March 30, 2017, 2:53 am
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1 Philippine Peso = 0.07331 UAE Dirham
1 Philippine Peso = 2.47155 Albanian Lek
1 Philippine Peso = 0.03534 Neth Antilles Guilder
1 Philippine Peso = 0.31132 Argentine Peso
1 Philippine Peso = 0.02618 Australian Dollar
1 Philippine Peso = 0.03575 Aruba Florin
1 Philippine Peso = 0.03993 Barbados Dollar
1 Philippine Peso = 1.60092 Bangladesh Taka
1 Philippine Peso = 0.03586 Bulgarian Lev
1 Philippine Peso = 0.00753 Bahraini Dinar
1 Philippine Peso = 33.91895 Burundi Franc
1 Philippine Peso = 0.01996 Bermuda Dollar
1 Philippine Peso = 0.0278 Brunei Dollar
1 Philippine Peso = 0.13715 Bolivian Boliviano
1 Philippine Peso = 0.06246 Brazilian Real
1 Philippine Peso = 0.01996 Bahamian Dollar
1 Philippine Peso = 1.30515 Bhutan Ngultrum
1 Philippine Peso = 0.20135 Botswana Pula
1 Philippine Peso = 399.68057 Belarus Ruble
1 Philippine Peso = 0.03988 Belize Dollar
1 Philippine Peso = 0.02669 Canadian Dollar
1 Philippine Peso = 0.01966 Swiss Franc
1 Philippine Peso = 13.25953 Chilean Peso
1 Philippine Peso = 0.13713 Chinese Yuan
1 Philippine Peso = 58.11339 Colombian Peso
1 Philippine Peso = 10.94729 Costa Rica Colon
1 Philippine Peso = 0.01996 Cuban Peso
1 Philippine Peso = 2.02635 Cape Verde Escudo
1 Philippine Peso = 0.49646 Czech Koruna
1 Philippine Peso = 3.53643 Djibouti Franc
1 Philippine Peso = 0.13669 Danish Krone
1 Philippine Peso = 0.9443 Dominican Peso
1 Philippine Peso = 2.17654 Algerian Dinar
1 Philippine Peso = 0.28741 Estonian Kroon
1 Philippine Peso = 0.35935 Egyptian Pound
1 Philippine Peso = 0.45338 Ethiopian Birr
1 Philippine Peso = 0.01837 Euro
1 Philippine Peso = 0.04141 Fiji Dollar
1 Philippine Peso = 0.01585 Falkland Islands Pound
1 Philippine Peso = 0.01589 British Pound
1 Philippine Peso = 0.08644 Ghanaian Cedi
1 Philippine Peso = 0.87263 Gambian Dalasi
1 Philippine Peso = 185.36634 Guinea Franc
1 Philippine Peso = 0.14655 Guatemala Quetzal
1 Philippine Peso = 4.10222 Guyana Dollar
1 Philippine Peso = 0.15507 Hong Kong Dollar
1 Philippine Peso = 0.46756 Honduras Lempira
1 Philippine Peso = 0.13591 Croatian Kuna
1 Philippine Peso = 1.35316 Haiti Gourde
1 Philippine Peso = 5.67678 Hungarian Forint
1 Philippine Peso = 265.52206 Indonesian Rupiah
1 Philippine Peso = 0.07197 Israeli Shekel
1 Philippine Peso = 1.29726 Indian Rupee
1 Philippine Peso = 23.5576 Iraqi Dinar
1 Philippine Peso = 647.3348 Iran Rial
1 Philippine Peso = 2.18607 Iceland Krona
1 Philippine Peso = 2.56259 Jamaican Dollar
1 Philippine Peso = 0.01415 Jordanian Dinar
1 Philippine Peso = 2.20817 Japanese Yen
1 Philippine Peso = 2.04931 Kenyan Shilling
1 Philippine Peso = 1.37303 Kyrgyzstan Som
1 Philippine Peso = 79.08964 Cambodia Riel
1 Philippine Peso = 9.03374 Comoros Franc
1 Philippine Peso = 17.96766 North Korean Won
1 Philippine Peso = 22.12218 Korean Won
1 Philippine Peso = 0.00607 Kuwaiti Dinar
1 Philippine Peso = 0.01637 Cayman Islands Dollar
1 Philippine Peso = 6.29786 Kazakhstan Tenge
1 Philippine Peso = 163.48573 Lao Kip
1 Philippine Peso = 30.14574 Lebanese Pound
1 Philippine Peso = 3.02855 Sri Lanka Rupee
1 Philippine Peso = 1.79677 Liberian Dollar
