MANILA, Philippines - Overseas Filipino workers remitted P2.17 billion in contributions to the Social Security System (SSS) last year, the state-owned pension fund for private employees has reported.
SSS said that the P2.17 billion it collected from overseas Filipinos reflected a 17 percent increase from the P1.85 billion collections recorded in 2010.
SSS president and chief executive officer Emilio de Quiros, Jr. said collections from this segment are expected to further increase in the coming years as the pension fund plans to reach out to more OFWs.
This would be done through the establishment of additional foreign offices and expansion of e-payment and online services.
“The SSS posted a double-digit growth in OFW collection for the third straight year. It reflects the growing awareness among overseas workers of the importance of active SSS membership and saving for retirement and other contingencies,” de Quiros said.
At present, the SSS has over 738,000 OFW members.
The agency aims to expand the OFW membership through tie-ups with key agencies handling deployment of migrant workers such as the Department of Labor and Employment and Philippine Overseas Employment Administration.
“OFWs are usually excluded from social protection programs in their country of employment, even if many of them work in high-risk environments and are considered family breadwinners. This further highlights the value of SSS,” de Quiros said.
More than 1,900 OFWs so far have registered through SSS branches and foreign offices, as well as via the agency’s website.
Also part of efforts to have more OFW members, the SSS is also working on bilateral social security agreements between the Philippines and the countries of Australia, China, Cyprus, Germany and Sweden. It wrapped up negotiations with Denmark and Portugal in 2011 and is preparing for initial talks with Japan this year.
“By forging bilateral agreements with other nations, we also help overseas Filipinos become entitled to social security benefits comparable to those received by citizens of their host countries,” de Quiros said.