Question from one of our Young Readers:

Puede po bang turuan nio ako about time deposit, kasi first time ko pa lang sa mga bagay na ganito.  Sana po magbigay kayo ng examples galing sa sarili ninyong time deposits.

Answers:

Ang Time Deposit ay isang uri ng bank account na puede mong i-open sa bangko kapag meron kang malaki o medyo malaking pera na gusto mong itago at palaguin.  A Time Deposit earns much more than what a regular savings deposit can earn. 

Puede kang mag-time deposit ng 20k, 30k, 50k or more.  Tumatanggap din ang bank ng smaller amounts katulad ng 1k o 5k, pero kapag ganito pa lang ang amount,  ilagay mo na lang muna ito sa savings account mo, dagdagan mo, at palakihin mo up to mga 20k or more, then ilagay mo sa time deposit.

Bring 2 valid IDs.  Kung wala ka pang savings account sa kanila, they will ask you to open a savings account to serve as your Settlement Account.  Dito ilalagay ng bank ang money at interest earned mo kapag wiwidrohin mo na ang pera mo.

Why is the interest higher?  Because you will keep your money in the bank in a fixed period of time,  such as 3 months, 6 months, 9 months, 1 year or more years.  No withdrawal before the fixed term.

But in case, there’s an emergency need, you can withdraw before the maturity date, but your earnings for the term not completed will be reduced.

Puedeng automatic renewal to another fixed term.  This is better,  in case you forget or you don’t have time to renew your deposit.

This is a sample Time Deposit Certificate:

 
 
 
 
What data items are in the Time Deposit Certificate?

Name of the Bank and Branch

Time Deposit Certificate No.

Account No.

Name and Address of Depositor

Type:  Auto-Renew

Amount of Time Deposit

Term

Opening Date

Maturity Date

Interest Rate

Interest Payment Schedule

Settlement Account No.

Signature of Bank Representative

Signature of Depositor

Banks send you a Renewal Notice through Registered Mail or a private courier.

Sample  Time Deposit Renewal Notice

 
 
 
 
What data items are in the Time Deposit Renewal Notice?

All the data items in your Time Deposit Certificate are in the notice. 

What are added are:

Date of latest renewal

Number of times renewed

Net Interest  

Current Balance

Interest Rate for the Next Term 

Sample Earnings:

Amount Deposited:  200,000 pesos

Date Opened:  March 3, 2011

Term:  182 days

No.  of Times Renewed: 4

Latest Renewal Date:  February 29, 2013

Total Net Interest:  9,465.31 pesos

Current Balance:  209,465.31 pesos

Suggestion:   Put your time deposit in a bigger savings bank.  Usually, savings banks offer higher interest rates than commercial/universal banks.  

Huwag mag-time deposit sa mga rural banks na nag-o-offer ng 5% o 6% o  7% annual interest rate. Hindi nila kakayaning kitain yan para maibigay sa iyo.  Kadalasan, ang mga naba-bankrupt na banks ay ang mga rural banks dahil kulang sa capital, talo sa competition sa industriya,  mismanagement, o banking violations ng mga managers and/or owners.

 
With the collapse of many pre-need companies in the Philippines, parents are looking for other ways to prepare for their children’s college education.

Saan na tayo magse-save o mag-invest? Hindi pa naman tayo bihasa sa mutual funds or stocks.
Meron din namang mga reliable pre-need or insurance companies dito sa atin. Mag-research lang ng mga matatagal nang nag-o-operate here or abroad.

Puedeng mag-invest sa Pag-ibig MP2 or sa SSS Flexi-Fund.  Ang Pag-ibig MP2 ay para sa lahat na Pag-ibig members samantalang ang SSS Flexi-Fund ay para lang sa mga OFWs na nagbabayad ng maximum monthly contribution.

Ito ay isang comparison ng estimates ng makukuha after paying 1,500 pesos monthly for 5 years.

 
NOTES:
. Credit Insurance means the pre-need firm will pay the 1,500 monthly premiums if the payor dies within the paying period
. Some pre-need plans do not give 5,000 on the 6th and 7th year. Instead they give 20,000 on the 13th year.
. The pre-need plan above may not represent all pre-need plans.
 
Related Article:
More Info on SSS Flexi-Fund and Pag-ibig MP2

Here is the new SSS Contribution Table for Self-Employed, Voluntary and OFW members starting January 2014.

Notes: 

. Minimum Monthly Contribution for OFWs is 550 pesos.

. For those who have paid in advance contributions for the year 2014 based on the old SSS contribution table, make additional payments.

Examples:

If you paid in advance 104 per month,
pay an additional 6 pesos for each month paid in advance.
If you paid in advance 312 per month,
pay an additional 18 pesos for each month paid in advance.
If you paid in advance 520 per month,
pay an additional 30 pesos for each month paid in advance.
If you paid in advance 780 per month,
pay an additional 45 pesos for each month paid in advance.
If you paid in advance 1,560 per month,
pay an additional 200 pesos for each month paid in advance.

What happens if I do not make additional payments?

SSS will post your contributions as payments for the applicable lower salary credit.

BUT those who paid in advance 104 per month and OFWs who paid in advance 520 per month, they must make the additional payments, or else their advance payments will be put on hold and will not be posted. Why so? Because there is no salary credit lower than 1,000 or no contribution lower than 104.

For OFWs who paid in advance their minimum, 520 per month, SSS will also put these payments on hold, kasi 5,000 ang pinakamababang salary credit for OFWs.

Ano ba ang difference between SALARY RANGE and SALARY CREDIT?

Salary Range refers to your actual gross monthly salary. Andito ba sa range na ito ang iyong gross monthly salary?