1 Philippine Peso = 0.25494 Lesotho Loti
1 Philippine Peso = 0.06086 Lithuanian Lita
1 Philippine Peso = 0.01239 Latvian Lat
1 Philippine Peso = 0.02815 Libyan Dinar
1 Philippine Peso = 0.19822 Moroccan Dirham
1 Philippine Peso = 0.3868 Moldovan Leu
1 Philippine Peso = 1.12338 Macedonian Denar
1 Philippine Peso = 27.27091 Myanmar Kyat
1 Philippine Peso = 48.87203 Mongolian Tugrik
1 Philippine Peso = 0.15971 Macau Pataca
1 Philippine Peso = 7.12717 Mauritania Ougulya
1 Philippine Peso = 0.70293 Mauritius Rupee
1 Philippine Peso = 0.30705 Maldives Rufiyaa
1 Philippine Peso = 14.19445 Malawi Kwacha
1 Philippine Peso = 0.37646 Mexican Peso
1 Philippine Peso = 0.0879 Malaysian Ringgit
1 Philippine Peso = 0.2547 Namibian Dollar
1 Philippine Peso = 6.28868 Nigerian Naira
1 Philippine Peso = 0.58595 Nicaragua Cordoba
1 Philippine Peso = 0.16921 Norwegian Krone
1 Philippine Peso = 2.08325 Nepalese Rupee
1 Philippine Peso = 0.02832 New Zealand Dollar
1 Philippine Peso = 0.00768 Omani Rial
1 Philippine Peso = 0.01996 Panama Balboa
1 Philippine Peso = 0.06481 Peruvian Nuevo Sol
1 Philippine Peso = 0.06558 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09024 Pakistani Rupee
1 Philippine Peso = 0.078 Polish Zloty
1 Philippine Peso = 112.66121 Paraguayan Guarani
1 Philippine Peso = 0.07267 Qatar Rial
1 Philippine Peso = 0.08354 Romanian New Leu
1 Philippine Peso = 1.13647 Russian Rouble
1 Philippine Peso = 16.31603 Rwanda Franc
1 Philippine Peso = 0.07486 Saudi Arabian Riyal
1 Philippine Peso = 0.15525 Solomon Islands Dollar
1 Philippine Peso = 0.26353 Seychelles Rupee
1 Philippine Peso = 0.13296 Sudanese Pound
1 Philippine Peso = 0.1752 Swedish Krona
1 Philippine Peso = 0.02781 Singapore Dollar
1 Philippine Peso = 0.01585 St Helena Pound
1 Philippine Peso = 0.44332 Slovak Koruna
1 Philippine Peso = 149.43102 Sierra Leone Leone
1 Philippine Peso = 10.96027 Somali Shilling
1 Philippine Peso = 450.2196 Sao Tome Dobra
1 Philippine Peso = 0.17413 El Salvador Colon
1 Philippine Peso = 10.28109 Syrian Pound
1 Philippine Peso = 0.25482 Swaziland Lilageni
1 Philippine Peso = 0.68597 Thai Baht
1 Philippine Peso = 0.04577 Tunisian Dinar
1 Philippine Peso = 0.046 Tongan paʻanga
1 Philippine Peso = 0.07215 Turkish Lira
1 Philippine Peso = 0.13393 Trinidad Tobago Dollar
1 Philippine Peso = 0.60168 Taiwan Dollar
1 Philippine Peso = 44.44001 Tanzanian Shilling
1 Philippine Peso = 0.54103 Ukraine Hryvnia
1 Philippine Peso = 71.81074 Ugandan Shilling
1 Philippine Peso = 0.01996 United States Dollar
1 Philippine Peso = 0.55999 Uruguayan New Peso
1 Philippine Peso = 71.67099 Uzbekistan Sum
1 Philippine Peso = 0.19904 Venezuelan Bolivar
1 Philippine Peso = 454.62168 Vietnam Dong
1 Philippine Peso = 2.12378 Vanuatu Vatu
1 Philippine Peso = 0.05122 Samoa Tala
1 Philippine Peso = 12.04033 CFA Franc (BEAC)
1 Philippine Peso = 0.0539 East Caribbean Dollar
1 Philippine Peso = 12.12298 CFA Franc (BCEAO)
1 Philippine Peso = 2.18127 Pacific Franc
1 Philippine Peso = 4.98902 Yemen Riyal
1 Philippine Peso = 0.25486 South African Rand
1 Philippine Peso = 103.60351 Zambian Kwacha
1 Philippine Peso = 7.225 Zimbabwe dollar

