20 November 2013
Ms. Ging Reyes
Head, Integrated News and Current Affairs
This is in reference to the online article posted in ABS-CBNnews.com on November 01, 2013 wherein SSS was mentioned as one of the government agencies that received a subsidy from the government amounting to P481 million.
We wish to clarify that the P480,771,648 amount received by the SSS from the Bureau of Treasury in September 2013 is a counterpart fund of the National Government (NG) for the implementation of one of its education agenda known as the SSS Educational Assistance Fund Program. The said program has been initiated by the NG to enhance job prospects and ensure productive employment of current and future workers.
The program is in the form of educational loans to qualified SSS members, funded on a 50:50 basis by the NG and SSS. The portion of the loan funded by the NG has zero interest, while the portion funded by the SSS carries an interest rate of 6% per annum.
Thank you and we hope we are able to enlighten you on the matter.
Very truly yours,
Marissu G. Bugante
Public Affairs and Special Events Division
Social Security System