Malacanang said yesterday the Social Security System (SSS) and the Philippine Health Insurance Corp. (PhilHealth) are prepared to explain the premium hikes that both institutions are scheduled to implement this year. Deputy Pres. Spokesperson Valte said while the premium rates will increase, this will provide additional benefits to SSS and PhilHealth members. The SSS is considering to raise its monthly premium rate by 0.6% or from 10.4% to 11% of a member's salary starting this month. The proposed increase in SSS premium rates is expected to immediately deduct Php 141 Billion from the unfunded liability of the SSS. Currently the SSS has an underfunded liability worth Php 1.1 Trillion. PhilHealth will also be increasing its premium rate to Php 2,400 for individually paying members with a monthly income of Php 25,000 and below while those whose income is above Php 25,000 will have to pay a premium of at least Php 3,600 annually and will take effect upon this month.