SSS premium hike opposed, called illegal

BY JP LOPEZ AND WENDELL VIGILIA
 
LAWMAKERS and labor groups yesterday opposed the increase in monthly contributions of Social Security System (SSS) members to finance the pension hike of retirees, with senators saying that the move is contrary to law.

President Duterte approved a P1,000 pension hike for SSS members beginning next month but there will be a 1.5 percent increase in the contribution of members starting May.
Social Security System President Amado Valdez said the 1.5 percent increase in the contribution of members would go to the investment reserve fund of the agency and would not be used to fund the pension hike.

Valdez said it is the proceeds of the investment fund that is used to finance the pensions.

“All this increase in the contribution is for the investment reserve para mapalaki natin doon because, actually nanggagaling iyung pension at saka other benefit from the proceeds of our investment in the   current collection,” he said.

He, however, admitted that indirectly the increased contribution would eventually go to the pension hike since it will augment the investment fund.

Senate President pro tempore Franklin Drilon said the SSS Law  prohibits SSS from raising benefits that would require an increase in contribution.

“While the executive’s decision to finally grant the long-awaited increase in the pension of SSS retirees is commendable, it should not be used to justify an increase in the premium payment,” Drilon said.

He said the SSS can only implement an increase in the benefits of its members, subject to the approval of the President, “if such increase is based on the actuarial soundness of the reserve fund” and as “such shall not require any increase in the rate contribution.”

Drilon said while the adjustment in the rate of contribution will take effect by May 2017, it is clear that such action is carried out in order to fund the pension increase.

Sen. Paolo Benigno Aquino IV said senators and employers were surprised by Malacañang’s move. He said he supported the move to raise the SSS pensions.

Aquino said what is needed is to increase the efficiency in the collection of contributions, instead of raising the premiums.

Sen. Francis Escudero said the SSS should explain the increase in premium and back it up with actuarial studies.

But Sens. Juan Edgardo Angara and Joel Villanueva said the increase is SSS premium is justifiable.

Angara, chairman of the Senate ways and means committee, said the agency’s funds would be depleted if the increase in SSS pension has no accompanying measure to recover the expected cash outlay.
Villanueva claimed Angara’s position is actually the sentiment of the Senate.

“Someone has to pay for the additional benefits. We are happy that our retirees will receive the additional pension and hopefully, the SSS management will be able to effectively manage the fund and improve their collection and that the increase in premium will be sufficient to make the fund sustainable,” he said.

Sen. Richard Gordon, chairman of the committee on government corporations, hailed the decision to increase the SSS pension and vowed to provide legislative support to ensure the stability of the fund agency.

Left-leaning congressmen from the Makabayan bloc led by Bayan Muna party-list Rep. Carlos Zarate said the President’s decision to approve the P1,000 pension hike for SSS pensioners cannot be undertaken at the expense of contributors.

“Pwede nilang (Palace) sabihin na hindi magkasabay (ang increases). January (ang) increase (sa pension), May (naman) ‘yung contribution hike,” he said. “That is certainly a legal question kaya nais nating makita yung fine print ng (SSS) board resolution,” Zarate said.

He said Bayan Muna will continue to help the SSS board in finding ways to lengthen its fund life without increasing SSS contributions.

Zarate said the issue may lead to a legal question before the Supreme Court “and that is why we will have to thoroughly study because the law clearly states that is not the process.”

 Ako Bicol party-list Rep. Alfredo Garbin, a member of the House minority bloc, said: “The challenge now is for the SSS to have an efficient and effective collection of its members’ contributions instead of raising its premium which a big burden on the part of its members and employers.”

Magdalo party-list Rep. Gary Alejan said Duterte is delivering a campaign promise at the expense of other people.

Anakpawis party-list Rep. Ariel Casilao urged members to oppose the increase in their contributions and instead “demand significant reforms in the institution such as improving its collection rate and coverage, getting rid of huge salaries and bonuses of executives and risky investments to the private sector.”

Partido Manggagawa chairman Renato Magtubo said there are other ways for the SSS to generate additional income to provide increase in pension.

Kilusang Mayo Uno chairman Elmer Labog said government should also consider subsidizing the SSS fund to ensure that the pension hike is sustainable. – With Gerard Naval and Jocelyn Montemayor
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