CLARK FREEPORT -- The cost of paying the maternity benefit is projected to double next year to about P14 billion if the maternity bill becomes a law, according to the state-run Social Security System (SSS).
SSS President Emmanuel Dooc disclosed that the agency has already paid almost P4 billion as of July to its recipients and that he expected the cost to reach close to P7 billion by the end of 2018.
Under the proposed measure, maternity benefit will increase from the current 60 days to 120 days.
Dooc said that the bill, which has been approved by the bicameral committee of the House of Representatives and the Senate and may be signed into law by President Duterte before the year ends.
He said that rising cost of maternity benefits is due in part to the increasing number of solo mothers.
Dooc said that although SSS still fails to meet its collection target, it has nevertheless being improving, citing an 11 per cent improvement this year.
"The shortfall is covered adequately by our earnings from investment portfolios," he said.
Dooc admitted that the maternity bill may complicate further the issue on ENDO.
At the same time, Dooc disclosed that the SSS is now offering a pension loan window to all its pensioners throughout the country.
"This loan is meant to help our pensioners who oftentimes resort to mortgagating theirn monthly pensions to lending institutions or individuals by pledging their ATM cards," he said.
This loan is initially available in 100 of SSS'170 branches nationwide. (NCS)