A boost in Social Security for Overseas Workers

After the Social Security Agreement between the Philippines and Germany had been signed during the visit of President Aquino III to Germany in 2014, the exchange of the instruments of ratification took place today, 23 March 2018, in Manila. The respective governments were represented by German Ambassador to the Philippines Dr. Gordon Kricke and DFA Undersecretary for Policy Enrique A. Manalo.

The “Agreement between the Federal Republic of Germany and the Republic of the Philippines on Social Security” coordinates the respective security systems especially in the case of employees being deployed in the country of the contracting state.

In other words, qualified Filipino and German employees, who have worked in the Philippines and in Germany, will be able to combine their contributions in both countries in order to benefit from both countries’ social security systems.

Furthermore, as long as the deployment is less than 48 months, the employees have the right to stay in their original system to simplify the process.

This agreement will reinforce bilateral economic ties between the Philippines and Germany and thus create new job opportunities in each country. It shall enter into force beginning 1 June 2018.

Follow this link to see a copy of the agreement (the text in both German and English languages begins at page 419): http://www.bgbl.de/xaver/bgbl/start.xav…

New SSS Guidelines Bared

Also being an SSS member in the Philippines I learned that SSS has cut down its interest rates and relaxed its lending requirements to enable more companies to avail themselves of its social and business loans. The agency revised its loan guidelines to give companies easier access to credit, boost employment and expand SSS membership.

The interest rate of loan granted will remain fixed for a period of one year. The loan will be subject to change based on the prevailing interest rate on its anniversary month to match market rates. ]

Under the new guidelines, employers can use the loan to acquire existing structures, expand and diversify business and fund projects in forest development and sustainable energy.

I learned from SSS President and Chief Executive Officer Emilio de Quiros, Jr., that in a span of over 23 years, SSS has released more than 23 billion Pesos to fund more then 5,000 projects that have generated more then 99,000 jobs, created more then 4,000 hospital beds and many things more.

Interested employers can contact the SSS Corporate Bonds and Loans Department at 02 - 920-6401 local 5113 and 5115 or send an email to urbanogm@sss.gov.ph.