The annual report summarizes the Social Security System's (SSS) operations and financial performance in 2009. It achieved growth in revenues, assets, and reserves while benefit payments also increased. The SSS aims to develop a viable, universal, and equitable social protection system through world-class service as spelled out in its mission and vision statements.
The Social Security Commission Chairman's message discusses three key points:
1) SSS achieved new heights in 2008 despite difficult economic conditions, due to reforms implemented over the past seven years that led to increased collections, higher benefit payments, and healthy investment returns.
2) In 2009, SSS will double efforts to become a more sustainable provider of social protection and a reliable partner in national development, while pressing forward with efforts to strengthen the Social Security Law.
3) The SSC will ensure governance standards are upgraded and institutional memory preserved as SSS examines existing policies and programs to address problems from expected job losses, while broadening the investment portfolio flexibility to create opportunities without abandoning safeguards for strong balance sheets.
Reconciliations and Financial Slides from Safeway Investor Conferencefinance6
1) The document provides reconciliations of net income to adjusted EBITDA and net cash flow from operating activities to adjusted EBITDA for Safeway for 2007-2003. It also provides rolling 4 quarter reconciliations.
2) It reconciles gross margin and operating expense changes excluding factors like fuel.
3) EPS is reconciled excluding unusual items from 1992-2008G and a percentage change is calculated.
4) Free cash flow is reconciled from net cash flow from operating activities from 2013F-2005 by subtracting net cash used by investing activities.
Allstate operates from a strong financial position with over $104 billion in assets and $17.5 billion in shareholders' equity. It provides insurance and financial services to over 14 million households in the US. Allstate has $104.8 billion in assets and generates most of its revenues from property-liability insurance premiums and contract charges from its financial business. For 2000, Allstate reported revenues of $29.1 billion and net income of $2.2 billion.
Allstate operates a Property-Liability business and a Allstate Financial business. The Property-Liability business saw a decrease in operating income to $1.05 billion due to higher claims expenses, lower investment income, and higher restructuring costs, partially offset by higher premiums and lower catastrophe losses. Net income for Allstate's overall business declined to $1.16 billion due to realized capital losses compared to gains the previous year and the decrease in operating income. Revenues declined slightly to $28.87 billion due to realized capital losses, though this was offset by increased premiums and investment income.
The document provides financial information for Qwest Communications International Inc. for the first quarter of 2007 compared to the first quarter of 2006. Some key points:
- Revenue decreased slightly by 0.9% to $3.446 billion. Net income increased significantly to $240 million from $88 million due to lower operating expenses.
- Data, internet, and video services revenue grew by 10.7% while voice services revenue declined by 6.6%.
- Capital expenditures decreased by 18.5% to $318 million.
- Total access lines served declined by 6.8% to 13.551 million while high-speed internet subscribers grew by 37.4% to 2.305 million.
This document is Capital One's 1996 Annual Report. It summarizes that in 1996, Capital One achieved record financial results including net income increasing 23% to $155.3 million and managed loans increasing 23% to $12.8 billion. Capital One's success is driven by its proprietary information-based strategy which allows it to customize products, manage risk conservatively, and continuously innovate. The company added nearly 2,000 employees in 1996 and remains focused on testing new products.
Allstate's revenues increased 4% to $27 billion in 1999. Operating income decreased 19% to $2.1 billion due to higher costs and charges from acquisitions and restructuring. Net income fell 17% to $2.7 billion. Investments grew 5% to $69.6 billion. In Property-Liability, premiums written rose 5% to $20.4 billion and underwriting income decreased 60% to $527 million due to increased losses and expenses.
allstate Quarter Information 2008 3rd Earnings Press Releasefinance7
- Allstate reported a net loss for Q3 2008 due to catastrophe losses from Hurricanes Ike and Gustav totaling $1.8 billion and net realized capital losses of $1.3 billion from declines in credit markets.
- Catastrophe losses would have been $1.4 billion higher without risk mitigation programs that reduced coastal exposure.
- Net realized capital losses were partially offset by gains from macro-hedging programs.
- Underlying property-casualty business margins remained strong and the company maintained strong liquidity and capital positions.
The Social Security Commission Chairman's message discusses three key points:
1) SSS achieved new heights in 2008 despite difficult economic conditions, due to reforms implemented over the past seven years that led to increased collections, higher benefit payments, and healthy investment returns.
2) In 2009, SSS will double efforts to become a more sustainable provider of social protection and a reliable partner in national development, while pressing forward with efforts to strengthen the Social Security Law.
3) The SSC will ensure governance standards are upgraded and institutional memory preserved as SSS examines existing policies and programs to address problems from expected job losses, while broadening the investment portfolio flexibility to create opportunities without abandoning safeguards for strong balance sheets.
Reconciliations and Financial Slides from Safeway Investor Conferencefinance6
1) The document provides reconciliations of net income to adjusted EBITDA and net cash flow from operating activities to adjusted EBITDA for Safeway for 2007-2003. It also provides rolling 4 quarter reconciliations.
2) It reconciles gross margin and operating expense changes excluding factors like fuel.
3) EPS is reconciled excluding unusual items from 1992-2008G and a percentage change is calculated.
4) Free cash flow is reconciled from net cash flow from operating activities from 2013F-2005 by subtracting net cash used by investing activities.
Allstate operates from a strong financial position with over $104 billion in assets and $17.5 billion in shareholders' equity. It provides insurance and financial services to over 14 million households in the US. Allstate has $104.8 billion in assets and generates most of its revenues from property-liability insurance premiums and contract charges from its financial business. For 2000, Allstate reported revenues of $29.1 billion and net income of $2.2 billion.
Allstate operates a Property-Liability business and a Allstate Financial business. The Property-Liability business saw a decrease in operating income to $1.05 billion due to higher claims expenses, lower investment income, and higher restructuring costs, partially offset by higher premiums and lower catastrophe losses. Net income for Allstate's overall business declined to $1.16 billion due to realized capital losses compared to gains the previous year and the decrease in operating income. Revenues declined slightly to $28.87 billion due to realized capital losses, though this was offset by increased premiums and investment income.
The document provides financial information for Qwest Communications International Inc. for the first quarter of 2007 compared to the first quarter of 2006. Some key points:
- Revenue decreased slightly by 0.9% to $3.446 billion. Net income increased significantly to $240 million from $88 million due to lower operating expenses.
- Data, internet, and video services revenue grew by 10.7% while voice services revenue declined by 6.6%.
- Capital expenditures decreased by 18.5% to $318 million.
- Total access lines served declined by 6.8% to 13.551 million while high-speed internet subscribers grew by 37.4% to 2.305 million.
This document is Capital One's 1996 Annual Report. It summarizes that in 1996, Capital One achieved record financial results including net income increasing 23% to $155.3 million and managed loans increasing 23% to $12.8 billion. Capital One's success is driven by its proprietary information-based strategy which allows it to customize products, manage risk conservatively, and continuously innovate. The company added nearly 2,000 employees in 1996 and remains focused on testing new products.
Allstate's revenues increased 4% to $27 billion in 1999. Operating income decreased 19% to $2.1 billion due to higher costs and charges from acquisitions and restructuring. Net income fell 17% to $2.7 billion. Investments grew 5% to $69.6 billion. In Property-Liability, premiums written rose 5% to $20.4 billion and underwriting income decreased 60% to $527 million due to increased losses and expenses.
allstate Quarter Information 2008 3rd Earnings Press Releasefinance7
- Allstate reported a net loss for Q3 2008 due to catastrophe losses from Hurricanes Ike and Gustav totaling $1.8 billion and net realized capital losses of $1.3 billion from declines in credit markets.
- Catastrophe losses would have been $1.4 billion higher without risk mitigation programs that reduced coastal exposure.
- Net realized capital losses were partially offset by gains from macro-hedging programs.
- Underlying property-casualty business margins remained strong and the company maintained strong liquidity and capital positions.
This document provides Bank of America's financial results for the full year and fourth quarter of 2007. Some key points:
- Net income for 2007 was $15 billion, down 29% from 2006, driven by higher credit costs and losses from subprime exposures.
- Revenue declined 8% for the year due to lower noninterest income. Credit costs rose significantly.
- In the fourth quarter, the company reported a net profit of $268 million compared to a $5.3 billion profit in 2006, with losses from subprime exposures weighing heavily.
- Global Consumer & Small Business Banking saw lower profits for the year and quarter due to rising credit costs, particularly in credit cards.
The document provides unaudited interim financial statements for Prophecy Resource Corp. as of June 30, 2009. It includes an interim balance sheet, statement of operations and comprehensive loss, statement of cash flows, and notes to the financial statements. The balance sheet shows total assets of $1,256,126 including cash of $3,485, short-term investments of $65,000, and mineral properties of $150,750. Total liabilities are $87,011 and shareholders' equity is $1,169,115. The statement of operations shows a net loss of $85,405 for the nine months ended June 30, 2009. The notes provide details on the company's accounting policies for financial statements,
This document provides a summary of Aetna's financial results for the fourth quarter and full year of 2006. It includes:
1) Key financial highlights such as operating earnings, revenue, membership numbers, and medical cost ratios for the quarter and year-to-date.
2) Statistics on premiums, health care costs, medical cost ratios, and benefit cost ratios for Aetna's Health Care and Group Insurance segments.
3) Details on medical, dental, pharmacy and group insurance membership for the current, prior and previous quarters.
The document is a financial supplement to Aetna's fourth quarter 2006 earnings release, to provide additional details on performance, statistics and membership for investors.
PricewaterhouseCoopers conducted an audit of The Progressive Corporation and subsidiaries' financial statements for 2003, 2002, and 2001. PwC issued an unqualified opinion, stating that the financial statements fairly presented the financial position and results of operations in accordance with generally accepted accounting principles. The audit was performed in accordance with generally accepted auditing standards, which included examining evidence supporting the financial statements and evaluating the overall presentation.
Ryder System, Inc. and Subsidiaries reported financial results for the second quarter and first half of 2008. Revenue for the quarter was $1.66 billion, flat compared to the prior year. Net earnings were $62.9 million, down 3% from the previous year. For the first six months, revenue was $3.2 billion, down 1% year-over-year, while net earnings were $119 million, a 2% increase. Fleet Management Solutions saw revenue growth of 16% for the quarter and 14% year-to-date, driven by higher fuel and rental revenues.
Nordnet reported increased operating income and profit after tax for 2010 compared to 2009. However, earnings per share were down slightly. For 2011, Nordnet plans cost reductions of 15% to secure goals and visions in light of decreased market activity. Measures include reducing consultants, marketing investments, and potentially reducing staff. Nordnet also reported highlights for 2010 such as successful integrations and new products, and goals to double revenues by 2013 while maintaining operating margins.
The Walt Disney Company reported higher first quarter earnings for fiscal year 2007 compared to the previous year. Earnings per share increased to $0.79 from $0.37 the prior year, driven by record results at Studio Entertainment and strong performance at Media Networks. Revenue grew 10% to $9.7 billion. Segment operating income increased 45% to nearly $2 billion. The results were positively impacted by gains totaling $1.1 billion from the sales of equity investments in E! Entertainment and Us Weekly. Excluding these items, earnings per share still increased 43% compared to the prior year.
The Progressive Corporation's 2006 annual report summarizes its financial performance for 2006, 2005, and 2004. In 2006, Progressive's net income increased to $1.647 billion, up from $1.394 billion in 2005. Revenues grew to $14.786 billion in 2006 from $14.303 billion in 2005. Progressive also reported increases in investment income and total shareholders' equity from 2005 to 2006, while expenses such as losses, acquisition costs, and underwriting expenses also grew over this period.
This document summarizes the financial results of CIR S.p.A. Group for the first 9 months of 2011. It shows that total shareholders' equity decreased slightly to €1.467 billion from €1.487 billion at the end of 2010. Liquid assets increased significantly to €885 million due primarily to a court ruling. Gross financial debt increased to €846.5 million, resulting in a consolidated net financial debt of €2.347 billion. The contribution from operating subsidiaries decreased to €38.3 million compared to €57.1 million in the same period of 2010.
