SSS accredits JMH as servicing agent

MANILA, Philippines — State-run Social Security System (SSS) has accredited Jose Morato Honrado (JMH) Microfinance Inc. as a servicing and collecting partner agent to improve their members’ access to the state fund’s services in the Bicol Region.

In a statement, SSS said it signed last Feb. 7 a memorandum of agreement with JMH Microfinance Inc., enabling the state fund to extend its services to the latter’s 20,000 members.

“This partnership is a welcome development for the JMH members in the provinces of Camarines Sur, Albay, Sorsogon and Masbate in the Bicol Region. Moving forward, it will further establish its presence in Camarines Norte and Catanduanes to cover all the provinces in the region,” the SSS said.

Under the SSS Partner Accreditation Program, qualified organized groups like cooperatives and microfinance institutions are selected to provide SSS services to their respective members.

As servicing and collecting partner agent, JMH is now authorized to receive and screen loan applications, funeral claim applications, SSS registration forms, and member data records of self-employed, overseas Filipino workers and non-working spouses.

It can also collect SSS contributions and payments from its members whose names are included in its validated member’s list.

SSS president and chief executive officer Emmanuel Dooc said the SSS wants to include more cooperatives and non-government organizations as accredited partners help raise the number of its members and expand its coverage.

Dooc said tapping more organized groups as partners would also help increase the awareness of self-employed individuals and encourage them to enroll in the SSS system voluntarily.

Last year, the SSS collected P181.92 billion in premium contributions from its members, up 13.9 percent from the previous year. This is the highest ever contribution collection recorded in SSS history.

This increase translated to improved revenues, which amounted to P212.57 billion last year or six percent higher than the year ago.

On the other hand, the SSS released P180.08 billion in benefit payments last year, higher than the previous year’s P170.68 billion.

This led to a 5.33 percent growth in the SSS total expenditures, which reached P189.84 billion.

As a result, the SSS was able to book a net income of P22.73 billion, slightly higher than the P20.27 billion recorded a year earlier.