Salary Credit is the amount used by SSS to compute your salary loan amount, sickness benefit amount, maternity benefit amount and pension amount.

This is how to register with the SSS online service MY.SSS.

 SSS online registration

1.   Go sss.gov.ph

2.    Click Register Now

3.    Choose Member
        then click Submit

4.    Enter your SSS No.
       First Name
       Middle Name
       Last Name
       Date of Birth
       Email address
         (Enter an active personal email address;
         not a company-based email because you
         will most likely leave your company sooner or later)
       Confirm email address

5.   Enter code as shown

6.   Click Submit

7.   Wait for an email from SSS

8.   Click the link in the SSS email

9.   Continue filling up other data items:

      Mother’s Maiden Name
      Address
       Address 1 = House/Lot/Block No. and Street Name
       Address 2 = Barangay/Subdivision
       City/Province
     Postal Code
     Contact Number (Landline or cellphone no.)
     Email address
     Preferred User ID
     (Create your user name; between 8-20 characters)
     Preferred Password

10.  Enter your Employer’s SSS No. or SBR No. or OTC No.

If you are Employed, enter your employer’s 10-digit SSS no.
If you don’t know the branch code, enter 000

If you are Self-Employed, Voluntary, OFW, Non-Working Spouse, or Househelp, enter 6 digits from your RS5 receipt no.
Look for the SBR No. or OTC No.
Use a newer receipt — the one you think already posted by SSS.

If you are a Pensioner, you write your pension savings account no. or a recent
pension check no.

For those paying via ADA, enter 000000

11.   Click Submit
     Wait for another email from SSS
If you have problems with registration:

. call the SSS Hotline at 920-6446 to 55
. go to the nearest SSS branch office
. email member_relations@sss.gov.ph
. comment at the SSS Facebook Page facebook.com/SSSPh

Click to see New SSS Contribution Table,  Effective January 2014

for Self-Employed, Voluntary, OFW, Non-Working Spouse members

Here’s a list of documents required in filing your SSS maternity benefit claim in case of miscarriage:

1.   Maternity Benefit Claim Application (SSS Form MAT-2)

2.   Maternity Notification (SSS Form MAT-1)
     - should have been stamped by SSS

3.   SSS ID card
      – or your SSS ID application acknowledgment stub
      and 2 valid IDs both with signature and at least 1 ID
      with photo and date of birth

4.   Pregnancy Ultrasound Report (or pregnancy test results
      before and after abortion)

5.   Histopathology Report (certified by authorized hospital representative)

6.   Medical Certificate

7.   Obstetrical History (certified by attending physician,
      with license number, signature and printed name)

NOTE: 
SSS says it might require additional documents if certain submitted documents have defects.

If the date of your miscarriage is within 6 months of your separation from your employer,  submit also the following: 

Note:  6 months ang sinabi sa SSS guide, pero kahit 1 year na ang nakalipas, hinahanap pa ring ang mga separation documents ng mga SSS front-desk personnel.

1.    Certificate of Separation from your Employer with Date of Separation
2.    Certificate of Non-Advancement of Maternity Benefit from your Employer
3.    Two sheets of L501 Form from your former Employer
- The signatory in all these 3 documents should be the same person.
- The signatures in all 3 forms should be the same.
- Bring 2 sheets of L501 form in case your former employer does not have this form. You can get this from SSS or you can download from sss.gov.ph

How to Compute SSS Pension

Question:

I’m 61 years old now and receiving my monthly pension.  But it seems to me my pension is
small to what it should be.

I have been an SSS member since 1970.  I went abroad from
1988 to 2006 and continued paying my SSS monthly contribution as a voluntary member and
self-employed.  Paid the maximum monthly contribution for about fourteen months before
retiring.  It was a gradual increased in monthly contribution.  Please educate me on how
to calculate my monthly pension.  Thanks…

Answer:

It’s truly sad that SSS does not include pension computations in their pension notices
to new pensioners.

According to SSS, as of June 2013, the average monthly pension is 2,977 pesos.  There are
1,620,447 pensioners as of this date.

SSS says the highest pension is 16,648 pesos.  I think this amount is that of a beneficiary pensioner with several dependent minors or a pension with EC component.

For retiree pensioners, rarely will the pension amount reach 16,648 pesos, based on the formulas used by SSS.  A member would have to start paying contributions at age 18 until age 60  (a period
of 42 years)  and to pay maximum contributions for the last 60 months immediately before
his semester of retirement to be able to get 12,900 pesos.

AVERAGE MONTHLY SALARY CREDIT (AMSC)

SSS uses AMSC to compute SSS pension.  From 2007 to 2013, the lowest MSC is 1,000 pesos and the highest MSC is 15,000 pesos.  SSS uses 2 formulas to compute AMSC:

1.  AMSC for the entire period of membership

Overall total of all monthly salary credits divided by Total number of monthly contributions

2.  AMSC for the last 60 months immediately before semester of retirement

Total of all monthly salary credits for the last 60 months immediately before semester of retirement divided by 60

Kung ano ang higher AMSC sa dalawa, yon ang gagamitin ng SSS.  Kung puro ka maximum
contributions sa last 60 months immediately before semester of retirement, ito na ang
gagamiting AMSC, kasi siguradong mas higher AMSC ito.

FORMULAS to COMPUTE SSS PENSION

SSS uses 4 formulas to compute SSS pension. Yong highest na result sa apat, yon ang
magiging monthly pension amount.