The document summarizes a case study of Albassami, a large transportation company in Saudi Arabia. Prior to implementing an IT system, Albassami struggled with inefficient asset management, reporting errors between branches, and a lack of competitive advantages. The company implemented an IT system including servers, databases, and mobile/web applications to track shipments, share information, monitor performance, and gain customer insights. This allowed Albassami to standardize processes, improve decision making, and increase annual profits by over 10% after IT investments.
Citigroup reported financial results for the third quarter of 2008. Net income decreased significantly compared to the third quarter of 2007, dropping from $2.2 billion to a $2.8 billion loss. Total revenues declined 23% versus the prior year. The provision for loan losses increased 86% to $9.1 billion due to higher credit costs. Expenses rose modestly while assets and loans declined year-over-year. Overall, Citigroup experienced weak results across business segments as the financial crisis impacted performance.
The financial statements for Villa Alhambra of Coral Gables Condominium Association, Inc. for the period ending December 31, 2011 show:
- Total operating assets of $114,125 including cash, receivables, and prepaid expenses.
- Total operating liabilities of $37,026 including accounts payable, accrued expenses, and prepaid assessments.
- Total operating fund balance of $77,099 including current year net income of $20,201.
- Total expenses of $22,152 for the month of December 2011, with a net loss of $4,031.
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
This document provides historical financial and metric information for Ameriprise Financial, Inc. for full years 2005 and 2006, and quarterly results through third quarter 2007. It includes consolidated income statements, per share summaries, segment income statements and metrics for the Advice & Wealth Management, Asset Management, Annuities, Protection, and Corporate & Other segments. Additional sections provide balance sheet information, capital and ratings details, owned/managed/administered assets, and non-GAAP reconciliations. Key financial metrics such as pretax income margin, net income margin, return on equity, and earnings growth targets are also presented.
The McGraw-Hill Companies 2006 Annual Report summarizes the company's strong financial performance and positions it for continued growth.
1) McGraw-Hill achieved record revenue of $6.3 billion and net income of $882 million in 2006. It also returned $1.8 billion to shareholders through dividends and share repurchases, with a total shareholder return of 33.5%.
2) The company's strategy focuses on expanding globally, developing digital and technology-driven solutions, and investing in its businesses. All business segments are expected to contribute to continued growth in 2007.
3) McGraw-Hill is well-positioned to capitalize on trends in global capital markets, education
- ALLTEL CORPORATION reported consolidated financial results for the third quarter and first nine months of 2005.
- Revenues increased 20% for the third quarter and 13% for the first nine months compared to the same periods in 2004, driven primarily by growth in wireless revenues.
- Operating income increased 11% for the third quarter and 10% for the first nine months, with wireless and communications support services seeing the largest gains. However, wireline operating income declined.
- Net income increased 12% for the third quarter and 39% for the first nine months from the prior year periods.
1) The document provides a summary of assets and liabilities for a company from 2005 to September 2009. Total fixed assets increased from Rs. 86.18 lacs to Rs. 1,987.69 lacs over this period.
2) Net worth of the company increased substantially from Rs. 147.63 lacs to Rs. 7,541.64 lacs between 2005 and September 2009 due to increases in share capital, reserves and surplus.
3) Income from operations grew significantly from Rs. 596.91 lacs to Rs. 15,399.84 lacs between 2005 and the first half of 2009, while expenditure also increased sharply over this period.
This document summarizes the consolidated assets and liabilities of a company from 2005 to June 2009. Some key points:
- Fixed assets increased substantially from Rs. 4,147 crores in 2005 to Rs. 12,441 crores in June 2009 due to large capital expenditures.
- Current assets also increased significantly, driven mainly by increases in inventories, debtors, loans and advances.
- Liabilities grew to fund the asset growth, with secured loans rising from Rs. 2,294 crores to Rs. 13,055 crores over the period.
- Net worth more than quadrupled from Rs. 2,747 crores to Rs. 10,681 crores as profits were
This document provides an interim group report for Deutsche Telekom for the period of January 1 to September 30, 2008. Some key highlights include:
- Net revenue decreased 2.5% to EUR 45.6 billion compared to the prior year period. Domestic revenue decreased 6.2% while international revenue increased 1.1%.
- EBITDA increased slightly to EUR 14.4 billion. Adjusted EBITDA increased 0.5% to EUR 14.8 billion.
- Net profit increased significantly to EUR 2.2 billion. Adjusted net profit increased 17.1% to EUR 2.6 billion.
- The number of mobile customers increased 4.
This annual report summarizes Reliance Steel & Aluminum Co.'s financial performance for 2005. Some key highlights include:
- Record sales of $3.4 billion for 2005, up 14% from 2004.
- Record net income of $205.4 million for 2005, up 21% from 2004.
- Best-ever earnings per diluted share of $6.21 for 2005, up from $5.19 in 2004.
- The company announced plans to acquire Earle M. Jorgensen Company for $934 million to expand its geographic reach, product offerings, and customer base.
This document contains quarterly consolidated income statements for Peabody Energy Corporation for 2004 through the first quarter of 2007. It shows revenues, costs, operating profits, income before taxes, net income and earnings per share on a quarterly and annual basis. Key figures included are total revenues, operating costs and expenses, depreciation costs, operating profits, interest expenses and income, income before taxes, net income and earnings per share.
This document provides Bank of America's financial results for the full year and fourth quarter of 2007. Some key points:
- Net income for 2007 was $15 billion, down 29% from 2006, driven by higher credit costs and losses from subprime exposures.
- Revenue declined 8% for the year due to lower noninterest income. Credit costs rose significantly.
- In the fourth quarter, the company reported a net profit of $268 million compared to a $5.3 billion profit in 2006, with losses from subprime exposures weighing heavily.
- Global Consumer & Small Business Banking saw lower profits for the year and quarter due to rising credit costs, particularly in credit cards.
The document provides unaudited interim financial statements for Prophecy Resource Corp. as of June 30, 2009. It includes an interim balance sheet, statement of operations and comprehensive loss, statement of cash flows, and notes to the financial statements. The balance sheet shows total assets of $1,256,126 including cash of $3,485, short-term investments of $65,000, and mineral properties of $150,750. Total liabilities are $87,011 and shareholders' equity is $1,169,115. The statement of operations shows a net loss of $85,405 for the nine months ended June 30, 2009. The notes provide details on the company's accounting policies for financial statements,
This document provides a summary of Aetna's financial results for the fourth quarter and full year of 2006. It includes:
1) Key financial highlights such as operating earnings, revenue, membership numbers, and medical cost ratios for the quarter and year-to-date.
2) Statistics on premiums, health care costs, medical cost ratios, and benefit cost ratios for Aetna's Health Care and Group Insurance segments.
3) Details on medical, dental, pharmacy and group insurance membership for the current, prior and previous quarters.
The document is a financial supplement to Aetna's fourth quarter 2006 earnings release, to provide additional details on performance, statistics and membership for investors.
PricewaterhouseCoopers conducted an audit of The Progressive Corporation and subsidiaries' financial statements for 2003, 2002, and 2001. PwC issued an unqualified opinion, stating that the financial statements fairly presented the financial position and results of operations in accordance with generally accepted accounting principles. The audit was performed in accordance with generally accepted auditing standards, which included examining evidence supporting the financial statements and evaluating the overall presentation.
Ryder System, Inc. and Subsidiaries reported financial results for the second quarter and first half of 2008. Revenue for the quarter was $1.66 billion, flat compared to the prior year. Net earnings were $62.9 million, down 3% from the previous year. For the first six months, revenue was $3.2 billion, down 1% year-over-year, while net earnings were $119 million, a 2% increase. Fleet Management Solutions saw revenue growth of 16% for the quarter and 14% year-to-date, driven by higher fuel and rental revenues.
Nordnet reported increased operating income and profit after tax for 2010 compared to 2009. However, earnings per share were down slightly. For 2011, Nordnet plans cost reductions of 15% to secure goals and visions in light of decreased market activity. Measures include reducing consultants, marketing investments, and potentially reducing staff. Nordnet also reported highlights for 2010 such as successful integrations and new products, and goals to double revenues by 2013 while maintaining operating margins.
The Walt Disney Company reported higher first quarter earnings for fiscal year 2007 compared to the previous year. Earnings per share increased to $0.79 from $0.37 the prior year, driven by record results at Studio Entertainment and strong performance at Media Networks. Revenue grew 10% to $9.7 billion. Segment operating income increased 45% to nearly $2 billion. The results were positively impacted by gains totaling $1.1 billion from the sales of equity investments in E! Entertainment and Us Weekly. Excluding these items, earnings per share still increased 43% compared to the prior year.
The Progressive Corporation's 2006 annual report summarizes its financial performance for 2006, 2005, and 2004. In 2006, Progressive's net income increased to $1.647 billion, up from $1.394 billion in 2005. Revenues grew to $14.786 billion in 2006 from $14.303 billion in 2005. Progressive also reported increases in investment income and total shareholders' equity from 2005 to 2006, while expenses such as losses, acquisition costs, and underwriting expenses also grew over this period.
This document summarizes the financial results of CIR S.p.A. Group for the first 9 months of 2011. It shows that total shareholders' equity decreased slightly to €1.467 billion from €1.487 billion at the end of 2010. Liquid assets increased significantly to €885 million due primarily to a court ruling. Gross financial debt increased to €846.5 million, resulting in a consolidated net financial debt of €2.347 billion. The contribution from operating subsidiaries decreased to €38.3 million compared to €57.1 million in the same period of 2010.
The document summarizes a case study of Albassami, a large transportation company in Saudi Arabia. Prior to implementing an IT system, Albassami struggled with inefficient asset management, reporting errors between branches, and a lack of competitive advantages. The company implemented an IT system including servers, databases, and mobile/web applications to track shipments, share information, monitor performance, and gain customer insights. This allowed Albassami to standardize processes, improve decision making, and increase annual profits by over 10% after IT investments.
Citigroup reported financial results for the third quarter of 2008. Net income decreased significantly compared to the third quarter of 2007, dropping from $2.2 billion to a $2.8 billion loss. Total revenues declined 23% versus the prior year. The provision for loan losses increased 86% to $9.1 billion due to higher credit costs. Expenses rose modestly while assets and loans declined year-over-year. Overall, Citigroup experienced weak results across business segments as the financial crisis impacted performance.
The financial statements for Villa Alhambra of Coral Gables Condominium Association, Inc. for the period ending December 31, 2011 show:
- Total operating assets of $114,125 including cash, receivables, and prepaid expenses.
- Total operating liabilities of $37,026 including accounts payable, accrued expenses, and prepaid assessments.
- Total operating fund balance of $77,099 including current year net income of $20,201.
- Total expenses of $22,152 for the month of December 2011, with a net loss of $4,031.
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
This document provides historical financial and metric information for Ameriprise Financial, Inc. for full years 2005 and 2006, and quarterly results through third quarter 2007. It includes consolidated income statements, per share summaries, segment income statements and metrics for the Advice & Wealth Management, Asset Management, Annuities, Protection, and Corporate & Other segments. Additional sections provide balance sheet information, capital and ratings details, owned/managed/administered assets, and non-GAAP reconciliations. Key financial metrics such as pretax income margin, net income margin, return on equity, and earnings growth targets are also presented.
The McGraw-Hill Companies 2006 Annual Report summarizes the company's strong financial performance and positions it for continued growth.
1) McGraw-Hill achieved record revenue of $6.3 billion and net income of $882 million in 2006. It also returned $1.8 billion to shareholders through dividends and share repurchases, with a total shareholder return of 33.5%.
2) The company's strategy focuses on expanding globally, developing digital and technology-driven solutions, and investing in its businesses. All business segments are expected to contribute to continued growth in 2007.
