SSS receives unmodified opinion from COA for second straight year

Wazzup Pilipinas!?

Social Security System (SSS) President and CEO Michael G. Regino announced that the Commission on Audit (COA) rendered an unmodified opinion on the fairness of presentation of the financial statements of the SSS for the year 2021.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the SSS as of December 31, 2021 and 2020, and its financial performance and its cash flows for the years then ended in accordance with Philippine Financial Reporting Standards (PFRSs),” COA’s report stated.   This is the second year in a row that the SSS received an unmodified opinion from COA. It is issued when the auditor concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.   “We are honored to receive back-to-back unmodified opinions from the COA. This serves as a testament to our continuous pursuit of good governance and transparent and prudent management of the SSS Fund,” Regino said.   Under its financial statements, SSS’ income for 2021 increased by 7.4 percent to P276.33 billion from P257.24 billion in 2020; its benefit payments grew by 14.9 percent to P223.98 billion in 2021 from P194.87 billion in 2020; and its operating expenses for 2021 amounted to P10.19 billion, which is only 33.6 percent of the allowed charter limit.   Since the fiscal year 2020, the SSS used PFRS 4 to present its financial statements, where Social Benefit Liabilities (SBLs) are required to be presented in the balance sheets. For its 2021 financial statements, the SSS recorded an P872.36 billion net change in policy reserves under its expenses representing SBLs, including a Margin for Adverse Deviation (MfAD) that serves as a buffer for conservatism. These, however, are not actual cash that went out of the SSS Fund in 2021 but estimates of the required reserves to fund future benefit claims.   Excluding the said policy reserves, the SSS recognized a net profit of P28.45 billion for 2021. The SSS also reported that based on its last published actuarial valuation, its fund life is projected to last until 2054.   Furthermore, the SSS reached and exceeded its targets for the said year in terms of sustaining the viability of the social security institution (increase in per capita fund); benefit adequacy (increase in the number of contributors and amount of average monthly salary credit); ensuring progressively higher levels of social security protection for Filipino workers and their families (increase in average pension); institutionalizing a robust ICT system and infrastructure to support transformative digitalization; among others.   “We remain dedicated to improving the lives of our members and their beneficiaries by providing them with meaningful social security protection through a culture of excellence in financial and operational management,” Regino concluded.

SMDC celebrates Hill Residences Topping Off in Novaliche

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SM Development Corporation (SMDC) showed steadfast commitment in bringing master-planned communities to more growth areas across the country as they topped off Hill Residences last Wednesday, July 6, in Novaliches, Quezon City.

Perched in one of the higher areas in Novaliches, Hill Residences is an exclusive and safe vertical village that offers an ‘elevated’ resort living experience, with thoughtfully-designed, people-centric amenities perfect for families seeking to live in an ideal home and community.

Infrastructure developments such as the soon-to-be-completed MRT Line 7 have made Novaliches a coveted investment hotbed, as it will unlock convenient travel to a myriad of key places of interest in and around the metro.

Like any other SMDC development, Hill Residences provides 24/7 safety and security, and utmost convenience, with its complete features and amenities uplifting the quality of life of Filipinos and ensuring capital appreciation for investors.

To know more about Hill Residences, follow SMDC on Facebook, Instagram, YouTube, and Twitter, or visit the SMDC website.

5 Things To Do This Summer

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Deciding what to do during the summer is not always so easy. With different interests and desires, planning what to do in the summer can sometimes feel daunting. So, here are a few suggestions to make your summer planning a little bit easier.

Sail Away

If you are looking for an exciting adventure, plan a cruise while it's warm! Taking a cruise provides you with the opportunity to have multiple adventures in one trip: traveling on a cruise ship, relaxing and fun-filled days on the ship, attending entertaining dinners in the evenings and so much more. If you are looking for something for you and a friend or you and your family, a cruise could be just the immersive adventure you have been looking for. And perhaps you are looking for a way to spend your summer alone. A cruise can be just as fun if you are looking to escape on your own for a while. Whether alone, in a pair, or in a group, plan to take a trip on a cruise ship this summer!

Hike the Trails

Maybe you would like to keep your feet on solid ground this summer. Find a local--or a not-so-local--state park for your summer adventure. State parks include a number of destinations and activities, from beaches and bays to mountains and hiking. Visiting a state park allows you to plan a trip that can be a day, a few days, a week, or several weeks. If you want to spend a week on the beach with your family or friends, that is doable. But if you would like to take a few days and camp in a national forest and hike some trails, that is an option as well. And there are so many more options beyond those two. There are often fun and interesting activities and sights near state parks that give you many more opportunities. There are numerous state parks that can offer you a fun and exciting--or a restful and rejuvenating--experience.

Find Some Amusement

Looking for something that requires a little less planning and is strictly about fun and exhilaration? Plan a trip to an amusement park. Amusement parks can provide thrills, food, and all kinds of fun for you and your friends and family. At an amusement park, there are rides for young children, teenagers, adults, and every thrill-seeker in between. Not interested in the rides? Take up the challenge of the numerous games that are spread out around the park. And when you are tired of rides or games, or just need a break, spend a bit of your day watching others' adventures while eating yummy park treats. There are so many ways to make your time at an amusement park enjoyable for you and those who come with you which is another perk of an amusement park. They offer so many different activities that there is bound to be something fun for everyone.

Rest and Relax

In need of an adult-only trip? Plan a trip to a spa. There are a number of ways that you can enjoy the relaxation of a spa. There are week-long getaways meant to break you away from the stress of life and give you time to rest and unwind while being soothed and pampered. However, a week-long spa may be too much for you. That is okay. Find a day spa and take the day to relax and decompress. So, find a sitter, if you need one, and take a week or a day and enjoy a spa this summer.

Stay and Play

If all else fails, never discount the fun and excitement that can be had with family and friends with a staycation. Staycations are the perfect way to customize each day of summer vacation. One day can include a picnic followed by an afternoon trip to the movies. Another day might be an at-home water park, complete with a pool, waterslide, and water balloon battles. While another day might be a relaxing day that ends with a barbecue with friends and family enjoying food and good company. A staycation might just be what you and your friends need.

Summer offers a lot of opportunities to make the most of the season. Make a plan, and make the most of it.