Formula 1:  

40% of AMSC

or

0.40 x AMSC = ____

Formula 2:  

300 pesos
plus 20% of AMSC
plus 2% of AMSC x CYS in excess of 10

or

300
+ 0.20 x AMSC
+ 0.02 x AMSC x (CYS minus 10)

CYS means credited years of service.  Ito ang number of years na nag-contribute ka sa
SSS.
For contributions paid starting January 2002, ang pagbilang ng CYS ay hindi na per calendar year, kundi ganito na:  Total number of months divided by 12.
Formula 3:  Kung mas mababa sa 1,200 pesos ang result ng Formula No. 1 or No. 2 at ang member ay merong 10 to 19.99 years of contributions, ang pension amount ay 1,200 pesos.

Formula 4:  Kung mas mababa sa 2,000 pesos ang result ng Formula No. 1 or No. 2 at ang member ay merong 20 or more years of contributions , ang pension amount ay 2,000 pesos. 

EXAMPLES:

Pensioner 1:   He paid SSS contributions from 1970 to 2012.  He paid 1,560 for each of the last 60 months before his semester of retirement.  The monthly salary credit for 1,560 is 15,000 pesos.

Formula 1:  

0.40 x 15,000 pesos  = 6,000 pesos

Formula 2:

300

+ 0.20 x 15,000 pesos

+ 0.02 x 15,000 pesos x (42 – 10)

=

300

+ 3,000

+ 9,600

= 12,900 pesos

Pension would be 12,900 pesos, which is very rare.

Pensioner 2:  He worked from 1980 to 2012.  But he was not able to pay the maximum contributions for the last 60 months before his semester of retirement.  His AMSC was 8,000.

Formula 1:

0.40 x 8,000 = 3,200 pesos

Formula 2:

300

+ 0.20 x 8,000

+ 0.02 x 8,000 x (32 – 10)

=

300

+  1,600

+  3,520

=  5,420 pesos

Pension amount would be 5,420 pesos

ADDITIONAL NOTES ON COUNTING CYS:

Contributions Paid from January 2002 to present:  

Total number of contributions divided by 12

Contributions Paid from January 1985 to December 2001:

Bibilangin ang mga calendar years na merong 6 or more contributions

Contributions Paid before January 1985:

1985 minus the year when member started paying

FOR MEMBERS with DATE of COVERAGE BEFORE 1990

I have read some of the complaints on the Internet about pension amounts much lower than expected amount.   Some of them said they were instructed by SSS to apply for manual verification of contributions and CYS, and that the verification is taking a looooooooong time.

You will notice in your online SSS account that it does not display your actual premiums before 1990.  I am assuming that these were not encoded, maybe due to lack of personnel, so these need to be manually verified if there are requests from members affected.  

DISCLAIMER:

I am not employed with SSS.  Although, I based my computations on the SSS Guidebook, my computations may have errors.  For accuracy, please visit the nearest SSS branch.  If you have time, please comment if you see errors.

Related Posts:

SSS Contribution Table from 2007 to 2013

Send money from Saudi Arabia to the Philippines through BDO Remittance Partners in Saudi Arabia:

BDO Remit Offices

RIYADH

Al Rajhi Banking
PO Box 22022
Riyadh 11495

Arab National Bank
Telemoney Aqaria
Ground Floor, Al Akaria Mall
Mousa Bin Nousair St.
Olaya, Riyadh

Arab National Bank
Telemoney Batha
2nd Floor, Telemoney Batha Center
Batha Area, Riyadh

Bank Al Bilad
Enjaz Remittance Center Branch 153
Riyadh

JEDDAH

Al Rajhi Banking
Tahweel Al-Rajhi Jeddah
Queen’s Bldg., Balad
Jeddah

Arab National Bank
Telemoney Jeddah
Telemoney Balad Center
Jeddah

Bank Al Bilad
Enjaz Remittance Center Branch Al Balad
Jeddah

 AL KHOBAR

Al Rajhi Banking
PO Box 1362
Alkhobar 31952

Al Zamil Exchange
PO Box 83
King Saud St. corner Cross A
Al Khobar 31952

Arab National Bank
Telemoney Al Khobar
Al Khobar Telemoney Center
King Faisal St. corner 1st Crossing

BURAIDAH

Al Rajhi Banking
Tahweel Al Rahji Buraidah
Al Qassim

KHAMIS

Al Rajhi Banking
Tahweel Al Rahji Khamis
Mushayat Abha Region
BDO Remittance Partners

JEDDAH

Alamoudi Exchange Co.
PO Box 123, Al Hazzaza Bldg.
Al Balad, Gabil St.
Jeddah 21411

National Commercial Bank
King Abdul Aziz St.
PO Box 3555
Jeddah

DAMMAM

Al Zamil
Dhahran St., Dammam

JUBAIL

Al Zamil
Jeddah St., Jubail

RIYADH

Al Zamil
Al Ras St., Batha
PO Box 4055, Riyadh

Samba Financial Group
3rd Floor, Samba Head Office Bldg.
PO Box 833
Riyadh

REMITTANCE FEES

Remittance fees range from 15 to 20 Saudi riyals.

Remittance fees charged by
Western Union, Moneygram and Saudi American Bank
range from 25 to 30 Saudi riyals.

Magkano dapat ang Monthly SSS Contribution ko?

Depende sa Monthly Salary Credit mo.

Merong Table of SSS Contributions kung saan mo makikita ang Monthly Salary Credits at Monthly Contributions.

Ano ba ang Monthly Salary Credit?

Ito ay range ng Monthly Salary Credits from 1,000 pesos to 16,000 pesos.  

Ang Monthly Salary Credits ay based sa Actual Monthly Salary mo.

Pati ba Transportation Allowance kasama sa Actual Monthly Salary ko? 