3) McGraw-Hill is well-positioned to capitalize on trends in global capital markets, education
- ALLTEL CORPORATION reported consolidated financial results for the third quarter and first nine months of 2005.
- Revenues increased 20% for the third quarter and 13% for the first nine months compared to the same periods in 2004, driven primarily by growth in wireless revenues.
- Operating income increased 11% for the third quarter and 10% for the first nine months, with wireless and communications support services seeing the largest gains. However, wireline operating income declined.
- Net income increased 12% for the third quarter and 39% for the first nine months from the prior year periods.
1) The document provides a summary of assets and liabilities for a company from 2005 to September 2009. Total fixed assets increased from Rs. 86.18 lacs to Rs. 1,987.69 lacs over this period.
2) Net worth of the company increased substantially from Rs. 147.63 lacs to Rs. 7,541.64 lacs between 2005 and September 2009 due to increases in share capital, reserves and surplus.
3) Income from operations grew significantly from Rs. 596.91 lacs to Rs. 15,399.84 lacs between 2005 and the first half of 2009, while expenditure also increased sharply over this period.
This document summarizes the consolidated assets and liabilities of a company from 2005 to June 2009. Some key points:
- Fixed assets increased substantially from Rs. 4,147 crores in 2005 to Rs. 12,441 crores in June 2009 due to large capital expenditures.
- Current assets also increased significantly, driven mainly by increases in inventories, debtors, loans and advances.
- Liabilities grew to fund the asset growth, with secured loans rising from Rs. 2,294 crores to Rs. 13,055 crores over the period.
- Net worth more than quadrupled from Rs. 2,747 crores to Rs. 10,681 crores as profits were
This document provides an interim group report for Deutsche Telekom for the period of January 1 to September 30, 2008. Some key highlights include:
- Net revenue decreased 2.5% to EUR 45.6 billion compared to the prior year period. Domestic revenue decreased 6.2% while international revenue increased 1.1%.
- EBITDA increased slightly to EUR 14.4 billion. Adjusted EBITDA increased 0.5% to EUR 14.8 billion.
- Net profit increased significantly to EUR 2.2 billion. Adjusted net profit increased 17.1% to EUR 2.6 billion.
- The number of mobile customers increased 4.
This annual report summarizes Reliance Steel & Aluminum Co.'s financial performance for 2005. Some key highlights include:
- Record sales of $3.4 billion for 2005, up 14% from 2004.
- Record net income of $205.4 million for 2005, up 21% from 2004.
- Best-ever earnings per diluted share of $6.21 for 2005, up from $5.19 in 2004.
- The company announced plans to acquire Earle M. Jorgensen Company for $934 million to expand its geographic reach, product offerings, and customer base.
This document contains quarterly consolidated income statements for Peabody Energy Corporation for 2004 through the first quarter of 2007. It shows revenues, costs, operating profits, income before taxes, net income and earnings per share on a quarterly and annual basis. Key figures included are total revenues, operating costs and expenses, depreciation costs, operating profits, interest expenses and income, income before taxes, net income and earnings per share.
The document provides projected financial statements for Ideko Corp. from 2005-2010, showing steady sales growth and increasing profitability over that period. It also includes sensitivity analyses showing the impact on EBITDA and net income from variations in market growth rates, raw material costs, and labor costs. The analysis section notes that without access to new markets or paying dividends, Ideko Corp. would need to raise $134.061 million to fund its expansion plan through 2010 based on the projections.
The document provides an interim financial report for a company from January to June 2011. It summarizes key financial figures showing operating income increased 2% and profit after tax rose 25%. It also outlines goals to achieve 100% cost coverage from non-trading commissions by end of 2011 and double revenues within 2 years. The company aims to become the leading savings bank in Nordic countries by 2018 by expanding its existing customer base in Sweden, Norway, Denmark, and Finland.
This document provides an overview of Nigeria's 2012 budget, including actual and estimated revenue and expenditures from 2010 to 2012. Total revenue was estimated at $89.5 billion for 2012, with the largest sources being federal allocations (36.86%), internal loans (23.46%), and FAAC augmentation (7.26%). Total expenditures were also estimated at $89.5 billion, with largest allocations to capital expenditures (56.75%), recurrent expenditures (43.25%), and economic sector capital projects (34.63%). The budget outlines Nigeria's sources of funding and planned spending across sectors for 2012.
The Chairman notes that ABC Holdings performed well in 2010, reflecting the improved economic environment across its markets following the global financial crisis recovery. All of the Group's banking operations reported profits for the first time. Retail banking is now offered and expected to contribute positively to income going forward. Overall, economic growth in Sub-Saharan Africa was revised upwards to 5% in 2010 and is projected to accelerate to 5.5% in 2011, though risks remain from commodity prices and political instability. The performance reflects the Group's decision to curtail lending during the recession, which reduced credit impairments.
This document provides an agenda and financial overview for ITW's Q2 2003 conference call. Key points include:
- Revenue increased 5.3% to $2.56B in Q2 2003 compared to Q2 2002. Operating income rose 5.9% and margins were flat.
- Engineered Products North America saw a 3% revenue decline and 14.2% operating income decline due to weakness in construction and auto.
- Engineered Products International had 20.1% revenue growth and 16.2% operating income growth driven by acquisitions and foreign exchange.
- Specialty Systems North America reported a 4.5% revenue decline but a 4.1% increase in operating income
- Nordnet's profits increased significantly in the first three quarters of 2011, with operating income up 12% and profit after tax up 68%.
- Key metrics like earnings per share and number of active accounts also rose sharply compared to the same period last year.
- Nordnet maintained a strong cost control while launching new services in Norway and seeing continued strong customer inflows.
This annual financial report summarizes Northern Trust Corporation's financial results for 2007. Key highlights include:
- Revenues reached record levels of $3.57 billion, up 17% from 2006, driven by growth in trust, investment and other servicing fees.
- Net income increased 9% to $726.9 million while earnings per share grew 8% to $3.24. Excluding Visa charges, operating earnings per share increased 22%.
- Total assets under custody or administration increased to a record high of $3.6 trillion, reflecting growth in international markets.
- Strong financial performance achieved each of the Corporation's long-term strategic targets for revenue, earnings per share, return on equity, and
This document provides financial highlights and consolidated statements of income for Alltel Corporation for the three months and twelve months ended December 31, 2005 and 2004. It shows that revenues and sales increased 21% and 15% respectively for the periods. Operating income increased 4% and 9% respectively, while net income decreased 6% but increased 27% respectively. Segment income increased for wireless and communications support services but decreased slightly for wireline. Excluding items like restructuring charges and discontinued operations, operating income from current businesses increased 14% and 11% respectively and net income increased 11% and 13% respectively.
This document provides consolidated income statement and segment income information for ExxonMobil for 2007 and 2008. In 2007, ExxonMobil earned a net income of $11.9 billion, with the largest contributors being the Upstream (E&P) segments. Several large impairment charges in the International E&P segment resulted in a net loss for that segment. In 2008, ExxonMobil's net income increased to $9.6 billion for the periods reported, with the Upstream segments again contributing the most income. Certain items included large gains and impairments in various segments in both years.
- ALLTEL CORPORATION reported consolidated financial results for the three and six months ended June 30, 2006 and 2005.
- For the three months ended, total revenues and sales increased 18% to $2.673 billion, while operating income increased 13% to $591.85 million. Earnings per share decreased from $1.27 to $1.10.
- For the six months ended, total revenues and sales increased 19% to $5.213 billion, while operating income increased 13% to $1.121 billion. Earnings per share decreased from $2.31 to $1.86.
- The wireless segment saw the largest revenue and income growth rates for both the three and six
- Revenue for the third quarter of 2008 was $1.965 billion, up slightly from $1.865 billion in the third quarter of 2007.
- Net earnings for the quarter were $187.65 million, up 8% from $174.59 million in the third quarter of 2007.
- Earnings per share for the quarter were $1.01, up from $0.87 in the prior year period.
Dover Corporation reported a 16% increase in EPS to $0.88 for Q3 2007 compared to $0.76 for Q3 2006. Revenue increased 15% to $1.84 billion. For the first nine months of 2007, EPS increased 11% to $2.36 while revenue increased 15% to $5.37 billion. The company achieved organic growth of 3.3% and acquisition growth of 9.6% in Q3. Looking ahead, Dover expects continued solid business in Q4 but with moderating growth and restructuring charges of $0.02-0.03 per share.
This document provides an overview and financial analysis of a corporation. It discusses the corporation's business strategy of focusing on investment management, asset servicing, and banking for institutional and affluent individual clients. It then summarizes the corporation's strong financial performance in 2006, with record net income of $665.4 million and revenue growth of 14%. Key metrics like assets under management and custody also reached record levels. The document analyzes the components of the corporation's revenues and expenses.
15000
10000
5000
0
2005 2006 2007
- The financial ratios of SRM are projected to improve in 2006 and 2007 compared to 2005. However, they remain below industry averages.
- While liquidity, leverage, and asset management ratios improve, profitability ratios only marginally increase and remain poor.
- A key weakness is low profit margins, despite improvements in sales, inventory management, and debt repayment. Increased expenses constrain profits.
- Repaying debt improves financial stability in the short term, but sustained profitability is still lacking for long term financial health.
SSS Branches with Data Capture Service (as of April 2014)SSS Philippines
This document lists the branches of the Social Security System (SSS) in the Philippines and abroad that have data capture services. It includes over 100 locations within the Philippines organized by region, as well as 10 international locations. It also specifies 6 domestic branches that offer capture services on Saturdays.
This Charter was developed in compliance with the provisions of Republic Act No. 9485, also known as the "Anti-Red Tape Act of 2007" but also as part of the SSS' desire to achieve its vision of providing world-class and delightful service to you our members.
SSS Advisory on RTS (Return-to-Sender) UMID CardsSSS Philippines
Members are informed that returned Unified Multi-Purpose ID (UMID) Cards listed below are now available for pickup at the SSS Diliman Branch Office, East Avenue, Diliman, Quezon City. Bring proper identification for verification. For further inquiries, visit the SSS website or call their hotline. The list contains over 150 names with corresponding return to sender dates and enrolling branches.
SSS Advisory on RTS (Return-to-Sender) UMID CardsSSS Philippines
Please be informed that the Unified Multi Purpose ID (UMID) Card of the SSS members that were returned to SSS are now available for pick up at the Member Services Section I, Members Assistance Center, SSS Diliman Branch Office, East Avenue, Diliman, Quezon City. Please bring valid ID card/s for proper identification.
Guide to SSS registration and payment for Household Employer and Domestic Worker (Kasambahay), under "Batas Kasamabahay' including family driver, under SSS Law
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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SSS Annual Report 2009
1. Is Our
Your
strength
ability
2009
A N N U A L R E P O RT
2. Is Our
strength
SSS: Source of Strength and Stability
2009
A N N U A L R E P O RT
Social security must be dynamic, pro-active and sincerely
socially committed. By sustaining its good standing and
credibility, SSS is a beacon on the road to achieving a healthy
working population able to participate fully and with dignity
in their society while enjoying the fruits of their labor.
