an agreement signed by the two agencies wherein the MMDA will deduct from the JOC workers' salaries their respective monthly contributions and remit the same with the collection report to SSS. Photo at left shows (from left to right) SSS President and CEO Emilio de Quiros Jr., MMDA Undersecretary Corazon T. Jimenez, and MMDA Assistant Secretary Edenison T. Faisan, posing after signing the MOA last December 3, 2014 at the MMDA headquarters in Guadalupe Nuevo, Makati City.

Editorial

8 SSS NEWSLETTER DECEMBER 2014

SSS P.E.S.O. Fund to boost members’ additional savings Mr. G. Ramon was surprised when his retirement benefit was

deducted the amount of P5,750 as payment for a Salary Loan made in year 2000. He claims that he had already paid off this loan balance when he applied for the SSS Loan Condonation Program in 2009. He is requesting for a refund for the said deducted amount.SSS: Records show that Mr. Ramon’s application for the Loan Condonation Program was not approved by SSS. Apparently, Mr. Ramon submitted his condonation application and immediately paid off the loan balance, assuming that his application was automatically approved. However, without the official SSS approval of application, the loan was not restructured under the condonation program, and his payment of P4,575 then was considered as a straight loan payment. The loan balance continued to incur penalties and interest, which was then deducted from his final claim. Thus, there is no more amount for refund due him.When he graduated in 2013 and received his SS number, Mr. H. Aguirre immediately started paying his contributions as a Voluntary Member (VM). In June 2014, he was employed in a hotel as a cook, which is his first job He would like SSS to post in his records the VM contributions he made earlier. SSS: Initial contribution payments as voluntary member are considered invalid. A member must be first reported to SSS as an employee by a private employer so that there is a valid coverage date on record. Voluntary membership is applicable only to employees separated from previous employment or self-employment but who wish to continue contributing to SSS at a salary level of their choosing. Since Mr. Aguirre was employed and reported to SSS by his hotel-employer in 2014, his official coverage date will be the date he was initially reported by his employer. All the VM contributions he paid prior to that date are considered invalid and he can request for their refund by visiting an SSS office and filing such request.Mrs. Ricardo became a death benefit pensioner after the death of her spouse. Two of her children also receive Dependents’ Pension as they were still minors when Mr. Ricardo died. Last September, Mrs. Ricardo passed away. Her children are asking if the pension will be transferred to them. SSS: With the demise of the primary beneficiary, Mrs. Ricardo, the death benefit pension ceases as well and cannot be transferred. No more Dependents’ Pension will be given to the children once they reach the legal age of 21.

This October, the SSS launched its newest voluntary savings program called the Personal Equity and Savings Option (P.E.S.O.) Fund. It is an alternative and tax-free investment instrument that would help members accumulate higher retirement income by earning safer and more reasonable rates of return than an ordinary savings account.

The SSS P.E.S.O. Fund is open to all members below 55 years old, who have at least six consecutive SSS contributions within the last 12 months prior to enrollment, and have not yet filed final claims with SSS. Qualified members can contribute a minimum of P1,000 to a maximum of P100,000 per year to the Fund.

An important qualification for P.E.S.O. Fund membership is that the member -- whether employed, self-employed, or voluntary -- should be paying the maximum monthly SSS contribution level. They will also need to pay the maximum SSS contribution for the month they are to save in the P.E.S.O. Fund.

Why is it important that participating members are paying at the maximum monthly salary level? This is because, aside from encouraging savings, the P.E.S.O. Fund also aims to ensure that members are maximizing their potential social security contributions to avail of the highest amounts of benefits when the need arises. This maximum contribution requirement will also help ensure that the social security program is adequately funded.

Savings in the P.E.S.O. Fund are invested in sovereign guaranteed investments, ensuring a fail-safe investment. A member’s contributions are divided into two individual sub-funds: one, wherein 65 percent of the contributions is allocated for retirement; and the second, wherein the remaining 35 percent is allocated for medical and general purposes. The portion for retirement is guaranteed to earn income based on interest rates of five-year Treasury yields, while earnings of the fund for medical and general purposes will be based on 364-day Treasury bill rates.

In case they need to withdraw funds early, they may only touch the portion of their equity allocated for medical and general purposes, and it will be subject to penalties and service fees if withdrawn earlier than five years. However, if a member dies before the maturity of his P.E.S.O. savings or expiration of the pension period, beneficiaries will receive the savings in the form of death benefit, paid in lumpsum.

Members certainly cannot go wrong in entrusting their hard-earned savings with the SSS P.E.S.O. Fund.

SSS NewsletterMARISSU G. BUGANTE • Executive Editor

JUSTINA B. HUGO • Editor-in-Chief JOSEPHINE ANNE E. MINES • Managing Editor

GRACE B. BURGOS • Art DirectorJOSEPHINE ANNE E. MINES, MARIE GRACE ANTIGA • Writers

JENNIFER L. JAVIER, DANILO SORIANO • PhotographersJHOANNA H. GARCIA • In-charge of Circulation

SSS Newsletter is published quarterly by the Corporate Communications Department (CCD) of the Social Security System for its members and the general public. Please send comments or suggestions to the CCD, 7th Floor, SSS Building, East Avenue, Quezon City.

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