Yes,  kasama ang transportation allowance. 

Anu-ano pang compensation ang kasama sa Actual Monthly Salary kung saan based ang SSS Monthly Salary Credit?

.  Salaries and wages
.  Overtime Pay
.  Bonuses (except Christmas Bonus)
.  Payment for direct labor or indirect labor
.  Maternity Leave Pay
.  Sick Leave Pay
.  Vacation Leave Pay
.  Cost of Living Allowance (COLA)
.  Emergency COLA
.  Transportation Allowance
.  Board and Lodging Allowance
.  Cash Value of Living Expense
.  Superintendence Pay
.  Commission Expense
.  Workers Compensation Benefit
.  Tuition Fee and School Fee Benefits
.  Cash value of remuneration paid via a non-cash medium
.  Other Commissions and Advances
.  Other types of compensation paid for services rendered

Source: SSS Citizen’s Charter, November 2012 Edition

 New SSS Contribution Table, Effective January 2014 

Here are three BPI remittance partners in Saudi Arabia for sending money to the Philippines:

Tahweel Al Rajhi
PO Box 28 Riyadh 11411 KSA
Phone: (9661)4601518 / 211 63001
Email: sudarsan_kb@alrajhibank.com

Enjaz – Bank Al Bilad
Al Malaz Siteen Street
PO Box 140 Riyadh 11411
Phone: +966-1-479-533/ +966 1 479 8888
Email: ssiddiqi@bankalbilad.com.sa
Website: bankalbilad.com.sa

Samba Speedcash
North of Riyadh Water Tower
PO Box 833 Riyad 11421
Email: Suliman.Al-Rashaid@samba.com
TBS.OPERATION@samba.com
Speed.Yamama@samba.com
Speed.batha@samba.com

 BPI International Toll-Free Number

SAUDI ARABIA 8008-63-0008

Mobile Phone Nos. of Marketing officers

Riyadh +966550935331
+966550634575
+966552535811
Al Khobar +966556349885
Jeddah +966506180344

Remittance Fees from Saudi Arabia to the Philippines:

Remittance partners like Enjaz Bank, TeleMoney and Express Money
charge fees ranging from 15 to 20 riyals

Western Union, Moneygram and Saudi American Bank
charge fees ranging from 25 to 30 riyals

Here is a list of BDO Remittance Partners in New York:

Johnny Air Cargo ( Limang Puno)
69-04 Roosevelt Ave.
(between 69th and 70th Streets)
Woodside, New York 11377

Ginalyn Lopez
(718) 672-7080
jarexny@aol.com

Joy Duran
(718) 672-7081
joyduran@aol.com

New York Bay Phil.
61 Broadway Suite 1417
New York, New York 10006

Placid Express
3501 Queens Blvd.
Long Island City
New York 11101

Phone: +1 718 392 3500

Prabhu Group
Suite 101 and 102
37-15 73rd Street
Jackson Heights
New York 11372

Phone: +1-718-651-6060
Branch Manager: Saifun Nahar
Email: nahar@prabhugroupusa.com

Omnex Group
580 Sylvan Ave,
Suite LLA, Englewood Cliffs
New Jersey 07632

You can also send money to the Philippines online through these
remittance and financial companies.

Lucky Money
Wells Fargo
XOOM – This is the service being used by my US employer to pay my salary monthly. I get my salary in US dollars from BDO, and then exchange them at a money changer that offers higher dollar-to-peso rate like Czarina.
Remitly
RIA Financial Services
Sigue Money Transfer
XCoin
Moneygram
Xpress Money
Uniteller
New York Bay Philippines or Transfast
Western Union (only for remittance to BDO account; if cash pickup at BDO, use Moneygram)

Here’s a list of BPI remittance partners in London, UK for sending money to the Philippines from the UK.

Direct Money Transfer UK Ltd.
11-12 Hogarth Place, Earls Court
London SW5 0QT

Phone: 02073417377 / 02073414071

Swiftcash UK Ltd.
Popes Cottage, Marnhull
Pleck, Sturminster
Newton, Dorset DT10 1NU

Phone: 0800-0974736
Email : operations@swift-cash.com
Website : swift-cash.com

Sure Money Remittance
4 Lillebonne Close
Wellington
Somerset TA21 9EU

Phone: 020-79934992 / 020-84326080
Toll Free Phone: 0800-0974-733 to 34
Text: 07759-074725
Email: inquiry@suremoney.swift-cash.com
Website: suremoney.swift-cash.com

Sunrise Remittance (UK) Ltd.
12 Kenway Road
Earl’s Court, SW5 0RR

Phone: 02073734170 / 02084323443
02084329839 / 02079936526
Mobile Phone: 07782114949 / 07765663521
Email: info@sunriseremit.com
Website: sunriseremit.com
Contact Person: Arnel Gagalac

UAE Exchange UK Ltd.
Website: uaeexchange.com
Online Remittance via money2anywhere.com

Through Wire Transfer or Bank-to-Bank Transfer or Telegraphic Transfer

If you have a UK bank account, you can also send money via wire transfer at your UK bank.  If your bank happens to be a BPI correspondent bank, then you’re in luck, as the remittance would be faster.

Click this to see a list of BPI correspondent banks in the UK.

How to make a wire transfer:

1.  Go to your bank  and request for a wire transfer.

2.  You will fill up a wire transfer form.  You will  be asked to write the following:

.  Account name of recipient

.  Account number of recipient

.  Name and branch of bank of recipient

.  Swift code of BPI or BPI Family Bank is  BOPIPHMM

.  Your name and contact info

.  Amount to be sent

You can send money from Japan to the Philippines through the following Philippine banks in Japan and remittance partners in Japan.

