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MANILA -Around 20 percent of the PHP55 billion arrears by employers and employees in the private sector are projected to be covered under the latest round of Social Security System (SSS) condonation program. "Total amount of delinquencies is about PHP55 billion and at least 20 percent of that PHP55 billion are penalties to be condoned," SSS senior vice president Mario Sibucao said in a virtual briefing on Thursday. He, however, pointed out that the final amount to be condoned would depend on whether the more than 700,000 employers are qualified under the condonation program. Employers who are qualified to apply for the condonation program are those whose businesses are affected by the pandemic and calamity. Employees whose livelihood are affected by the crisis are also qualified to apply for the program. The latest condonation program aims to help both the employers and employees who are affected by the pandemic, SSS president and chief executive officer Aurora Ignacio said.

Rizaldy capulongMario sibucaoAurora ignacioSocial security systemManila around 20 percent of the php55 billion arrears by employers and employees in private sector are projected to be covered under latest round social security system sss condonation program quot total amount delinquencies is about at least that penalties condonedUot sss senior vice president mario sibucao said ina virtual briefing on thursday heOinted out that the final amount to be condoned would depend on whether more than 700000 employers are qualified under the condonation program who to apply for those whose businesses affected by pandemic and calamity employees livelihood crisis also latest aims help bothSs president and chief executive officer aurora ignacio said she the pandemic has burdened sss members 39 ability to pay their contributions loans amid this developmentSs evp rizaldy capulong said sss 39 fund life remains strong even as expenditures of august have surpassed contributions collections he total collected by the state owned insurance agency for private sector reached php155 59 billion on other handPending has reached php159 6 billionF which php154 billion was accounted for by benefits extended to members while php4 is expensesE said quot howeverEcause we have investment income of about php20 billionHat php4 billion difference has been provided forUot he said capulong sss also has reserves that can be used if the contributions collections and investment income are not enough for its total expenses quot so far