3. Contents
1 Highlights of operations
2 statement of Mission and Vision
Messages
3 Message of the President of the Republic of the Philippines
4 Message of the Chairman
7 Message of the President and Ceo
2009 In Review
11 • Nurturing Relationships with Stakeholders
• Forging Partnerships for Better Service
• Expressing Corporate Social Responsibility
• Celebrating Special Events
• Developing SSS Employees
special Articles
19 • Anti-Red Tape Act
• E-Centers
• SLERP-An SSS Response to Catastrophe
• Mobile SSS Centers: A Tangible Response
• SSS Cebu Guitar-Shaped Building
• The National Social Welfare and Protection Program
• SSS Corporate Social Responsibility Programs
• The Philippines Welcome Social Security Experts
for Regional Forum for Asia and the Pacific
• The SSS Rationalization Plan and 2009 Staffing
• The New Performance Evaluation System
SSS In 2010 and Beyond
26 Catapulting SSS into the Next Decade
Financial
28 statement of Management’s
Responsibility for the Financial Statements
29 state Auditor’s Report on the
Financial Statements
30 Statement of Financial Position
31 statement of Comprehensive Income
32 statement of Changes in Reserves
33 Statement of Cash Flows
34 Notes to Financial Statements
44 Internal Audit Report
45 Historical Data
Management
48 Social Security Commission
50 sss senior Management
54 SSC and SSS Management Directory
4. HIGHLIGHTS o F o P E R AT I o N S
(Amounts in Million Pesos)
Consolidated
For the Year increase/(decrease)
2009 2008 amount %
a. ReVenUes & eXPenditURes
Revenues 95,336.51 97,968.32 (2,631.81) (2.7)
Contributions 72,350.89 68,879.27 3,471.62 5.0
Investment and Other Income, net 22,985.62 29,089.05 (6,103.43) (21.0)
Expenditures 79,124.55 74,662.99 4,461.56 6.0
Benefit Payments 72,049.96 67,917.36 4,132.60 6.1
Operating Expenses 7,074.59 6,745.63 328.96 4.9
Net Revenue/(Loss) 16,211.96 23,305.33 (7,093.37) (30.4)
B. assets & ReseRVes
Assets 272,610.65 233,122.19 39,488.46 16.9
Investments 248,641.45 211,355.23 37,286.22 17.6
SSS Properties 3,413.69 2,876.32 537.37 18.7
Others 20,555.52 18,890.64 1,664.87 8.8
Liabilities 7,280.83 7,519.25 (238.41) (3.2)
Reserves 265,329.82 225,602.94 39,726.87 17.6
soCial seCURitY sYstem
For the Year increase/(decrease)
2009 2008 amount %
a. ReVenUes & eXPenditURes
Revenues 93,155.25 95,516.59 (2,361.34) (2.5)
Contributions 71,166.95 67,668.19 3,498.76 5.2
Investment and Other Income, net 21,988.30 27,848.40 (5,860.10) (21.0)
Expenditures 77,931.69 73,456.69 4,475.00 6.1
Benefit Payments 70,963.92 66,820.34 4,143.59 6.2
Operating Expenses 6,967.77 6,636.35 331.42 5.0
Net Revenue/(Loss) 15,223.56 22,059.90 (6,836.34) (31.0)
B. assets & ReseRVes
Assets 247,891.34 209,535.85 38,355.49 18.3
Investments 228,919.53 192,663.20 36,256.33 18.8
SSS Properties 3,413.69 2,876.32 537.37 18.7
Others 15,558.12 13,996.33 1,561.79 11.2
Liabilities 7,389.38 7,627.99 (238.61) (3.1)
Reserves 240,501.96 201,907.86 38,594.10 19.1
emPloYees’ ComPensation and state insURanCe FUnd
For the Year increase/(decrease)
2009 2008 amount %
a. ReVenUes & eXPenditURes
Revenues 2,181.26 2,451.73 (270.47) (11.0)
Contributions 1,183.94 1,211.08 (27.14) (2.2)
Investment and Other Income, net 997.31 1,240.65 (243.33) (19.6)
Expenditures 1,192.86 1,206.30 (13.44) (1.1)
Benefit Payments 1,086.03 1,097.02 (10.99) (1.0)
Operating Expenses 106.83 109.28 (2.45) (2.2)
Net Revenue/(Loss) 988.40 1,245.43 (257.03) (20.6)
B. assets & ReseRVes
Assets 24,827.91 23,695.13 1,132.79 4.8
Investments 19,721.92 18,692.03 1,029.89 5.5
Others 5,106.00 5,003.10 102.90 2.1
Liabilities 0.05 0.04 0.01 28.4
Reserves 24,827.86 23,695.09 1,132.78 4.8
1
5. STATEMENT oF MIssIon
The mission of the SSS is spelled out in Section 2 of the Social Security Law (Republic Act No. 1161), as
amended by the Social Security Act of 1997 (Republic Act No. 8282):
“It is the policy of the State to establish, develop, promote and perfect a sound and viable tax-exempt
social security system suitable to the needs of the people throughout the Philippines, which shall
promote social justice and provide meaningful protection to members and their beneficiaries against
the hazards of disability, sickness, maternity, old age, death and other contingencies resulting in loss of
income or financial burden. Towards this end, the State shall endeavor to extend social security protection
to workers and their beneficiaries.”
STATEMENT oF VIsIon
The SSS aims to develop and promote a viable, universal and equitable social protection scheme through
world-class service.
VIABLE means that it is financially sustainable, non-distortionary, and requires no government subsidy.
Current and future generations of workers and retirees are also assured of meaningful benefits in return
for their contributions.
UNIVERSAL means that protection shall be provided to all residents of the Philippines, citizens and non-
citizens alike, regardless of race, creed, gender, age, geographic location and socio-economic status.
Attention will be given specially the disadvantaged and overseas Filipino workers (OFWs).
EQUITABLE means fair and uniform coverage shall be made available to all. Benefit entitlements shall be
closely linked with contributions.
WORLD-CLASS SERVICE means that the highest standards of service shall be used to ensure total member
satisfaction. A multi-skilled, forward-looking and generalist SSS workforce shall provide service that is
prompt, accurate and courteous.
2
6. MESSAGE
oF THE PRESIDENT oF THE
REPuBLIC oF THE PHILIPPINES
Congratulations to the Social Security System (SSS) for a
successful 2009, which was marked by your enhanced financial
stability, increasing membership, operational expansion, and
improved services.
Indeed, for the past 52 years, the SSS has been the source of social
security, strength and stability for workers and employers alike.
Through its various investment programs, the SSS is a valuable ally
of government in ensuring the vibrancy and stability of our economy.
The year 2009 was marked by a series of natural calamities that
severely tested the resiliency of the Filipino people. Fortunately, the
SSS was one of the institutions that Filipinos can rely on. Through
your steady benefits and reliable loan programs, you have assured
your members and their families of assistance in their times of need.
As the agency charged with managing and delivering important
social protection programs, the SSS contributes in promoting the well-
being, health and quality of life of the Filipino people. The SSS is indeed
a reliable partner in the search for a meaningful and sustainable
standard of living of its 28 million members and beneficiaries.
Once again, congratulations to the SSS for another year of relevance,
resiliency, and steadfastness in public service. Congratulations too
to the Social Security Commission, headed by Chairman Thelmo
Y. Cunanan, to Secretary Romulo L. Neri, SSS President and Chief
Executive Officer, and to the good men and women of SSS.
Ten-Point agenda to “Beat the Odds”
Mabuhay ang SSS! in Six Years under the Arroyo Administration
B - Balanced budget
E - Education for all
A - Automated elections
GLORIA MACAPAGAL-ARROYO T - Transport and digital infrastructure to
connect the country
T - Terminate the MILF and NPA conflicts
H - Heal the wounds of EDSA
E - Electricity and water for all Barangays
O - Opportunities for 10 million jobs
D - Decongest Metro Manila
DS - Develop Clark and Subic
3
7. MESSAGE
oF TH E C HAI RMAN
ResURGenCe aFteR tHe delUGe
The Financial Crisis exacted a heavy toll on industries and
institutions across the globe resulting to massive displacement
of workers and to the swelling of the ranks of the unemployed.
With firms, institutions and countries bearing the full brunt of
the crisis, SSS undertook innovative measures to cope with the
challenges posed by a weakened economy while continuing
to be a reliable provider of social security to its members. The
Crisis itself highlighted importance of strengthening social
security institutions in order to act as a viable safety net for
our members while spurring economic recovery through our
investment activities.
The Social Security Commission is extremely satisfied in taking
a significant role in formulating relevant policy decisions
that supported management initiatives towards improving
collections, ensuring healthy returns on investments, providing
higher benefit pay-outs and bolstering mechanisms and
processes that uplifted the level of service to our more than
28 million members worldwide. Some of these programs
include the deployment of teller workstations in 150 branches,
expansion of payment channels to benefit overseas Filipino
workers, enhancement of existing collection systems, amnesty
programs for home and short-term loans, and the full-scale
implementation of Anti-Red Tape Act.
In behalf of the Institution, we are thankful to our members,
to our industry partners, to our stakeholders, to our fellow
government institutions and to Her Excellency, President Gloria
Macapagal-Arroyo, for giving us the support that have allowed
us to perform well beyond expectations. And as we enter a new
decade, the Commission together with the management and
employees shall strive to steer the Institution to new heights,
surpassing our goals and making a lasting difference in the
lives of those we serve – our members.
strengthening linkages with our stakeholders;
making decisive actions
In 2009, SSS was faced with a scenario where the gains of the
past years were threatened to be eroded by a contagion that has
subdued financial powerhouses and corporate giants across the
globe. With its ripple effects sweeping across national borders,
public institutions such as the SSS became at risk due to the
nature of its operations. More than ever, SSS had to work hand-
in-hand with its stakeholders to maintain its financial standing
while raising the level of service to its members.
8. For its part, the Commission will continue to craft a policy
framework that engenders responsive and meaningful
programs that capitalize on the synergies we have with our
stakeholders and industry partners while mitigating the
“ the role of sss in
effects of the crisis and aiding our members even during
calamities and disasters. The Commission is working closely
with management and with policy-makers for an amnesty
realizing the full
program that would allow delinquent companies to settle their
obligations without penalties. This would benefit largely small
vision of social
and medium-scale enterprises and micro-enterprises, which
comprise more than 99 percent of total establishments in the
assistance is crucial
country and generate 70 percent of total employment across
the land. The policy would not only provide us with cashflows, in strengthening
it would also reinstate the SSS privileges and benefits of these
affected employees. social welfare
Moreover, the Commission is intent on laying the policy program as the
foundation that would facilitate the seamless and cost-effective
implementation of key Information Technology projects in the
pipeline such as the Automated Records Management System
country and its
and the Unified Multi-Purpose Identification System of which,
SSS is the lead agency.
citizens cope with
As always, the Commission shall strive to remain a paragon
new social, economic
of transparency especially in overseeing SSS policy-making
processes and ensuring that proper mechanisms are in place and environmental
to avert possible abuses. While the Commission recognizes
the independence of management in running the day-to- challenges.”
day affairs of the Institution, it shall exercise its authority to
review the cogency of these decisions through the various
sub-committees on Information Technology, Budget, Audit and
Change Management.
Utmost care and prudence would constantly be upheld in
dealing with sensitive cases and issues that are conveyed to
the Commission in the exercise of its quasi-judicial powers.
We shall continue to prioritize the resolution of cases on the
collection of unremitted contributions and expedite the review
and approval of proposals for installment payment and dacion-
en-pago, provided that these are thoroughly examined, bearing
in mind the welfare and interests of SSS.
We have also secured the formal endorsement from the
Department of Finance for the draft of the proposed
amendments to the SSS Charter. We are set to put in motion
the next phase of the project which is to obtain the certification
5
9. as Priority Bill from the President and the formal transmittal to also set up mobile centers in badly hit areas in Metro Manila
Congress leading to the requisite legislative deliberations. The including parts of Rizal. The mobile centers provided basic
Commission is well aware of the paramount importance to services such as receiving of benefit applications and offering
modify certain provisions of the Charter in order to make the responses to inquiries on the status of loans and benefit
Institution more relevant to the changing times. claims. More than 18,000 transactions were processed by SSS
during the entire campaign.