If you like, you can also open Japan-based yen accounts and Philippine-based peso accounts at the Japan-based branches of these 2 Philippine banks:

1.   Philippine National Bank

2.   Metrobank

PHILIPPINE NATIONAL BANK in JAPAN

PNB Tokyo Branch 
1st Floor Mita43MT Building
3-13-16 Mita Minato-ku, Tokyo
108-0073 Japan

Phone:  (813) 6858-5910
Email:
shigematsu@pnbtokyo.co.jp
cruzjf@pnb.com.ph
tokyo@pnb.com.ph
customercare@pnbtokyo.co.jp

PNB Nagoya Sub-Branch 
7th Floor Nishiki 324 Building,
3-24-24 Nishiki, Naka-Ku
Nagoya-shi, Aichi-ken

Phone: (8152) 968-1800
Email:
pnbnagoya@pnbtokyo.co.jp
tambuyatpk@pnb.com.ph
nagoya@pnb.com.ph

METROBANK in JAPAN

Metrobank Tokyo Branch
Kandabashi Park Building
1-19-1 Kanda Nishiki-Cho
Chiyoda-Ku, Tokyo 101-0054 Japan

Phone.: 81 (3) 5281-7281 / 81 (3) 5281-7210
Email: mbtokyo@metrobank.co.jp

Business Days/Hours:
Mon to Fri: 9am to 3pm
First & Last Sundays of the month:
10 am to 3 pm
Website: www.metrobank.co.jp

Metrobank Osaka Sub-branch
1st Floor, Honmachi Central Bldg
4-2-5, Honmachi, Chuo-ku
Osaka, 541-0053 Japan

Phone: 81 (6) 6252-1333
Email: mbosaka@metrobank.co.jp

Business Days/Hours:
Mon to Fri: 9 am to 3 pm
First and last Sundays of the month:
10 am to 3 pm
Website: www.metrobank.co.jp

Metro Remittance Japan Co.
Rong Shing Ryus Tower 1st Floor
87-3 Yamashitacho,
Naka-ku, Yokohama-shi,
Kanagawa-ken 231 – 0023 Japan
Phone: 81 ( 45) 680-1650

BDO REMITTANCE PARTNERS in JAPAN

Banco do Brasil
New Kokusai Bldg.
3-4-1 Marunochi Chiyoda-Ku
Tokyo

Forex Interweb Co.
4-2-12 Akasaka Minato-ku
Tokyo 107-0052

Speed Money Transfer Japan Kabushikil Kaisha
7th Floor, Sundisk Kanda Bldg.
4-9 Kanda Iwamoto-cho
Chiyoda-ku, Tokyo 101-0033

Speed Money Transfer Japan Kabushikil Kaisha
Koasa Bldg., 7th Floor
4-2-10 Sakae
Naka-ku, Nagoya-shi
Aichi-ken 460-0008

Speed Money Transfer Japan Kabushikil Kaisha
502 Imperial Roppongi 2 go-kan
5-16-52 Roppongi
Minato-ku, Tokyo 106-0032

Speed Money Transfer Japan Kabushikil Kaisha
Room 401, 4th Floor
East Biru Kinshicho II, 2-4-12 Kinshi
Sumida-ku, Tokyo 130-0013

RCBC TELEMONEY PARTNERS in JAPAN

SMTJ Tokyo
Speed Money Transfer Japan K.K.
Yurakucho M-Square Building
2nd Floor, Yurakucho 1-2-12
Chi-yoda-ku Tokyo 100-0006
Phone: 03-62688010

SMTJ Nagoya Office
Speed Money Transfer Japan K.K.
Koasa Building 9f, 4-2-10 Sakae Naka-ku
Nagoya-shi Aichi-ken 460-0008
Phone: 052-2659797

Here are the documents required to claim your Philhealth refund for hospitalization abroad:

1.   Philhealth Claim Form 1

Get this form from any Philhealth branch or download it from philhealth.gov.ph.

2.  MDR or Member Data Record

Get this document from any Philhealth branch

3.   Official Receipt of Premium payment

4.  Official Receipt and/or Statement of Account from the Hospital

5.   Medical Certificate in English, with final diagnosis, treatment done and dates of confinement

File your claim with Philhealth within 180 days from discharge from the hospital.

In our post titled How to Compute SSS Pension, a reader asked about the amount of her pension if she will pay the maximum SSS contribution of 1,760 pesos for the next 20 years.

Question from Maritess B:

If I pay the maximum amount of 1,760 pesos for 20 years, how much pension will I get at age 60. I am an OFW. I have paid for 7 years already, but not the maximum contribution.
Can I have a sample computation?
I have paid for 7 years, and then I stopped. Now I want to continue contributing for up to 20 years. So all in all, I will be contributing for 27 years. Isn’t it that you’re computing pension only for 10 years? Can I get back my contributions for the excess years of 17 years as a lump sum?

Answer:

First, I should say that the result of my computation is only an estimate.  I am basing my computation only on published SSS guides. So ask SSS for accurate computation.

If the maximum contribution at the time you retire is still 1,760 pesos and if the maximum salary credit is still 16,000 pesos, then we can safely assume that your Average Monthly Salary Credit (AMSC) when you retire will be 16,000 pesos, since you said you’re going to pay the maximum contribution for the next 20 years.

We can also safely assume that your AMSC for the last 60 months prior to your semester of retirement will be 16,000 pesos.

Your excess Credited Number of Years (CNY) will be 17 years, assuming that you correctly counted your previous years of contributions.

