March 23, 2017, 4:13 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.0734 UAE Dirham
1 Philippine Peso = 2.50949 Albanian Lek
1 Philippine Peso = 0.03558 Neth Antilles Guilder
1 Philippine Peso = 0.31359 Argentine Peso
1 Philippine Peso = 0.02586 Australian Dollar
1 Philippine Peso = 0.03578 Aruba Florin
1 Philippine Peso = 0.03998 Barbados Dollar
1 Philippine Peso = 1.60144 Bangladesh Taka
1 Philippine Peso = 0.03636 Bulgarian Lev
1 Philippine Peso = 0.00753 Bahraini Dinar
1 Philippine Peso = 33.81791 Burundi Franc
1 Philippine Peso = 0.01999 Bermuda Dollar
1 Philippine Peso = 0.02791 Brunei Dollar
1 Philippine Peso = 0.13752 Bolivian Boliviano
1 Philippine Peso = 0.06154 Brazilian Real
1 Philippine Peso = 0.01999 Bahamian Dollar
1 Philippine Peso = 1.30971 Bhutan Ngultrum
1 Philippine Peso = 0.2047 Botswana Pula
1 Philippine Peso = 400.15991 Belarus Ruble
1 Philippine Peso = 0.03993 Belize Dollar
1 Philippine Peso = 0.0267 Canadian Dollar
1 Philippine Peso = 0.01991 Swiss Franc
1 Philippine Peso = 13.21387 Chilean Peso
1 Philippine Peso = 0.13802 Chinese Yuan
1 Philippine Peso = 58.19308 Colombian Peso
1 Philippine Peso = 11.00959 Costa Rica Colon
1 Philippine Peso = 0.01999 Cuban Peso
1 Philippine Peso = 2.04997 Cape Verde Escudo
1 Philippine Peso = 0.50217 Czech Koruna
1 Philippine Peso = 3.55787 Djibouti Franc
1 Philippine Peso = 0.13817 Danish Krone
1 Philippine Peso = 0.94183 Dominican Peso
1 Philippine Peso = 2.18305 Algerian Dinar
1 Philippine Peso = 0.29073 Estonian Kroon
1 Philippine Peso = 0.36178 Egyptian Pound
1 Philippine Peso = 0.44773 Ethiopian Birr
1 Philippine Peso = 0.01858 Euro
1 Philippine Peso = 0.04143 Fiji Dollar
1 Philippine Peso = 0.01613 Falkland Islands Pound
1 Philippine Peso = 0.01615 British Pound
1 Philippine Peso = 0.08972 Ghanaian Cedi
1 Philippine Peso = 0.87448 Gambian Dalasi
1 Philippine Peso = 183.64981 Guinea Franc
1 Philippine Peso = 0.14678 Guatemala Quetzal
1 Philippine Peso = 4.10714 Guyana Dollar
1 Philippine Peso = 0.15521 Hong Kong Dollar
1 Philippine Peso = 0.46944 Honduras Lempira
1 Philippine Peso = 0.13689 Croatian Kuna
1 Philippine Peso = 1.36698 Haiti Gourde
1 Philippine Peso = 5.73056 Hungarian Forint
1 Philippine Peso = 265.6806 Indonesian Rupiah
1 Philippine Peso = 0.07248 Israeli Shekel
1 Philippine Peso = 1.30582 Indian Rupee
1 Philippine Peso = 23.60584 Iraqi Dinar
1 Philippine Peso = 648.01121 Iran Rial
1 Philippine Peso = 2.1615 Iceland Krona
1 Philippine Peso = 2.56386 Jamaican Dollar
1 Philippine Peso = 0.01416 Jordanian Dinar
1 Philippine Peso = 2.25079 Japanese Yen
1 Philippine Peso = 2.05477 Kenyan Shilling
1 Philippine Peso = 1.38449 Kyrgyzstan Som
1 Philippine Peso = 79.38237 Cambodia Riel
1 Philippine Peso = 9.20748 Comoros Franc
1 Philippine Peso = 17.98921 North Korean Won
1 Philippine Peso = 22.24865 Korean Won
1 Philippine Peso = 0.00608 Kuwaiti Dinar
1 Philippine Peso = 0.01639 Cayman Islands Dollar
1 Philippine Peso = 6.30382 Kazakhstan Tenge
1 Philippine Peso = 163.68179 Lao Kip
1 Philippine Peso = 30.08595 Lebanese Pound
1 Philippine Peso = 3.03738 Sri Lanka Rupee
1 Philippine Peso = 1.79892 Liberian Dollar