Bolstering institutional capacity and maintaining institutional
neutrality Despite the pall of gloom cast by the twin typhoons, SSS was
able to find a reason to celebrate with the opening of the SSS
Crisis spawns problems. But it also presents opportunities Cebu Branch. The inauguration of the three-storey structure
which public institutions can capitalize on. In 2009, the SSS not only represents our tangible manifestation of constantly
took the initial steps to streamline the organization with the enhancing our services to our members. It also served as a ray
implementation of the first phase of the Rationalization Plan. At of hope as we and the rest of the country begin to rebuild from
least 1,131 service bureau (SB) personnel have been absorbed the wreckage left behind by Ondoy and Pepeng.
as regular employees of the System. Their entry into the
organization fills in the manpower gaps that have hampered Though much has been done, much still needs to be
the operating capabilities of strategic units specifically the accomplished. Innovation remains an imperative in a vastly
branch offices. Along with this, we provided various forms changing economic landscape. Rest assured, the Commission
of assistance to SBs ranging from economic relief to skills and SSS Management shall work together in steering the
upgrading and training to improve their chances of passing the Institution to new heights as we begin another chapter in the
requisite government examinations. Institution’s meaningful history in this new decade.
In 2010, the Commission, together with management, Maraming Salamat at Mabuhay ang SSS!!!
shall address the pressing need to fill in the leadership void
created by the retirement or promotion of some middle and
senior management officials. The filling-up of these positions
is reflective of our desire to insulate SSS from political
interventions and to maintain the stability of SSS in the face
of an expected change in the political leadership in 2010 with
the conduct of the national elections. We assure our members tHelmo Y. CUnanan
that the Commission will remain steadfast in upholding SSC Chairman
the highest standards of professionalism while maintaining
our commitment to the ideals espoused by the SS Charter.
Institutional integrity shall be our primordial concern.
Rising from the deluge
Last year, the nation became mute witness to the devastation
brought about by Typhoons, Ondoy and Pepeng. Over three
million people were affected and millions of pesos worth of
properties and farm outputs, were destroyed.
In response, the Commission and SSS Management approved
the Salary Loan Early Renewal Program where a total of P4.7
billion were released to some 257,755 affected members. SSS
6
10. MESSAGE
oF TH E PR ESI DENT & C Eo
ResilienCY amidst tHe CRisis
i. Withstanding the Crisis
2009 would be best remembered as the year when SSS was able
to endure ill-effects of the Financial Crisis as well as weather
two devastating typhoons that almost put the country’s
economy in peril. Despite the grave challenges, SSS was able
to exceed its operational targets including modest increases in
contribution collections and notable gains in investments.
The Institution likewise opened its new building in the heart of
Cebu, which now stands as a proud landmark in the area and a
fitting testament to SSS’ commitment to elevate the quality of
service to our members in the Queen City of the South.
SSS continues to be upbeat about the prospects for the coming
year as the world economy gradually emerges from the slump.
The Institution shall use the lessons from the crisis to fortify its
financial standing and improve its operations. SSS shall carry on
with its mandate and institutional objectives despite the looming
change in political leadership. It would remain actively involved
in the policy-making arena, lending its insights, knowledge and
expertise while bolstering linkages with other state agencies in
advancing reforms in social welfare and protection.
ii. operational Highlights
stable collections despite weak economic activity
CoN SSS contribution collections last
TRIB
uTIo year reached P72.3 billion, up by
N S
80 five percent from the P68.9 billion
60 collected in 2008. Collections
continued to outpace benefit
52,543.60
40
61,829.08
payments for the fifth year in a
68,879.27
20
72,350.89
row with the surplus reaching
0 P300 million. The higher collections
200
6 were attained despite the lingering
200
7
200 effects of the Global Financial
8
200 Crisis which forced companies to
9
downscale operations amidst falling
demand. Collections were boosted
by the expansion of both bank and non-bank payment facilities
that targeted voluntary and self-employed individuals specially
the overseas Filipino workers. Some of these programs include the
deployment of 150 automated teller work stations in 92 branches
and the increase in the number of collecting agents such as Bayad
Center and Worldwide Delivery Services.
11. SSS supplemented these additional payment facilities with The Institution likewise instituted the needed mechanisms
strong collection efforts typified by aggressive legal action for the full-scale implementation of Republic Act 9507 or the
against erring employers. Last year, SSS filed cases against Socialized and Low-Cost Housing Loan Restructuring and
1,133 employers for failure to remit the contributions of Condonation Act. As of end-December, SSS has collected more
their employees. In addition, the Institution sued close to 200 than P55 million from the program benefitting around 2,240
employers for refusing to present company records and for members who have applied for amnesty, with 586 paying in
neglecting to register their businesses with SSS. full while 1,654 opting to pay in instalment. While the benefits
of such programs have greatly improved the institution’s
Benefit payments increase slightly as coverage widens liquidity and bottomline, the social benefits of increased home
ownership ratios and liberalizing access to affordable home
BEN
EFIT
SSS benefit disbursements reached loans far outweighs the financial returns.
S
P72.05 billion reflecting a 6.1 percent
80
increase from the P67.9 billion Finding symmetry between judicious spending and enhancing
60 released in 2008. The bulk of the service delivery
releases went to retirement and
52,122.01
40
60,746.59
death which accounted for nearly In 2009, SSS continued its policy of prudent yet strategic
67,917.36
20
72,049.96
85 percent of total disbursements. spending by concentrating on key items and programs that
0
At the same time, SSS stepped up improved service delivery and enhanced operating efficiency.
200
6
200
its coverage efforts with the inking One of last year’s highlights was the inauguration of SSS Cebu
7 of two agreements that would Branch, building which now stands not just a landmark in the
200
8
200
9
widen the coverage of overseas province because of its unique architectural design but also as
workers and beef up procedures on an endearing testament to the Institution’s commitment to
employer registration. In May, SSS upgrade the level of service to two million SSS members and
signed a social security accord with the Panama Maritime over 85,000 employers in the Central Visayas Region.
Authority (PMA) that would provide voluntary social security
coverage to Filipino employees of the Panamanian agency. The In addition, SSS calibrated its service delivery systems to comply
institution also entered into an agreement with the Philippine with Republic Act 9485 or the Anti-Red Tape Act of 2007 (ARTA),
Health Insurance Corporation (Philhealth) to harmonize which has been implemented in nine pilot branches namely,
the two agencies’ employer registration procedures under San Pablo, Calamba, Diliman, Pasay-Roxas, Pasay-Taft, Bacolod,
the new Single Employer Registration Process (SERP). Under Bago, Cagayan de Oro and Iligan. These branches were the first
SERP, employers registering with SSS using the new Business to conform with the requirements of the new law by posting
Registration Form are automatically registered with Philhealth. SSS’ version of the Citizen’s Charter. The Charter contains
the Institution’s processing time commitments for 23 most
Optimizing returns on investments amidst a utilized frontline services. We expect that by early 2010, all SSS
bearish environment branches would be equipped and prepared to comply fully with
the stringent requirements of the ARTA.
Last year, SSS managed to post respectable returns on its core
investments capped by a block sale of Meralco shares worth At the core of this service enhancement is the upgrade of major
P5.67 billion,which netted the SSS’ profits amounting to P 1.53 Information Technology systems of the Institution. Last year, SSS
billion from this transaction alone. Well-timed placements completed the activation of the Business Recovery Center (BRC)
both in the equities and government securities market allowed – SSS’ primary back-up facility that protects SSS’ data from any
SSS to maximize profits, even as the overall financial market possible threat and disaster. More importantly, the reactivation of
remained subdued. Earnings from investments and other the BRC has shored up the online capability of SSS, allowing more
income reached P22.98 billion easily surpassing the P16.9 users and members to access the SSS database. It successfully
billion target for 2009. SSS likewise registered considerable undertook the migration of vital membership and contribution
gains from corporate notes and bonds, which grew to over P1 payment systems from IBM to Sun System and decommissioned
billion from P393.8 million in 2008. its outdated mainframe which has resulted into monthly savings
of P5.3 million. In addition, SSS has installed Voice Over Internet
SSS generated cash flows from the fifth extension of the Protocol in 134 branches nationwide and expanded lines for
amnesty program for short-term member loans, as well as stock the Interactive Voice Response Service, which would enable the
investment and privatization fund loans. As of October 2009, Institution to cut back on telecommunication expenses while
SSS already collected P2.5 billion from about 749,888 accounts. providing uninterrupted service to members over the phone.
8
12. Supplementing all these is the acquisition of workstations they retire from the System. Some of these training programs
that would boost the productivity and efficiency of our were undertaken together with the Alert and Concerned
branch personnel. Employees for a Better SSS, demonstrating a strong partnership
between management and the union for looking after the
Topping the critical IT projects was the awarding of the contract welfare of employees. Corollary to this, SSS organized sports
to produce the Unified Multi-Purpose ID (UMID) System tournaments and after-office unwinding activities to ensure
Compliant ID cards to All Cards Corporation – a consortium healthy and balanced work life while preserving harmony and
of the top IT corporations in the country. The signing of the camaraderie in the work place.
contract paves the way for the fast-tracking of Social Security ID
card production while expediting the information interfacing of However, the most critical of all human resources-related
the various state agencies such as the SSS, Government Service programs is the refinement of policies on the hiring, promotion,
Insurance System, Philhealth, Home Development Mutual Fund, placement as well as performance appraisal of employees and
National Statistics Office and the Philippine Postal Corporation. officials, which are anchored mainly on the new Performance
The UMID, which is envisioned to enhance the integrity of Evaluation System (PES). SSS has completed a dry run of the PES
state-issued ID cards and cut costs in maintaining redundant in vital units and branches such as Makati 1, San Pablo, Bacolod,
ID and membership systems, is projected to be the main Cagayan de Oro and Management Services Group. With the
tool in facilitating IT-enabled transactions ranging from cash operationalization of the RatPlan, there is a need to strengthen
disbursement to general access card to health care services and institutional dynamics on personnel administration in order to
to public railway transport. engender a culture of professionalism and service excellence
and to prepare our employees for the challenges posed by
Infusing new blood into the Institution; Making HR policies ARTA. SSS strongly believes that rewards and incentives should
relevant and responsive be tied closely with actual performance. The system-wide
implementation of the PES would ensure that employees’
After nearly four years of intense and gruelling series of performances are in line with corporate objectives of the SSS.
consultations and dialogues, SSS finally obtained the approval
from the Department of Budget and Management and the Responding to the call of the times
Social Security Commission to implement the first phase of
the Rationalization Plan (RatPlan). This has resulted into the The SSS as a public institution was at the forefront of rendering
absorption as regular employees of some 1,131 qualified humanitarian and socio-civic work especially during the
Service Bureau (SB) personnel. The “regularization” of these SBs aftermath of the twin typhoons “Ondoy” and “Pepeng”, whose
is part of SSS’ long-term plan to ensure institutional stability by heavy rains swelled rivers and waterways that inundated
infusing new blood in the system and bolstering the manpower homes, claimed lives and destroyed properties including crops
requirements of its strategic units to meet new operational goals. and public infrastructure worth approximately P21.3 billion .