We will use Formula No. 2 in the How to Compute SSS Pension article:

300 pesos + 20% of AMSC + (2% of AMSC x Excess CNY)

300 pesos + 20% of 16k + (2% of 16k x 17)

300 + 3200 + (320 x 17) = 8,940

Your monthly SSS pension will be 8,940 pesos.

Regarding your question about whether your contributions for 17 years will be given in lump sum:

Your contributions for your excess number of credited years (17 years) will NOT be given
in lump sum. Your contributions for 17 years will be included in the computation of your pension.

What is that SSS lump sum I keep hearing about?

A lump sum retirement benefit is given to members who retire with less than 120 contributions.  It is equal to total contributions plus interest.

The lump sum for new pensioners is like a cash advance. If you’re a new pensioner, you have the option of getting a lump sum, which is actually an advance of your first 18 months of pension. You get your lump sum, but you will get your next pension after 18 months.

Now the next question is: “Is it worth continuing contributing to SSS for the next 20 years?”

Let’s say that you will pay 1,760 pesos for the next 20 years (240 months), so your total contribution will be:

1,760 pesos x 240 monts = 422,400 pesos

Let’s assume that you paid a total of 84,000 pesos for the 7 previous years that you mentioned:

1,000 pesos x 12 months x 7 years = 84,000 pesos

The total of all the contributions you paid to SSS over 27 years is 506,400 pesos.

422,400 + 84,000 = 506,400 pesos

Is paying a total of 506,400 pesos worth it?

At what age will you be able to get back your 506,400 pesos?

Assuming you will get a monthly pension of 8,940 pesos starting at age 60,
you will be able to recoup your payment of 506,400 pesos at around age 65.
Pension paid in 1 year = 8,940 x 12 = 107,280

506,400 / 107,280 = 4.72 years (4 years and 9 months)
If you will live until age 85, then you would have earned more than 2 million
pesos as total interest of the money you paid to SSS.

8,940 x 12 months x 20 years = 2,145,600 pesos

There are also other SSS benefits like salary loans, maternity benefit, sickness benefit, disability benefit and funeral benefit.

There is also an educational loan program, although it’s out of funds right now, and a housing loan program, although the Pag-ibig housing loan program is more popular and more accessible.

How about if you will not live long to enjoy your pension for many years?

If you pass on to eternity while a pensioner and you have primary beneficiaries (your spouse and children younger than 21), your primary beneficiaries will receive your monthly pension.

If you do not have primary beneficiaries, and you pass away within the first 60 months of your pension period, your secondary beneficiaries will receive a lump sum, which is equal to the balance of your pensions for 60 months (60 minus number of months already paid for x monthly pension).

Here’s a computation made by SSS, part of its publication The Value of SSS Membership.

We have a question from Nel, June 2, 2014, posted under our post Pag-ibig Fund — How to Claim Death Benefits.

Question:

My husband died just a week ago and we have 3 kids. We’re married 2002.  I just found out that he married another woman last 2005 and they have 2 kids.  Am I still qualified as legal claimant?  How will the benefits be divided both in SSS and Pag-ibig?

Answer:

Hi Nel, I admire you for immediately recognizing the fact that the illegitimate children will also share in the benefits.

For both Pag-ibig and SSS, you and your 3 kids are the main claimants, since your marriage is the legal one. The 2005 marriage is null and void, since it was a bigamous marriage. But the illegitimate children will also share in the benefits, although there are some differences in the sharing of SSS and Pag-ibig benefits.

Pag-ibig Death Benefit

The Pag-ibig death benefit is a lump sum.
It is equal to total accumulated monthly contributions, plus total yearly dividends, plus additional death benefit.

The additional death benefit is 6,000 pesos or an amount equivalent to his total savings plus total dividends, whichever is lower.

For this Pag-ibig benefit, you will file the claim, and you will include the illegitimate children in the Proof of Surviving Legal Heirs form.

There was one spouse who commented here 2 years ago, in a similar situation, and she said that the division of Pag-ibig benefits between her legitimate family and the illegitimate children, was a division of benefits by 2 parties (50% for the legitimate family and 50% for the illegitimate children).

I don’t know if the division is still done the same way.  If the same way, you can ask Pag-ibig why the division should not be divided by 6 (4 shares for you, and 2 shares for the illegitimate children).

SSS Death Benefits

1.  Funeral Benefit — This is given to the person who spent for the funeral, regardless of relation to your husband.  Requirements are original receipts of funeral/burial expenses.

2.  Death Benefit

a. Pension

It’s easier for everyone if your husband was able to contribute at least 36 contributions prior to semester of death. This means that each of his primary beneficiaries will get a monthly pension. His primary beneficiaries are you (the legal wife), your minor children who are the legitimate children, and the minor illegitimate children. Minor children are children less than 21 years old.

A minor’s pension is given to each of the minor children, up to a maximum of 5.  If there are more than 5 minors, the legitimate children are considered first.

A minor’s pension is lower than the spouse’s pension.  It is equivalent to 10% of the spouse’s pension, or 250 pesos, whichever is higher.

I said “easier” because the illegitimate children’s pensions will not affect the amount of your pension.

b. Lump sum

If your husband contributed less than 36 contributions prior to semester of death, his beneficiaries will get a lump sum. The lump sum is equivalent to 12 times the monthly pension, or monthly pension times the number of monthly contributions paid prior to the semester of death, whichever is higher.

With a lump sum benefit, you will share the lump sum amount with the 2 illegitimate children.  I am still researching how this lump sum amount is divided among all primary beneficiaries.

Please ask SSS. I might have missed something.