1 Philippine Peso = 0.25325 Lesotho Loti
1 Philippine Peso = 0.06094 Lithuanian Lita
1 Philippine Peso = 0.0124 Latvian Lat
1 Philippine Peso = 0.02847 Libyan Dinar
1 Philippine Peso = 0.1992 Moroccan Dirham
1 Philippine Peso = 0.39107 Moldovan Leu
1 Philippine Peso = 1.14012 Macedonian Denar
1 Philippine Peso = 27.38357 Myanmar Kyat
1 Philippine Peso = 48.93064 Mongolian Tugrik
1 Philippine Peso = 0.15986 Macau Pataca
1 Philippine Peso = 7.11573 Mauritania Ougulya
1 Philippine Peso = 0.70438 Mauritius Rupee
1 Philippine Peso = 0.30442 Maldives Rufiyaa
1 Philippine Peso = 14.55127 Malawi Kwacha
1 Philippine Peso = 0.38027 Mexican Peso
1 Philippine Peso = 0.08845 Malaysian Ringgit
1 Philippine Peso = 0.25323 Namibian Dollar
1 Philippine Peso = 6.29622 Nigerian Naira
1 Philippine Peso = 0.58225 Nicaragua Cordoba
1 Philippine Peso = 0.1693 Norwegian Krone
1 Philippine Peso = 2.08775 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00769 Omani Rial
1 Philippine Peso = 0.01999 Panama Balboa
1 Philippine Peso = 0.06497 Peruvian Nuevo Sol
1 Philippine Peso = 0.06547 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09175 Pakistani Rupee
1 Philippine Peso = 0.0795 Polish Zloty
1 Philippine Peso = 110.26184 Paraguayan Guarani
1 Philippine Peso = 0.07277 Qatar Rial
1 Philippine Peso = 0.08471 Romanian New Leu
1 Philippine Peso = 1.14579 Russian Rouble
1 Philippine Peso = 16.3278 Rwanda Franc
1 Philippine Peso = 0.07494 Saudi Arabian Riyal
1 Philippine Peso = 0.1555 Solomon Islands Dollar
1 Philippine Peso = 0.2628 Seychelles Rupee
1 Philippine Peso = 0.13326 Sudanese Pound
1 Philippine Peso = 0.17653 Swedish Krona
1 Philippine Peso = 0.0279 Singapore Dollar
1 Philippine Peso = 0.01613 St Helena Pound
1 Philippine Peso = 0.44385 Slovak Koruna
1 Philippine Peso = 143.85369 Sierra Leone Leone
1 Philippine Peso = 10.93344 Somali Shilling
1 Philippine Peso = 455.49671 Sao Tome Dobra
1 Philippine Peso = 0.17434 El Salvador Colon
1 Philippine Peso = 10.29342 Syrian Pound
1 Philippine Peso = 0.25272 Swaziland Lilageni
1 Philippine Peso = 0.69178 Thai Baht
1 Philippine Peso = 0.04569 Tunisian Dinar
1 Philippine Peso = 0.04606 Tongan paʻanga
1 Philippine Peso = 0.07244 Turkish Lira
1 Philippine Peso = 0.13391 Trinidad Tobago Dollar
1 Philippine Peso = 0.60664 Taiwan Dollar
1 Philippine Peso = 44.51329 Tanzanian Shilling
1 Philippine Peso = 0.53688 Ukraine Hryvnia
1 Philippine Peso = 71.79692 Ugandan Shilling
1 Philippine Peso = 0.01999 United States Dollar
1 Philippine Peso = 0.56266 Uruguayan New Peso
1 Philippine Peso = 69.75815 Uzbekistan Sum
1 Philippine Peso = 0.19938 Venezuelan Bolivar
1 Philippine Peso = 455.50671 Vietnam Dong
1 Philippine Peso = 2.15751 Vanuatu Vatu
1 Philippine Peso = 0.0512 Samoa Tala
1 Philippine Peso = 12.18129 CFA Franc (BEAC)
1 Philippine Peso = 0.05397 East Caribbean Dollar
1 Philippine Peso = 12.29063 CFA Franc (BCEAO)
1 Philippine Peso = 2.20448 Pacific Franc
1 Philippine Peso = 4.996 Yemen Riyal
1 Philippine Peso = 0.25248 South African Rand
1 Philippine Peso = 103.72777 Zambian Kwacha
1 Philippine Peso = 7.23366 Zimbabwe dollar