Moreover, the Institution is also in the process of facilitating the
promotion of eligible personnel, appoint Officers-in-Charge of Within days of the deluge, the Institution donated P100 million
various branches and fill-up the vacancies left by some middle for disaster response and relief operations and set-up mobile
and upper management officials who availed of the Early offices in badly hit areas in the National Capital Region. These
Retirement Program under the RatPlan. mobile centers offered basic services to affected members
such as receiving of loan and benefit applications and provided
SSS likewise sustained its programs for continuing higher counselling and information on SSS membership. In October
education by sending qualified employees on both local alone, SSS attended to more than 18,700 transactions with
and international study grants. This typifies the Institution’s 1,054 applications received for processing, 5,800 forms issued
desire to hone and prepare future managers, which would be while assisting some 11,793 walk-in inquiries and requests for
harnessed from among the ranks. SSS is proud to have the most membership verification.
number of candidates in the InWENT scholarship in Germany,
where the participants would be exposed to global trends and At the same time, SSS instituted a Salary Loans Early Renewal
practices in the field of social security, management, leadership, Program (SLERP), which liberalized guidelines on salary loan
investments and strategy formulation. renewal allowing affected members to renew their loans to
help defray expenses for home repair and construction. As
SSS also offered livelihood training and skills enhancement of end-December, SSS released almost P4.7 billion in loans
programs to its employees which they can use in setting up that benefitted some 257,755 members in provinces and
small businesses and to prepare them for a productive life when cities affected by the calamities. As an adjunct program, the
9
13. Institution also reduced the interest rate of its loan window for Moreover, SSS provided inputs to Executive Order 867, which
home repair and improvement from 13 to nine percent, in mandates agencies involved in the delivery of social service to
order to provide indirect financial relief to members whose adopt the DSWD’s National Household Targeting System for
homes were destroyed by the storms. Poverty Reduction (NHTS-PR) – a data bank and information
management system that identifies poor families and where
Likewise, SSS turned over P1.2 million in cash donations they live. Among the important facets of the EO is the fusion
to various charitable institutions during the onset of the of the NHTS-PR and the UMID to strengthen implementation
Christmas season. The amount, which represented the pooled and monitoring of social welfare programs leading to the
voluntary contributions of the employees, is considered the reduction of leakages. Corollary to this, SSS has been included
largest ever collected in the history of the SSS. as a permanent member of the Sub-Committee on Social
Protection under the Cabinet-level Social Development
The Institution remained a paragon on institutional integrity Committee of NEDA. The Sub-Committee is tasked to develop
as it shared first placed with the Supreme Court in the list of a comprehensive 5-Year Social Protection Plan built around key
government agencies polled by the Social Weather Station programs such as skills training, social housing, micro-credit,
(SWS) in terms of sincerity in fighting corruption. SSS garnered emergency employment, training scholarships and access to
a net sincerity rating of +46 percent in the survey, which affordable electricity.
involved interviews with 550 business managers in Metro
Manila, Cavite, Laguna, Batangas, Metro Cebu, Metro Davao Balancing priorities, ensuring smooth transition and continuity
and Cagayan de Oro-Iligan. This is the fourth time since 2006 of programs
that SSS has placed in the top three agencies of the SWS
survey. Moreover, SSS continued to set the standard for energy SSS is bracing itself for a transition in political power with the
conservation and ecological and solid waste management conduct of the National Elections in May 2010. Notwithstanding
as it garnered a five-star energy conservation rating of 94 the change in leadership, SSS is determined to continue with
percent from the Department of Energy while being cited as its priority programs that are anchored on the Five Enabling
a “Garbology Master” by the Department of Environment and Forces namely: product, process, people/organizational culture,
Natural Resources. communications and physical facilities. Institutional stability
shall become the primary focus of SSS in the months leading
iii. Priming for transition and broadening the institution’s role to the elections. So far, SSS has already accomplished a number
in the advancement of social welfare and protection of programs that have resulted into improved management
of assets, enhanced fiscal standing and greater efficiency in
Making social security as a core agenda in national processing and dispensing of claims and benefits. But more
development needs to be done in order to prime the Institution for challenges
brought about by the rapidly changing socio-economic
Last year, the SSS intensified its involvement in the policy- landscape.
making arena by shepherding two initiatives that highlighted
the role of pension funds in facilitating economic recovery As always, SSS shall remain a pillar of financial strength amidst
while broadening the ambit of social protection to the poor and the crisis and a reliable partner to its stakeholders and members.
to the most vulnerable sectors of society. SSS, together with its
partner agencies in the National Social Welfare and Protection Maraming salamat at Mabuhay ang SSS.
Program Cluster of the Cabinet, such as the Department of
Social Welfare and Development (DSWD) and the National
Economic Development Authority (NEDA) including the
Development Academy of the Philippines completed a study
on strengthening the social welfare and protection programs of
the government. The study, which was submitted to President RomUlo l. neRi
Gloria Macapagal-Arroyo during a symbolic turnover at President and Chief Executive Officer
Malacañang on July, would hopefully serve as the blueprint for
future policies directed at enhancing the scope and coverage as
well as the administration and fiscal soundness of the various
social welfare and protection programs of the country.
10
14. 2009
IN REVIEW
source
Our
sss’ membership has
grown to a MILLIoN
employer-members
nationwide. Growth
has been rapid in
recent years, indicating
both the success of
sss initiatives and the
changing profile of
Philippine business.
15. 2009
IN REVIEW
NuRTuRING RELATIoNSHIPS • OFW Family Day
WITH STAkEHoLDERS
• Member’s Day program
• SSS unveiled marker of new Cebu Building. Social Security
System (SSS) officials applaud after unveiling the marker
of the new SSS building along Osmeña Boulevard in
Cebu City on 17 November. The unveiling was part of the
inauguration and blessing ceremonies of the three-storey
SSS Cebu City branch (inset), which sits on the 6,000
square-meter lot where the old SSS Cebu Regional Office
stood for three decades until the 1990’s. SSS opened
the doors of the guitar-shaped building to members
on December 8, in time for the Feast of the Immaculate
Conception. Photo shows Cebu City Mayor and guest-of-
honor Tomas Osmeña (3rd from right), SSS President and
Chief Executive Officer Romulo Neri (2nd from left), Social
Security Commission (SSC) Chairman Thelmo Cunanan
(2nd from right) and SSC Commissioners Fe Tibayan-
Palileo (left) and Victorino Balais (right).
12
16. • Groundbreaking ceremonies for the new SSS office in Laoag
City. The Social Security System (SSS) held groundbreaking
ceremonies for its new office building in Laoag City
in Ilocos Norte on October 8. Local officials joined SSS
executives during the lowering of the time capsule at the
2,164 square meter lot in Barangay Buttong. The agency
presently occupies the two-storey, 320-square meter RT
Bueno Building in Laoag City. SSS Laoag covers a total of
557 barangays from 23 municipalities, including the cities
of Laoag and Batac. Photo shows (from left) Commissioner
Victorino Balais of the Social Security Commission, Laoag
City Mayor Roger Fariñas, SSS Executive Vice President
and Chief Actuary Horacio Templo, Vice Mayor Eduardo
Domingo and SSS Laoag Branch Head Benjamin Lopez.
• Kapihan sa SSS in Cebu. Social Security System (SSS)
President and Chief Executive Officer Romulo Neri (top
photo, 3rd from left) responded to questions from the
media (bottom photo) during the “Kapihan sa SSS” at
the new SSS Cebu City branch on 17 November. It was
SSS’ first Kapihan in the Visayas region. Other Kapihans
were at San Pablo City in Laguna, Laoag City in Ilocos
Norte and Davao City. The Kapihan allows the local media
to get updates on SSS operations. Joining Neri in the
panel were (top photo, from left) the agency’s Senior Vice
President for Investments Edgar Solilapsi, Vice President
(VP) for Members Assistance Center Program and Officer-
in-Charge for Benefits Mario Sibucao, Executive Vice
President and Chief Actuary Horacio Templo, VP for Visayas
and Mindanao Eddie Jara, VP for Coverage and Collection
• Blessing of the new SSS Taguig branch. The Social Security
Judy Frances See and Assistant Vice President for Central
System (SSS) Taguig branch moved to a bigger office (inset)
Visayas Cluster Helen Solito.
to accommodate more members and employers in one
of the fastest-growing business hubs in the country. SSS
has more than 3,200 registered companies in Taguig City,
which accounts for over 66,100 employees from industries
such as commerce, trade, services, manufacturing,
agriculture, fishery and livestock. Commissioner Victorino
Balais (2nd from right) of the Social Security Commission
and SSS Officer-in-Charge for National Capital Region
(NCR) Alberto Alburo (2nd from left) cut the ribbon
during the blessing of the new SSS Taguig branch at the
FTI Compound in Western Bicutan on 30 October. Also
present were (front row, from left) SSS Assistant Vice
President for NCR South Cluster Consolacion Cancio, SSS
Taguig Branch Head Salve Vizconde and SSS Assistant Vice
President for NCR Central Cluster Naciancino Monreal.
13
17. 2009
IN REVIEW
FoRGING PARTNERSHIPS • ISSA-RSSF Meeting.
FoR BETTER SERVICE
• The Philippines welcomed social security experts for
Regional Forum for Asia and the Pacific. The Philippines
hosted the gathering of social security policy-makers,
administrators, researchers and representatives of
regional and international organizations for the
“Regional Social Security Forum for Asia and the Pacific,”
on 21 to 23, October 2009 at the Dusit Thani Manila
Hotel in Makati City. Sponsored by the International
Social Security Association (ISSA) and organized by
the Philippine Social Security Association (PHILSSA),
the Regional Social Security Forum for Asia and the • RP Portugal open talks on social security. The Philippines
Pacific focused on the role of social security amidst the and Portugal drafted a bilateral social security agreement
current milieu of globalization, internal and external during a meeting on 28 to 30, October. General Directorate
migration, growth of informal economies, changes in for Social Security (GDSS) Vice General Director of Social
family structures, and the impact of the global financial Security Manuel Pinto (front row, 3rd from left) led the
crisis. The Opening Ceremonies was graced by the Portuguese delegation that met with Social Security
Philippines’ second highest official, Vice President Noli System (SSS) officials at the SSS corporate headquarters
de Castro, who is also known as the “Housing Czar” in Quezon City. Photo shows Pinto and Commissioner
being the chairman of the Home Development Mutual Jose Sonny Matula (front row, 3rd from right), head of the
Fund (HDMF). Delegates were welcomed by PHILSSA Philippine delegation and labor representative to the Social
Chairman Winston F. Garcia, who is the president and Security Commission, during the signing of the minutes
general manager of the Government Service Insurance of the meeting. Also present were (front row, from left)
System (GSIS), and by ISSA President Corazon S. de la Paz- GDSS Expert Eurico Rodrigues, GDSS Division Chief on
Bernardo, also the former president of SSS. International Relations Maria de Sousa, SSS Vice President
for International Affairs and Branch Expansion and Chief
Negotiator Judy Frances See, Government Service Insurance
System (GSIS) Vice President for Membership Arni Mercado
and representatives from the Foreign Affairs and Labor and
Employment departments, SSS, GSIS and the Philippine
Health Insurance Corporation.
14
18. • UMID Project underway. The Unified Multi-Purpose
Identification (UMID) Project took more concrete form
in 2009, starting with the signing of a Memorandum
of Agreement with the National Statistic Office (NSO)
for the design, development and installation of an
automated fingerprint identification system (AFIS). SSS
President Romulo Neri and NSO Administrator Carmelita
Ericta signed a MOU on 16 March 2009 at the National
Economic Development Authority (NEDA) office in Pasig
City, with NEDA Secretary Ralph Recto and other SSS
officers as witnesses.
• 51st anniversary of SSS Hypertension clinic with
Philhealth President and CEO Dr. Rey Aquino. Social
Security System (SSS) President and CEO Romulo Neri
(center) presents a plaque of appreciation to Philippine
Health Insurance Corporation (PhilHealth) President and
Chief Executive Officer Dr. Rey Aquino (2nd from left), who
was guest-of-honor at the 5th anniversary celebration of
the SSS hypertension clinic on 28 October at the agency’s
main office in Quezon City. Aquino warned employees
of increasing prevalence of lifestyle diseases such as
hypertension, which is the 7th most common cause of
confinement of PhilHealth members. “Unfortunately,
people only appreciate good health when they or their
family members get sick,” he said. About 17% of SSS
employees in the National Capital Region suffer from
hypertension. Also present were (from left) SSS Health
• The shift to UMID IDs also upgrades the present SSS Care Department Officer-in-Charge Dr. Victoria Poquiz,
ID system, which has been using the same card SSS Assistant Vice President (AVP) for Human Resource
technology since it was introduced over a decade ago. Jesse Caberoy and SSS AVP for Medical Operations
Photo shows SSS President and Chief Executive Officer Vicente Curimao, Jr.
