Pension fund to put up more branches abroad

The Social Security System (SSS) plans to put up two more branches abroad this year, including one in Toronto, Canada, as it targets a double-digit rise in contributions from overseas Filipino workers.

The other branch may be established either in the United States or Japan, the SSS said.

Emilio de Quiros Jr., president and chief executive officer of the SSS, said the establishment of two more branches abroad would enable the institution to realize its goal of allowing more Filipinos to access its financial services.

“We want to put up two more branches abroad this year—one in Toronto and one either in Japan or in the United States—to further expand our reach,” De Quiros told reporters during the launch of the SSS-Citi Visa prepaid card last week.

He said increasing the offshore branches of the SSS would help it attain its target of a 13- to 23-percent growth in contributions from the OFW segment.

Last year, the SSS collected P3.1 billion in contributions from about 1.4 million OFWs.

This year, De Quiros said, the SSS wants to raise collections from the sector to as much as P3.8 billion.

At present, the SSS has 18 branches in 14 countries/territories.

In particular, it has two branches in the United Arab Emirates (UAE); three branches in Saudi Arabia, and two branches in Italy.

The SSS also maintains a presence in Brunei, Qatar, Kuwait, the United Kingdom, Taiwan, Hong Kong, Singapore, Malaysia, Australia, Saipan and the United States.

The SSS branch in the United States is located in California. The SSS is considering putting up a second branch in that country because of the huge number of Filipinos there, De Quiros said.

But the SSS had to choose between putting up a second branch in the United States and establishing its first branch in Japan given the significant number of workers in the Asian powerhouse, he said.

There are over 10 million Filipinos working abroad. With less than 5 percent of the OFWs registered as SSS members, De Quiros said the state-run pension fund could do a lot more by expanding its reach and touch base with more Filipinos abroad.

Also, members may now avail themselves of salary loans through the SSS-Citi Visa prepaid card, the state-run fund announced.

The card may be used in countries where Visa operates, the SSS explained.

De Quiros said members who would choose to get the proceeds of their salary loans through the prepaid cards would have the advantage of getting the money faster and in a more secure manner.

With a prepaid card, proceeds of a salary loan may be withdrawn from any automated teller machine. The prepaid card also may be used to purchase goods from Visa-accredited merchants.

An SSS member applying for a salary loan and who wishes to get the proceeds through a prepaid card may secure an application form. Proceeds of the loan will be loaded onto the card between three and five days upon approval of the loan.