Increases, such as the hike in members' contribution to the Social Security System (SSS), were studied well based on actuarial considerations, a Palace official said, amid calls to suspend the proposed SSS contribution increase.
Executive Secretary Lucas Bersamin said "we cannot be that arbitrary" over proposed increases that have gone through actuarial studies such as the SSS contribution hike. He asserted that the process must be continued and let it produce results based on what was predicted.
"I want you to understand that ang mga ganyang (those) increases are studied well based on actuarial considerations. Napakahirap na sabihin mo huwag kayong mag-increase (It is difficult to say no to the increase), we cannot be that arbitrary," Bersamin said in a press briefing in Malacañang on Tuesday, Jan. 7.
"We have to recognize that this SSS has a very respected actuary, mayroon silang pag-aaral tungkol diyan (they have studies about that). If you always meddle in their management of their affairs where they are very specialized, it will not work, it will not work. It may give be negative ang impact," Bersamin added.
The Executive Secretary underscored that the proposed increase on the members' contribution has long been studied and announced even before calls to suspend it were made.
"So, pabayaan na natin muna, na palagay ko maaaring iyong call na iyan (So let it be, I think that call) is maybe good for next year, if it ever will be reviewed," he said.
"But right now, matagal na nilang pinag-aralan 'yan, in-announce nila (they have studied that long ago, they announced it) long before that call was made, and in fact, these benefits are being expanded now, so why don't we just let that process continue and produce results that were projected by actuarial studies," he added.
The Palace official, however, said that if the issue will ever be brought to the President officially, they would consider it seriously.
"[W]e consider seriously if that issue ever is brought to us officially. We can understand where that call is being made," he said.
According to SSS President and Chief Executive Officer Robert Joseph De Claro, the increase is mandated under Republic Act No. 11199, or the Social Security Act of 2018, which stipulates that SSS shall increase its contribution rate every two years.
The first increase took effect in 2019, raising the rate to 12 percent. In 2021, it rose to 13 percent, and in 2023, it increased to 14 percent. The final increase is set to take effect this year in accordance with RA 11199.