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Accreditation of Cooperatives as Collecting Agents

Accreditation of Cooperatives as Collecting Agents. A presentation by Ms. Nora M. Mercado Department Head Cooperative and Informal Sector. Account Management Group . Outline. Introduction SSS Circular 2011-001 Objectives Coverage Service Fee and Billing Procedural Highlights

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Accreditation of Cooperatives as Collecting Agents

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  1. Accreditation of Cooperatives as Collecting Agents A presentation by Ms. Nora M. Mercado Department Head Cooperative and Informal Sector Account Management Group

  2. Outline • Introduction • SSS Circular 2011-001 • Objectives • Coverage • Service Fee and Billing • Procedural Highlights • Profile of the Target Market

  3. I. Introduction • Sept 2005 • Feb 2010 • Jul 2010 • Dec 2010 • Feb 2011 ExManCom approved the revised proposal on the accreditation of coops and people organization Briefing on accreditation of coops as SSS collecting agents was held at Tuguegarao City Consultation meeting with the head of coops, attended by the EVP & Chief Actuary Templo, SVP See and VP Argabioso and branch operations sector officials SSC approved the collection agnecy agreement (for coops) under Res. No. 972-s.2010 on 08 Dec 2010 Issuance of Circular 2011-001 signed by PCEO De Quiros, Jr

  4. II. SSS Circular 2011-001 The Social Security Commission in its Resolution No. 972-s.2010 dated 08 December 2010 approved the Collection Agency Agreement (Cooperatives), as well as the Guidelines on Accreditation of Cooperatives as Collecting Agents of the Social Security System.

  5. II. SSS Circular 2011-001 Objectives To provide convenient facility to members of Cooperatives, who are at the same time self-employed or voluntary members of the SSS, to pay their contributions and other obligations to SSS To ensure faster crediting of payment made by the payor; and To give incentives to cooperatives in encouraging their members to pay their contributions and other obligations to SSS

  6. II. SSS Circular 2011-001 Coverage • Who may be accredited? • The cooperative must be a Primary Cooperative • Must be duly registered with the CDA. • Must be in existence for at least three (3) years. • Must be registered with the SSS as an employer and regularly paying as such. • Its operations must pass the financial evaluation criteria.

  7. II. SSS Circular 2011-001 Coverage How to apply for accreditation? Submit an accomplished Application for Accreditation with the necessary documentary requirements to SSS Branch Office. Authority to collect. Limited to its members who are Self-employed or Voluntary Members of the SSS and who have agreed in writing to avail of its services. • SSS payments to be collected. • (1) Social Security Contributions; • (2) Educational, Salary, Calamity, and Stock Investment loan amortization; • (3) Housing loan amortization; and • (4) Miscellaneous payments.

  8. II. SSS Circular 2011-001 Service Fee and Billing • Service Fee of Six Pesos (P 6.00) for every transaction within fifteen (15) days • Not due on Miscellaneous Payments LESS than the Minimum Monthly Contribution • No demand shall be valid except upon submission of the required Collection List • SSS to pay Penalty equivalent to 3% per annum for any delay in the payment of the Service Fee.

  9. III. Procedural Highlights A. Submission and Approval of Application Cooperative The applicant shall fill-out and submit two (2) copies of the AACA Form to the nearest SSS Branch together with the documentary requirements The Application for Accreditation as Collecting Agent (AACA) Form shall be made available in all SSS branches, in the intranet and the SSS website.

  10. III. Procedural Highlights B. SSS Payments Acceptance • The collecting agent shall: • Start collection only upon posting of the Performance Security. Collecting Agent Collect SSS payment only from its members. Acknowledge receipt of SSS payments by issuing the Official Receipt (OR) that the Collecting Agent uses in its regular business transactions. All payments received (amount and date of payment) should be in accordance with Circular 33-P on the Schedule of Contributions effective January 1, 2007 and Office Order 2011-101 on the Revised Payment Deadlines for Contributions and Member Loans, unless amended.

  11. III. Procedural Highlights C. Remittance, Submission of Collection List and Collection of Service Fee Remittance of SSS Payments • The collecting agent shall: • Remit all SSS payments on such dates/schedules as the SSC may specify to any SSS Depository Bank or SSS Branch Teller. Collecting Agent Pay penalty for late remittance equivalent to One Tenth of One Percent (1/10 of 1%) of the total amount due

  12. III. Procedural Highlights C. Remittance,Submission of Collection List and Collection of Service Fee Preparation and Submission of Collection List • The collecting agent shall: • Prepare a Monthly Collection List for Collecting Agents (MCL-CA), which contains the following data: • CAAN • Name • Address • Summary of Remittances (amount paid, SBR/Transaction Date and Number) • Member’s Details such as: • SS number & Name • Amount Paid & Applicable Month/Period • OR number & Date of payment, with corresponding totals where applicable. Collecting Agent Submit the MCL-CA to the nearest SSS Branch on or before the tenth day of the month following the Collection month.

  13. III. Procedural Highlights C. Remittance, Submission of Collection List and Collection of Service Fee Collection of Service Fee • The collecting agent shall: • Submit the Billing to the nearest SSS Branch. Collecting Agent • Not collect Service Fees for the following: • SSS payments without the assistance of the Cooperative • SSS payment receipts not bearing the name of the Cooperative even • SSS payments made but member is not reported thru CAML or his membership has been terminated by the Cooperative thru a notification letter; and • Miscellaneous payment in the amount less than the existing minimum monthly SSS contribution.

  14. IV. Profile of the Target Markets

  15. Cooperatives in the Philippines • Total Membership of Cooperatives Registered Under Art. 144 of RA 9520 by Region • As of December 2010 • Number of Cooperative FederationPer Asset Size

  16. Cooperatives in the Philippines • Distribution of Cooperative Membership • Average Member Per Coop Average No. of Members = 395

  17. Top 20 Cooperatives in the Philippines

  18. Where Are We Today SSS Registered Associations and Cooperatives as of November 2011 Where: Other Registered Associations: Federations of various industries (both formal and informal) - 80 Associations (excluded from above stats) also of formal and informal groups - 128 Association of direct selling industry - 1 Source: ADM-1

  19. End of Presentation

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