If your daughter is under 21 years old, unmarried and unemployed, she is qualified as your Philhealth dependent.  Your Philhealth membership can help cover her medical needs. She does not need to register for Philhealth membership.

But if she is pregnant, unmarried, and the father of her baby is not a Philhealth member, then you need to help her register to become a Philhealth member.

Why?  So that in case her baby needs special newborn care or additional medical treatment, her baby will be covered by her Philhealth membership.

Remember that your minor daughter can be your dependent, but her baby cannot be your dependent.

There have been parents commenting on our blogs regarding the cases of their dependent daughters whose newborn babies needed special medical care.  If the minor daughters were Philhealth members, then their babies would have been covered by Philhealth.

When an SSS member dies, his or her beneficiaries get benefits from SSS.

The amount of benefits and whether it will be lump sum benefit or pension will depend on the member’s number of contributions, credited years of contributions and amount of contributions.

Here are the kinds of SSS Beneficiaries:

1. Primary Beneficiaries

There are 3 kinds of Primary Beneficiaries:

a. Dependent legal spouse
(remains a beneficiary until he/she remarries

b. Dependent children under 21,
whether legitimate, illegitimate or legally adopted
(remains beneficiaries until they turn 21, or get married or get employed)

c. Dependent children over 21 who are permanently incapacitated

2. Secondary Beneficiaries

If there are no primary beneficiaries, the benefits can be claimed by the Secondary Beneficiaries.

The secondary beneficiaries are the dependent father and mother of the deceased.

3. Designated Secondary Beneficiaries

If there are no primary and secondary beneficiaries, the benefits can be claimed by the beneficiaries written in the deceased member’s SSS records.

These beneficiaries must be dependent on the deceased member at the time of the member’s death.

According to the SSS Citizen’s Charter 2012, the following can be written as Beneficiaries:

a. Legitimate ascendants and descendants
b. Parents and their legitimate children and the legitimate and
illegitimate children of the latter
c. Parents and their illegitimate children
d. Legitimate brothers and sisters, whether full blood or half blood

4. Legal Heirs Based on the Law of Succession

If there are no primary, secondary and designated secondary beneficiaries, the benefits can be claimed by the legal heirs based on the Law of Succession.

The hierarchy and shares of the legal heirs are described in the Civil Code
(Book III, Title IV, Chapter 3, Section 2)

a.  Heirs written in the member’s will (in the form prescribed by law)

b.  Legal Heirs, based on Intestate Succession

1.   Legitimate children or their descendants
including adopted children or their descendants

2.   Illegitimate children or their descendants

3.   Father and mother

4.   Maternal and paternal ascendants

5.   Spouse

6.   Brothers and sisters or their children

7.   If there are no legal heirs, the whole estate of the deceased
will be inherited by the municipality in the Philippines
where the deceased last resided, or in the case
of real property, where the real estate is located.

Sources:

1. Social Security Law  (RA 8282)

SEC. 8. Terms Defined
SEC. 15. Nontransferability of Benefits

2. SSS Citizen’s Charter  (Nov 2012)

Definition of Terms

3. SSS Guidebook  (2010)

Death Benefit
Who are the beneficiaries of a deceased member?

Question from Emy:

If I pay 770 pesos every month to SSS, how much will be my SSS pension when I
turn 60?
I’m 24 years old, and I have just started paying my contributions.

Answer:

Over the 36 years that will pass before you turn 60 years old, we can expect that there will be increases in SSS contributions and salary credits.

Your 770-peso monthly contribution will surely change over the years.

For this reason, whatever pension amount I come up with will not be accurate.
But I will compute on the assumption that your average monthly salary credit (AMSC) will be 7,000 pesos since you said you will pay 770 pesos every month.

The salary credit for 770 pesos is 7,000 pesos.

I will use the following formula:

300 pesos
+ 20% of AMSC
+ 2% of AMSC x CYS in excess of 10

300 pesos
+ 20% of 7,000 pesos
+ 2% of 7,000 pesos x (36 years – 10 years)

300 pesos
+ .20 x 7,000 pesos
+ .02 x 7,000 pesos x 26 years

300 pesos
+ 1,400 pesos
+ 140 pesos x 26 years

300 pesos
+ 1,400 pesos
+ 3,640 pesos

= 5,340 pesos

Your monthly SSS pension will be 5,340 pesos

REMINDER:

My computation is only an ESTIMATE.
Surely, your AMSC will not be 7,000 pesos.
It can increase or decrease, depending on your future contributions and
changes in SSS contributions and salary credits.

Is it worth paying 770 pesos monthly for 36 years?

770 pesos x 12 months x 36 years
= 332,640 pesos

This means you will contribute a total of 332,640 pesos over 36 years.

Assuming you will live until age 90, you will receive your pension for a period of 30 years.

5,340 pesos x 12 months x 30 years = 1,922,400 pesos

Your total pension for 30 years is 1,922,400 pesos

NOTE:

You can see the other SSS pension formulas here:  How to Compute Your SSS
Pension.

There’s a friendly place along Quirino Highway in Novaliches, Quezon City where your parents can have their cataracts on both eyes removed and replaced with intraocular lenses for just a few thousand pesos, plus your Philhealth papers or their own Philhealth papers or Lifetime IDs.

