Article 64Labor and Agrarian Laws and Social Legislation, p. 64

LABOR LAWS AND SOCIAL LEGISLATION SPECIAL LAWS AND IMPLEMENTING RULES AND REGULATIONS

(e)

Each

employer

shall

require,

as

a

condition

to

employment, the presentation of a registration number

secured by the prospective employee from the SSS in

accordance with such procedure as the SSS may adopt:

Provided , That in case of employees who have been

assigned registration numbers by virtue of a previous

employment, such numbers originally assigned to them

should be used for purposes of this Section: Provided ,

further , That the issuance of such registration numbers

by

the

SSS

shall

not

exempt

the

employer

from

complying with the provisions of paragraph (a) of this

Section.

(f) Notwithstanding any law to the contrary, microfilm, or

non-erasable optical disk and other similar archival media

copies of original SSS records and reports, duly certified

by the official custodian thereof, shall have the same

evidentiary value as the originals and be admissible as

evidence in all legal proceedings.

(g)

Notwithstanding

any

law

to

the

contrary,

local

government

units

shall, prior to issuing any annual

business

license

or

permit,

require

submission

of

certificate of SSS coverage and compliance with the

provisions of this Act: Provided , That the certification or

clearance shall be issued by the SSS within five (5)

working days from receipt of the request.

SECTION

24-A.

Report

and

Registration

of

the

Self-Employed Member . - Each covered self-employed

person shall, within thirty (30) days from the first day he

started

the

practice

of

his

profession

or

business

operations register and report to the SSS his name, age,

civil status, and occupation, average monthly net income

and his dependents.

SECTION 25. Deposits and Disbursements . - All money

paid to or collected by the SSS every year under this Act,

and all accruals thereto shall be deposited, administered

and disbursed in the same manner and under the same

conditions and requirements as Provided by law for other

public special funds: Provided , That not more than twelve

percent (12%) of the total yearly contributions plus three

percent (3%) of other revenues shall be disbursed for

operational expenses such as salaries and wages, supplies

and materials, depreciation and the maintenance of

offices of the SSS: Provided , further , That if the expenses

in

any

year

are

less

than

the

maximum

amount

permissible, the difference shall not be availed of as

additional expenses in the following years.

SECTION

26.

Investment

of

Reserve

Funds .

-

All

revenues of the SSS that are not needed to meet the

current

administrative

and

operational

expenses

incidental

to

the

carrying

out

of

this Act shall be

accumulated in a fund to be known as the "Reserve

Fund." Such portions of the Reserve Fund as are not

needed to meet the current benefit obligations thereof

shall be known as the "Investment Reserve Fund" which

the Commission shall manage and invest with the skill,

care,

prudence

and

diligence

necessary

under

the

circumstances then prevailing that a prudent man acting

in like capacity and familiar with such matters would

exercise in the conduct of an enterprise of a like character

and with similar aims. Pursuant thereto, and in line with

the basic principles of safety, good yield and liquidity, the

Commission shall invest the funds to earn an annual

income not less than the average rates of treasury bills or

any other acceptable market yield indicator in any or in all

of the following:

(a)

In

bonds,

securities,

promissory

notes

or

other

evidence of indebtedness of the Government of the

Philippines, or in bonds, securities, promissory notes or

other evidence of indebtedness to which the full faith,

credit and unconditional guarantee of the Government of

the Philippines is pledged;

(b)

In

bonds,

securities,

promissory

notes

or

other

evidence of indebtedness of the Government of the

Philippines,

or

any

agencies

or

instrumentalities

to

finance domestic infrastructure projects such as roads,

bridges, ports, telecommunications, and other similar

projects: Provided , That the instruments issued by an

agency or instrumentality of the government shall be

guaranteed by the Government of the Philippines or any

government

financial

institution

or

acceptable

multilateral agency: Provided , further , That the SSS shall

have priority over the revenues of the projects: Provided ,

finally , That such investments shall not exceed thirty

percent (30%) of the Investment Reserve Fund;

(c)

In

bonds,

securities,

promissory

notes

or

other

evidence

of

indebtedness

of

government

financial

institutions or government corporations with acceptable

credit or guarantee: Provided , That such investments shall

not

exceed

thirty

percent

(30%)

of

the

Investment

Reserve Fund;

(d)

In

bonds,

securities,

promissory

notes

or

other

evidence of indebtedness of any bank doing business in

the Philippines and in good standing with the Bangko

Sentral

ng

Pilipinas

to

finance

loans

to

private

corporations doing business in the Philippines, including

schools, hospitals, small-and-medium scale industries,

cooperatives

and

non-governmental organizations, in

which case the collaterals or securities shall be assigned

to the SSS under such terms and conditions as the

Commission may prescribe: Provided , That in the case of

bank deposits, they shall not exceed at any time the

unimpaired capital and surplus or total private deposits of

the

depository bank, whichever is smaller: Provided ,

further , That said bank shall first have been designated as

a depository for this purpose by the Monetary Board of

the Bangko Sentral ng Pilipinas: Provided , finally , That

such investments shall not exceed forty percent (40%) of

the Investment Reserve Fund;

(e)

In

bonds,

securities,

promissory

notes

or

other

evidence of indebtedness of shelter agencies of the

National

Government

or

financial

intermediaries

to

finance housing loans of members; and in long-term

direct individual or group housing loans giving priority to

the low-income groups, up to a maximum of ninety

percent (90%) of the appraised value of the properties to

be mortgaged by the borrowers; and

In short and medium term loans to members such as

salary,

educational,

livelihood,

marital,

calamity

and

emergency loans: Provided , That not more than thirty five

percent (35%) of the Investment Reserve Fund at any time

shall be invested for housing purposes: Provided , further ,

That not more than ten percent (10%) of the Investment

Reserve Fund shall be invested in short and medium

term loans;

(f)

In

bonds,

securities,

promissory

notes

or

other

evidence

of indebtedness of educational or medical

institutions to finance the construction, improvement

and maintenance of schools and hospitals and their

equipment and facilities: Provided , That such investments

shall not exceed ten percent (10%) of the Investment

Reserve Fund;

(g) In real estate property, including shares of stocks

involving real estate property, and investment secured by

first

mortgages

on

real

estate

or

other

collaterals

acceptable to the SSS: Provided , That such projects and

investments

shall,

in

the

determination

of

the

Commission, redound to the benefit of the SSS, its

members, as well as the general public: Provided , further ,

That investment in real estate property, including shares

of stocks involving real estate property shall not exceed

five

percent

(5%)

of

the

Investment

Reserve

Fund:

Provided ,

finally ,

That

investments

in

other

income

earning

projects

and

investments

secured

by

first

mortgages or other collaterals shall not exceed twenty

five percent (25%) of the Investment Reserve Fund;

(h) In bonds, debentures, securities, promissory notes or

other evidence of indebtedness of any prime corporation

or multilateral institutions to finance domestic projects:

Provided , That the issuing or assuming entity or its

predecessors shall not have defaulted in the payment of

interest on any of its securities and that during each of

any three (3) including the last two (2) of the five (5) fiscal

years next preceding the date of acquisition by the SSS of

such

bonds,

debentures

or

other

evidence

of

© Compiled By RGL

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