P1,000 hike in SSS pension next month

PRESIDENT Duterte approved a P1,000 pension hike for Social Security System (SSS) members effective in February, presidential spokesman Ernesto Abella said yesterday.

Abella said the President also approved a 1.5 percent increase in the contribution of members starting May this year, which would raise the current contribution to 12.5 percent from 11 percent.

“In peso value, the additional total contribution will range from P15 to P740 equally shared by employer and employee,” he said.

He said the pension hike will be funded by the contributions of active members and the investments of the SSS reserve fund.

There are about 30 million active SSS members and two million SSS pensioners.

The maximum monthly salary credit (MSC) was also adjusted to P20,000 from the current P16,000 by May 2017.

Abella said the President is against the use of taxpayers’ money to fund the pension increase since the SSS is a private pension fund.

He, however, assured that despite the hike, the fund life of the SSS is expected to be until 2040 provided that an increase in members’ contribution is implemented. The total assets of SSS at present stand at P487 billion as of October 2016 and, without the pension hike, its fund life is good until 2042.

SSS chairman Amado Valdez said the P1,000 increase this year is the first tranche of the two-tiered pension hike, with the second tranche of P1,000 expected to be implemented by 2022 or even earlier “subject to conditionalities.”

SSS President Emmanuel Dooc assured that the agency has enough funds to support the pension hike that was supposed to start by January.

Dooc said SSS will still determine how much of the increase will be shouldered by the employer and the employee. He said one proposal is to adopt the current 70 percent-30 percent contribution sharing of employer-employee.

Abella defended the contribution increase saying that it should be looked at as long-term savings for the active members instead of an additional expense.

He added that actively paying SSS members also still enjoy benefits and loan privileges.

Abella said to further strengthen the fund stability of SSS, the agency had been instructed to pursue legal action plans to reduce contribution delinquency through better collection delinquent and non-compliant employers.

Dooc said the SSS collections had been “weak” but refused to give an estimate.

Valdez said the legal actions include issuing summons and holding delinquent and non-compliant employers in contempt if they refuse to heed the call of SSS.

He said employers may also be arrested and prosecuted if proven that they been remiss and had even used the SSS contributions of the workers for other purposes. He said employers who fail to remit or withheld the contributions of employees may be liable for estafa.

Valdez and Dooc acknowledged that some employers may not be able to remit all the contributions as well as loan payments of their employees, especially if it involved years of payment, and is looking at a possible condonation of interest payments.

Dooc said SSS is also looking at some executive interventions to help improve collection, one of which is the issuance of an executive order requiring an SSS clearance for any companies that would seek to join public bidding for government projects, or companies that would apply or renew their business licenses and permits. The SSS clearance would prove that the companies are paying and capable of paying their employees contributions.

The President’s economic managers initially opposed a pension hike as it may shorten the fund life of SSS.

Valdez reiterated the plans of the SSS to diversify assets by directly investing up to 25 percent ownership in a wide range of industries, including infrastructure projects like toll roads, real estate and even lotto operations.

He said the SSS has cut down its operating expenses in its 2017 budget by P1 billion as it seeks measures to improve its performance and address the existing structural imbalance in funding.

He said the compensation and performance-based bonus of SSS officials have been capped not only for SSS but across all GOCCs with the enactment of the GOCC Governance Act and Executive Order 24 in 2011. – With Angela Celis
Category: 
Rating: 
No votes yet
Twitter icon
Facebook icon
Google icon
LinkedIn icon
Pinterest icon
Reddit icon
Yahoo! icon
e-mail icon

Column of the Day

Duterte unperturbed by impeachment threat

By NESTOR MATA | March 23,2017
348 View(s) 0 Comment(s)
“Impeachment is nothing to me,” the President said. “What gave me the presidency was pure destiny.”

Opinion of the Day

The March of Nations

By BERNARD KARGANILLA | March 23, 2017
195 View(s) 0 Comment(s)
‘Facilitate the work of heroes to mobilize our people” – Renato Constantino, The Nationalist Alternative.’