(CEO) Romulo Neri (4th from left) and All Card General
Manager Roy Ebora (4th from right) shake hands after
the signing ceremony at the SSS corporate headquarters
in Diliman, Quezon City on 14 December. Also present
were (from left) Special Assistant to SSS President and
CEO Antonio Echavarria Jr; SSS Officer-in-Charge of the
General Accounting Department Anastacia Mañalac; All
Card President Allieta Cue; Stradcom Chairman and CEO
Cezar Quiambao; Teco Deputy Executive Vincent Hsien;
and Stradcom Director Jorge Yulo.
15
19. 2009
IN REVIEW
ExPRESSING CoRPoRATE SoCIAL RESPoNSIBILITy
• Feeding Program - Sisters of the Poor of St. Catherine of Siena
• Distribution of relief goods to victims of Typhoon Ondoy in Taguig, Metro Manila
• Humanitarian mission in Bani, Pangasinan
16
20. CELEBRATING SPECIAL EVENTS
• Opening of SSS 52nd anniversary lobby display
• Balikat ng Bayan Awards
• Flag raising ceremonies
DEVELoPING SSS EMPLoyEES
• SSS Kabalikat ng Bayan Volunteer Corps oath taking ceremony
• Best SSS employees awarded during the employees’ program
• Healing mass with Fr. Fernando Suarez
• PhilSSAligsahan sports event at the GSIS
• Sining Laya gallery exhibit with Napoleon Abueva
17
21. 2009
SPECIAL ARTICLES
strength
Our
A multi-skilled,
forward-looking
and generalist sss
WoRkFoRCE is
constantly motivated
to be prompt, accurate
and courteous.
22. oPENING DooRS
To B u S I N E S S o P P o RTu N I T I E S
anti-Red tape act e-Centers
Republic Act 9485: Anti-Red Tape Act 2007 in the Social SSS is quick to take advantage of advances in technology
Security System. as it enables the agency to improve efficiency and boost
productivity. The institution has in fact maximized the use
of telephones, mobile phones, and the internet to allow its
members to inquire and receive information wherever they are.
These new Technologies have permitted frontline personnel to
concentrate on critical services such as evaluating of loans &
benefit applications, insuance of SSS number among others.
During the past year, SSS has allowed members to access
their membership records online through the My-SSS portal in
the SSS website. The website also provides general news and
information to any one who would browse the site. Members
can also access their records through SSS-connect by dialing
917-7777 on any Globe or PLDT landlines.
Moreover, members can use any of the 19 self-service
information terminals nationwide to verify contributions and
status of loan payments. These Info Terminals never get tired,
and thus are able to serve members and the public unceasingly
Republic Act 9485 or the Anti-Red Tape Act of 2007 is a and in the same manner.
policy measure meant to inform and simplify forms and
procedures for the public. The law primarily aims to promote For the past two years, SSS has already reaped the benefits of
transparency in critical frontline services of the government. the automated Brand Queue Management System (BQMS) –
In fact, SSS is one of the first state agencies to streamline its an IT-based capacity management system that regulates and
systems under its Commitment of Service (COS) which was monitors customer flow through the issuance of queue tickets
implemented in 2001. to transacting members. The adoption of the BQMS on selected
branch offices has reduced the number of complaints registered
ARTA was officially implemented nationwide during the last by the branches that are directly related to queuing. The queuing
quarter of 2009. All SSS branches and cluster offices have posted system is a simple electronic system and yet it has enabled
the mission, vision of the institution as well as the enhanced members to wait more patiently for their turn which has eased
COS details in their respective offices. Corollary to this, SSS member concerns as it allowed them to go on breaks, and free
created public assistance lanes and have put up special posters from the anxiety of losing their place in the queue.
warning the public against transacting with “fixers”.
The System has also completed a draft of its Citizen’s Charter,
which is in compliance with the provisions of ARTA. The Charter
presents the step-by-step procedures of high volume services in
order to guide the public in their transactions with the System
and to provide them with relevant information such as the
individuals responsible for each service step and the reasonable
expectations for a satisfactorily completed service.
The institution is confident that member satisfaction would
continue to improve as more ARTA provisions are implemented
during the next few months.
19
23. 2009
SPEC IAL ARTIC LE
sleRP –an sss Response to Catastrophe
Last year, typhoons Ondoy and Pepeng inundated parts of Metro
Manila and nearby provinces, leaving in its wake, countless
deaths and untold destruction. One of the responses of SSS to
alleviate the plight of members was to make funds available
for members in affected areas through the Salary Loans Early
Renewal Program (SLERP). The program amended the existing
Salary Loan Program by relaxing the rules on loan renewal,
allowing members to renew their loans even if they have an
existing balance.
As of end- December, SSS processed a total 95,000 loan
applications and disbursed P1.3 billion in loans to members
who were severely affected by the calamities. The program
ended on 31 December 2009.
During the month of October, SSS branches in Marikina, Cainta,
Antipolo and Pasig fielded mobile centers to the various areas
under their respective jurisdictions. Marikina went to five (5)
main areas namely: Bgy. Tanong; Bgy. Concepcion 1; Tanong
Bgy. Hall Tanong basketball Court; Concepcion Uno; Nangka,
Montalban, Rizal. The branch had a total of 3,991 transactions
wherein 169 applications were received, 1,730 forms were
issued to the members and 1,248 were on inquires.
The Taguig mobile office, on the other hand, recorded the
highest transaction count of 6,007. The mobile branch visited
these areas: Taguig Municipal Hall: Palingon, Tipas Bgy. Hall;
mobile sss Centers: a tangible Response Bgy. Hall, Bagumbayan, Taguig; Bgy. Lower Bicutan, Taguig;
BF Homes, Parañaque; Bgy. Moonwalk, Paranaque. SSS Taguig
The damages to roads, communities, including SSS offices, were reported that it received 316 applications, issued forms to
extensive, which prevented members from transacting with 1,835 members, responded to 2,306 general inquiries and
SSS. In response, SSS branches in badly affected areas brought advised 1,550 members on the status of their loans and
SSS services to these members through the mobile SSS Centers. number of contributions.
Mobile Centers are like mini-branches that offer basic services For the month of October, there were 18,779 total transactions
to the members. Members can inquire, check status of their for the five mobile offices with 1,054 forms received for
loan and benefit applications and file their claims through processing and 5,800 forms issued to members. About 6,489
these “mini-branches”. These centers are staffed by two to five were provided with information on general inquiries while
SSS personnel who are equipped with laptops with wireless 5,304 were apprised on their loans and contributions.
fidelity (Wi-Fi) capability.
20
24. sss Cebu Guitar-shaped building brings music to worker’s ears three-storey Suarez Building at the corner of Gorordo Avenue
and Escario Street since 1997.
People claiming benefits and seeking to enjoy their privileges as
members of the Social Security System (SSS) can look forward The building’s guitar design, which is clearly discernible from an
to convenient and more comfortable facilities in a new building aerial view, is a tribute to Cebuanos and the musical instrument
that combines the soft curves of the guitar with the first three that is one of the most popular products made in the province.
letters of the institution’s name. The love for music and a strong religious background are
known Cebuano traits that may characterize Cebu’s economic
The three-storey glass and aluminum-clod building situated development and the guitar, together with other export
along Osmeña Boulevard could accommodate big crowds. It products such as furniture and fashion accessories are major
is painted mango yellow, a reference to a local export product drivers of the local economy.
and the building exudes a golden hue during the day which
signifies the SSS golden anniversary in 2007. Local officials in Cebu led by its Mayor Tomas Osmeña
and Vice Mayor Michael Rama commended the SSS for
The new building stands on the site of the old SSS regional acknowledging local values and showing it in tangible
office building, a former Cebu landmark that was torn down in terms such as a guitar–shaped building in recognition of the
the 1990’s because of structural damage caused by a powerful Cebuano indomitable spirit.
earthquake. It will be the headquarters of the SSS Central
Visayas Cluster, which supervises 15 branches in the provinces Executive Vice President for Branch Operations Horacio
of Cebu, Samar, Bohol and Leyte. T. Templo said that SSS is “indispensable” in progressive
cities, adding: “You cannot have a progressive city without
SSS Cebu started as a field representative office at the Labucay businesses, and when there are businesses, SSS will not be far
Building in 1958, a few months after the pension fund was behind. Productivity of the people will always result if they are
established on 1 September 1957. It has been occupying the taken care of by their management, and SSS is a watchdog in
that connection.”
21
25. 2009
SPEC IAL ARTIC LE
taking social security in the Heart of national development: Social Protection Plan which are consistent with national
the national social Welfare and Protection Program development objectives and would harmonize existing social
protection and anti-poverty programs.
Last year, the SSS played an integral role in formulating an
integrated, well-funded and focused national social welfare SSS’ inclusion in the Committee accentuates the integral role
and protection and anti-poverty program that aims to mitigate of pension funds in alleviating the plight of the poor as well as
the impact of the Global Financial crisis on the poor and the those who are more susceptible to the risks brought about by
most vulnerable sectors of society. economic shocks, disasters and calamities. As the world gradually
recovers from the economic crisis, SSS will again play pivotal role
SSS worked closely with the Department of Social Welfare and as a source of safety net for the poor and the vulnerable and as a
Development (DSWD) and the National Economic Development catalyst for the mobilization of resources to create employment
Authority (NEDA) and other partner agencies under the and to promote industries, through its investment activities that
auspices of the National Social Welfare and Protection Program could raise the country’s productive capacity.
(NSWPP) Cluster of the Cabinet. The NSWPP was created by
virtue of Executive Order 232 and 232-A. It is considered as sss Corporate social Responsibility Programs
the government’s centerpiece Action Plan to rationalize the
overlapping social protection programs of the government and Beyond its mandate of service to its members, the SSS has
to come up with concrete actions on how to enhance coverage always been aware of its corporate social responsibility (CSR)
of the efficient programs and how to complement it with towards the greater public and its role as an instrument
existing anti-poverty projects and policies of the country. of humanitarian, environmental, and social work. Starting
from simple financial donations to socio-civic and charitable
The study, which was undertaken by the Development institutions every Christmas, the SSS has since expanded its
Academy of the Philippines and funded by the United Nations CSR to social welfare programs that address the basic needs
Development Program, sought to examine the efficacy and of Filipinos, especially the poor and vulnerable, activities that
efficiency of existing social welfare and protection programs protect the environment and preserve natural resources, and
in the country and to recommend which programs are to be initiatives that encourage volunteerism among individual SSS
scaled-up, retained, streamlined, abolished and harmonized. employees and employee organizations.
It involved validation workshops, actual agency visits and in-
depth consultations with key stakeholders including Non- On a local level, the SSS was the lead agency in creating the
Governmental Organizations. SSS hosted the main validation Government Responsible for East Avenue Task Force (GREAT)
exercise on 20 May at the Ramon Magsaysay Hall, which in 2001, which aimed to ensure cleanliness, peace and order
was participated in by close to 50 representatives from 16 along the stretch of East Avenue, Quezon City, where the SSS
government agencies. Main Office, and other government agencies, are located. Being
a responsible corporate citizen in Quezon City, the SSS has also
The project culminated in a symbolic turnover of the copy of institutionalized the practice of proper waste management
the study by SSS President and CEO Secretary Romulo L. Neri and waste segregation, as well as water resource and energy
and DSWD Secretary Esperanza Cabral to President Gloria conservation. In relation to this, the Department of Energy, the
Macapagal-Arroyo in Malacañang on 7 July coinciding with Department of Environment and Natural Resources, the Quezon
the closing ceremonies of the Strategic Social Security Forum City government and other institutions have consistently
organized by the National Security Council. The turnover was cited and awarded SSS “for walking the talk” in protecting the
witnessed by all senior members of Cabinet, highlighting the environment as part of its corporate social responsibility.
importance and magnitude of the Cluster’s work. The study
is envisioned to be the blueprint of future policy actions on The SSS is also one of the first government institutions to
the provision of social safety nets, promotion of labor market heed the call of Republic Act 9418, “Volunteer Act of 2007”,
interventions, granting of social welfare assistance and relevant which mandates national government agencies, among other
social insurance schemes. institutions, to establish volunteer programs to promote and
encourage volunteerism in government programs, as well as
On October, SSS was included as a permanent member of the enjoin government employees to render volunteer service in
Sub-Committee on Social Protection under the Cabinet-level social, economic and humanitarian development undertakings
Social Development Committee of NEDA. Among the tasks in the community.
of the Sub-Committee is to develop a comprehensive 5-year
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26. Employee organizations abound in the SSS, catering to varied during which elementary students aged 6 to 12 years old would
interests, whether in sports, arts and culture, hobbies, or be given supplementary feeding, to be conducted inside the
religious faiths. Aside from their respective areas of interest, premises of the selected beneficiary school and facilitated by
these employee organizations also have their own social the school’s personnel.
responsibility programs which are funded and implemented
through their members’ volunteer efforts. Thus, employee The SSS shall provide the funds to the selected school for the
organizations such as the SSS Amateur Golfers Association, purchase of foodstuff and related commodities deemed necessary
the SSS Writers’ Guild, the Knights of Rizal-SSS Chapter, the for the feeding program. The selected school, on the other hand,
SSS Riders Club, the SSS Dance Troupe, the SSS Chorale Society, shall be accountable to SSS for the utilization of the funds and
the SSS Provident Fund, and the ACCESS Union have their own shall submit to SSS monthly monitoring of the students’ nutrition
socio-civic programs. status and reports on the program’s accomplishments.