Affordable Cataract Surgery with Philhealth

Your total expenses will be lower or higher than what we spent, depending on factors such as:

.  need for blood pressure monitoring

.  need for B-Scan Ocular Ultrasound test

.  type of cataract surgery

.  type of intraocular lens

.  whether patient is a senior citizen (20% discount for meds and tests)

NOVALICHES EYE CENTER

Novaliches General Hospital 

793 Quirino Highway, Gulod

Novaliches, Quezon City

(Near SM Novaliches and Channel 5)

Eye Center Phones:

418 2293 / 0919 991 1111

Hospital Phones:

9361817 / 9387890

Private hospital. Philhealth-accredited. 100 beds. Level 2

The doctor who operated on my mother’s eyes was board-certified ophthalmologist, DR. MA. LORENA RUTH CAPINPIN.  She’s well-trained, skilled, and experienced. She has lots of patients. And she’s brave — my mother, before the surgery, looked very frail and very old, but she took on the task. She mentioned that aside from other obvious benefits, indeed it would be great for my mother to be able to see her grandchildren again and the food she’s eating.

Dr. Capinpin specializes in eye diseases, laser and microsurgery of the eye, and vitreo-retinal surgery. She trained at the University of Santo Tomas Hospital and the Singapore National Eye Center. She’s also a senior consultant partner of the Novaliches Eye Center. She also runs the Novagen Eye Center in SM City Fairview.

At her Novaliches General Hospital and SM Fairview clinics, there are always lots of patients, with several coming from the provinces. Dr. Capinpin also sees patients at the UST Eye Center and St. Jude Hospital in Manila, and at the Zabarte EENT Clinic and Eyesite Clinic in Caloocan.

Dr. Capinpin’s assistants, Diane and Che are also compassionate and cheerful. The senior ophthalmic technician, Jesus Dumbrique, is also very kind and helpful.

Before my mother’s cataracts became worse, we had her scheduled for cataract surgery at another hospital. But the doctor there kept postponing the surgery. She was afraid that something will happen as my mother was taking diabetes and hypertension medicines. I realize now there might be reasons why my mother experienced not being able to see for some time. Indeed, that blind period in the recent past has been a time of deep reflections and prayers for her.

Expense details for 2 cataract surgeries (right eye and left eye), in pesos:

Post-surgery care expenses:

NOTES: 

1.  Prices written above may change. More eye drop bottles may be needed. Note also that most of the prices were computed with 20% senior-citizen discounts.

2.  Arrive before consultation hours as there are always lots of patients.  List your name with the guard if the eye consultation room is not yet open.

3.  You can get off your vehicle or taxi right at the hospital door.

4.  Parking is available infront of the hospital, adjacent to Quirino Highway.

5.  Outpatient ECG and Chest x-rays are done during business hours while FBS is done around 7 am, so plan your trips to save on costs, specially if you have to hire a driver.

6.  B-Scan is done at Novagen in nearby SM Fairview.

7.  Note the schedules of the cardiologist who will give the medical clearance. He needs the results of your 3 lab tests.  Make copies of these results, one set for the cardiologist and another set for the eye center.

8.  Pay attention to the instructions before and after surgery.  Comply with the eye drop schedules, the restrictions on activities and the need to protect the eyes from infection.

9.  If both eyes need cataract removal, choose one eye first for the first surgery. You can have the second eye surgery after 3 to 4 weeks or a bit more.

10. If 60 or older, bring your senior citizen ID, your purchase booklet, and your prescription slip, if you buy your eyedrops at Mercury Drug.

Affordable Cataract Surgery in the Southern Metro

There’s another private hospital, Our Lady of Peace Hospital, along Coastal Road in San Dionisio, Paranaque City, that offers affordable cataract surgery. It’s a 90-bed private hospital run by the Sisters of St. Paul de Chartres.
Call 825-7714 first to ask about their operations because they have a problem with the government’s closure of their main entrance facing the Manila-Cavite Expressway.

There are other hospitals and eye centers that offer cataract removal surgery for just the Philhealth coverage or Philhealth plus a few thousand pesos. You just have to ask around and look for them.

If you’re an OFW, grab the chance to win 10,000 US Dollars!

That’s close to half a million in pesos!

Just save 600 pesos with Pag-ibig I and you’ll get a chance to win in the Grand Draw on January 16, 2015.

Last year, an OFW in Dubai won US$ 10,000 in the first Pag-ibig promo.

This year, you can win it too.

You’ll also get a chance to win plane tickets to and from the Philippines, family vacation packages, smart phones, iPad minis and 3D smart TVs in 3 draws.

What to DO:

1.  Pay 600 pesos or more to your Pag-ibig I account.

Every 600-peso payment gives you 1 electronic raffle entry.

A payment of 1,200 pesos gives you 2 entries.

Higher amounts mean more entries and bonus entries.

2.  Go to pagibigfund.gov.ph and click “FILIPINOS WORKING ABROAD”

3. Click “OFW Member DAGDAG IPON Raffle Promo Part 2″

4. Read the promo rules.

5. Click “I understood and agree to the terms and conditions of the raffle promo. I want to join now.” at the bottom of the page.

6. Enter your Pag-ibig MID or POP No.

7. Update your member records, if not yet updated.

8. Continue and complete registration, then click “Submit”.

You’ll get a message that you successfully registered.

9. You will receive an email within 24 hours.

1st Draw — September 19, 2014
4 smartphones
4 3D smart TVs
1 vacation package
1 plane ticket

2nd Draw — November 21, 2014
4 smartphones
4 iPad mini 2 16gb
4 3D smart TVs
2 vacation packages
1 plane ticket

Grand Draw — January 16, 2014
4 smartphones
4 iPad mini 2 16gb
4 3D smart TVs
2 vacation packages
2 plane tickets
1 US$10,000 cash prize

Notes:  

1. Only Pag-ibig I and POP savings are included in the promo. MP2 is excluded.

2. Promo runs from July 1, 2014 to December 31, 2014.

3. Your electronic raffle entries will automatically be registered to your account.