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Deadbeats and loan sharks

It is simply unconscionable.

But more importantly, it is against the law.

Private companies have two roles as far as administering social security funds—first, as co-contributors to an employee’s share in the social security fund remitted to the Social Security System, the pension fund manager for the more than 30 million privately employed workers; and second as collecting agent for such funds.

Such companies, therefore, have fiduciary roles in handling such funds.

They are expected to promptly and regularly remit such money to the SSS.

Failing this, they face administrative and legal ssnctions.
   
SSS contributions are considered sacrosanct.
   
All Presidents respect the sanctity of such funds, including the present one.
   
No wonder President Duterte has expressed utter outrage over reports that some companies and employees have been delinquent in this role.
   
In fact,  the President has ordered the arrest of delinquent members and employers who would not abide by the Social Security System (SSS) laws.
   
He  has also ordered the halt of giving excessive bonuses to SSS executives.
   
This was to ensure financial stability in the agency despite the implementation of SSS pension hike.
   
“One responsibility is to see to it that the SSS will do its duty seeing to it that we have efficient effort to collect from employers and in the following days we will file cases against erring employees,” said SSS chairman Dean Amado Valdez.
   
The President made the statement after learning that 40% of the 33 million SSS members are not paying their premium.
   
Meanwhile,  Justice Secretary Vitaliano Aguirre believes that Indian nationals lending money under the so-called ‘5-6’ system can be arrested even without a warrant of arrest.
   
The pronouncement came after the President ordered the arrest and deportation of foreigners engaged in the ‘5-6’ lending scheme in the country.
   
Aguirre said that the 20-percent monthly interest to those who loan money is no longer an acceptable practice.
   
“They are operating without any permit or license,” Sec. Aguirre said. “They could be arrested without any warrant because when they are doing that, they are committing a crime.”