The spirit of volunteerism is alive and well in the various To date, the SSS has signed several Memoranda of
SSS employee organizations. In times of natural disasters, Understanding (MOU) with the beneficiary schools selected
SSS employees are always ready and willing to share their by SS Commissioners, including President Neri who also sits as
time, resources and efforts to aid needy victims. In 2007, the Vice Chairman of the SSC.
SSS, through its Public Affairs and Special Events Division,
formalized the creation of an employee-volunteer organization: As chosen by Commissioner Donald Dee and President Neri,
the SSS Kabalikat ng Bayan Volunteer Corps composed of both the SSS partnered with the Department of Education (DepEd)
regular and contractual employees in SSS. This Volunteer Division of Negros Occidental and the 303rd Infantry Brigade,
Corps provides the needed manpower in implementing 3rd Infantry Division of the Philippine Army, for the program
humanitarian and community development works that are called “Gatas para sa Maayong Lawas.” In the said program, SSS
funded through donations. would provide milk bars to supplement the DepEd’s ongoing
feeding program in 31 public schools in Negros Occidental and
The Volunteer Corps, encourages SSS employees to volunteer Oriental provinces, that benefits around 11,134 children. The
their time, resources, and energies in worthwhile socio-civic MOU between the parties was signed on September 11, 2009.
programs that will benefit greater communities, while ensuring
the SSS-funded projects reach their intended beneficiaries and On 5 October 2009, the SSS, through Commissioner Sergio
are completed as envisioned. Among the socio-civic programs Ortiz-Luis, Jr., then signed the MOU with Alay Buhay Community
that the SSS Kabalikat Volunteer Corps has undertaken are Development Foundation and the Rotary Clubs of QC- Southwest,
humanitarian and medical missions at Payatas, Quezon City, QC-Southeast, South Triangle, and Metro San Francisco Del
Bani, Pangasinan, Numancia, Aklan, and Cabatuan, Iloilo. Monte, for the SFP in six public elementary schools for over
373 children. At the same date, as directed by Commissioner
In 2009, as part of its CSR activities, the SSS has started the Fe Tibayan-Palileo, Camp Claudio Elementary School, Tambo
funding of feeding programs for undernourished children in Elementary School – Main, and Tambo Elementary School –
selected schools. SSS President and Chief Executive Officer Unit 1, all in Parañaque, were the chosen beneficiaries of the SFP,
Romulo L. Neri noted that the SSS is responding to the social which would benefit some 300 students of the three schools.
and economic needs of the times, and to the order of President
Gloria Macapagal-Arroyo to push stronger the Accelerated More recently, the SSS partnered with San Francisco West
Hunger Mitigation Program, which is a strategy under the Central Elementary School and Moto Elementary Schools,
Medium-Term Philippine Development program for 2004 to which were chosen by Commissioner Jose Sony Matula, for the
2010. Through the SSS-sponsored feeding programs, SSS hopes implementation of the SFP in the Agusan del Sur-based schools.
to significantly bring down the rate of undernourished Filipino Their MOU was signed on 26 October 2009.
children, who will be future workforce and SSS members.
The SSS Supplementary Feeding Programs are being
The SSS Supplementary Feeding Program (SFP) was approved implemented and monitored by the Corporate Communications
by the Social Security Commission (SSC) under SSC Resolution Department, under Vice President Marissu G. Bugante of the
No. 686-s.2008. Under the Resolution, each of the seven SS Public Affairs and Special Events Division.
Commissioners will be allotted P500,000 to be used for the SFP
in the schools of their choice. The SFP would run for six months,
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27. 2009
SPEC IAL ARTIC LE
the Philippines Welcomes social security experts for Regional investment consulting of Watson Wyatt-Hong Kong, gave the
Forum for asia and the Pacific keynote address on governance and the social security reform
process. The topic on the imperatives of healthcare services
The Philippines hosted the gathering of social security policy- was handled by Professor Soonman Kwon of the Seoul National
makers, administrators, researchers and representatives of University of South Korea, while Professor Christian Aspalter of
regional and international organizations for the “Regional the Beijing Normal University of China delivered the keynote
Social Security Forum for Asia and the Pacific,” on 21 to 23 address on pension coverage and demographic ageing.
October 2009 at the Dusit Thani Manila in Makati City.
The Forum ended with a high-level Social Security Summit
and showcased the recent advances in social security that
were achieved through new ideas, innovations, and effective
strategies. The ISSA Good Practice Awards for Asia and the
Pacific were also handed out to outstanding organizations
for their exemplary practices in the administration of social
security. The winning good practices will be featured at the
World Social Security Forum in Cape Town, South Africa in 2010.
Over 200 delegates from Asia and Pacific countries attended
the Fourm. Aside from technical sessions, there were also
fellowship events, cocktails, and guided tours of Makati City
hotspots for the foreign participants.
Sponsored by the International Social Security Association (ISSA) The member institutions of PHILSSA, who hosted the Forum,
and organized by the Philippine Social Security Association include the SSS, GSIS, HDMF, Employees’ Compensation
(PHILSSA), the Regional Social Security Forum for Asia and the Commission, Philippine Health Insurance Corporation, Armed
Pacific focused on the role of social security amidst the current Forces of the Philippines-Retirement and Separation Benefits
milieu of globalization, internal and external migration, growth System, and the Philippine Charity Sweepstakes Office.
of informal economies, changes in family structures, and the
impact of the global financial crisis. the sss Rationalization Plan and 2009 staffing
The Opening Ceremonies was graced by the Philippines’ The approval of the SSS Rationalization Plan (RatPlan) by
second highest official, Vice President Noli de Castro, who is the Department of Budget and Management (DBM) on
also known as the “Housing Czar” being the chairman of the 18 May 2009 marked the conclusion of more than four
Housing Development and Coordinating Council and the Home (4) years of rationalization efforts spearheaded by the SSS
Development Mutual Fund (HDMF). Delegates were welcomed Change Management Team. The SSS has embarked on a
by PHILSSA Chairman Winston F. Garcia, who is the president strategic review of its organization to refocus its resources on
and general manager of the Government Service Insurance core functions, improve quality and efficiency of services and
System (GSIS), and by ISSA President Corazon S. de la Paz- improve organizational performance in line with the mandate
Bernardo, and former SSS Head. of Executive Order No. 366.
According to Forum Coordinator and Social Security System (SSS) In preparation for the Plan’s implementation, the Social
Vice President May Catherine Ciriaco, four main themes were Security Commission (SSC) created a Committee on the
tackled in the three-day event: social security developments and Rationalization Plan to review the DBM-approved Plan in the
trends in the Asia and Pacific; governance and social security light of organizational and environmental changes that have
reform processes; the imperatives of healthcare coverage; and happened since the time the Plan was crafted in 2005 until its
pension coverage and demographic aging. approval in 2009. The Committee was headed by Department of
Labor and Employment Undersecretary Lourdes M. Trasmonte
ISSA Secretary General Hans-Horst Konkolewsky of Geneva with Commissioners Fe Tibayan-Palileo, Donald G. Dee, Sergio
delivered the keynote address on social security developments R. Ortiz-Luis and Jose Sonny G. Matula as members.
and trends in Asia and the Pacific, while Ms. Yvonne Sin, head of
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28. The direction pursued by the SSC Committee on the and the staffing and compensation review. These initiatives
Rationalization Plan was to implement the Plan by phases. are all geared towards the identified corporate strategic
The first phase included the processing of applications for directions which were developed in response to current and
voluntary retirement, absorption of qualified and deserving future business challenges and embodied in the Plan with the
service bureau contractuals, and promotion of qualified and ultimate vision of an efficient and effective SSS organization.
deserving Officers-in-Charge to executive positions.
* The SSS Organizational Structure which was recommended by the SSC
As recommended by the SSC Committee on the Rationalization Committee on the Rationalization Plan was approved and confirmed by
Plan, the SSC, pursuant to Resolution No. 508, s. 2009, approved the SSC on 25 March 2010 in Resolution No. 229, s. 2010
the payment of benefits of 230 officials and employees who
opted for voluntary retirement under the Plan effective at the the new Performance evaluation system
close of office hours of 15 July 2009.
In line with the Civil Service Commission’s approval of the new
SSS Performance Evaluation System (PES) on 1 August 2008, the
last quarter of 2008 and the first quarter of 2009 was devoted
to the conduct of the System-wide orientation and briefing on
the new SSS-PES to all SSS executives and supervisors and 50%
of the rank and file employees. The first quarter of 2009 also
kicked off the development of the automated system for the
PES implementation.
In preparation for the targeted implementation of the new
SSS-PES by the year 2010, Office Order No. 2009-022 on the
Approved PES Guidelines on the Implementation of the New
Performance Evaluation System and Additional PES Policies was
The SSC then approved and confirmed the authority of the issued on 18 March 2009.
Human Resource Management Division, thru AVP Jesse J.
Caberoy, to process the regularization/absorption of qualified A pilot dry run of the new PES was conducted from April to
and deserving service bureau contractuals pursuant to June 2009 for the following selected departments: Quality
Resolution No. 509, s. 2009. The SSC Resolution paved the way Management Department, Management Information Systems
for the announcement of 1,282 vacancies, which was done in Department, and branches of Makati 1, San Pablo, Bacolod and
four batches. From these announced vacancies, a total of 1,199 Cagayan de Oro.
positions were filled wherein a total of 1,131 service bureau
contractuals were absorbed while 68 regular employees were To prepare for the System-wide dry run of the new PES,
promoted and approved for lateral transfer with their position orientation sessions were conducted from August to October
titles amended. 2009. Taking off from the results of the pilot dry run of the new
PES for selected departments and branches, enhancements
The 2009 staffing was primarily anchored to the Plan in which were recommended and approved pursuant to Office Order
the Rationalized Plantilla of Personnel, which consisted of 7,652 No. 2009-115 dated 16 November 2009 on the Additional
positions, would be gradually filled over a period of ten years. Guidelines for the System-wide PES Dry Run.
The projected increase in the workforce is aligned with the
expected increase in membership and contributions collection SSS likewise conducted orientation sessions from August
for the next decade. to October 2009 to prepare employees for the System-wide
dry run of the new PES. Enhancements to the PES were then
The end of 2009 marked the beginning of initiatives to recommended and approved pursuant to Office Order No.
proceed with the execution of the remaining phases of the 2009-115 dated 16 November 2009. These enhancements
Plan, which involves the promotion of qualified and deserving were based on the results of a four-month dry run.
OICs as well as rank-and-file employees, reassignment and re-
training of affected employees, conduct of job leveling study
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