By Anex Ho | CNN Philippines
The bill seeking to increase the monthly Social Security System (SSS) pensions of all retirees and elderly beneficiaries is now just a signature away from becoming law.
Sen. Ferdinand "Bongbong" Marcos Jr. called on President Benigno Aquino III on Thursday (December 17) to immediately sign the proposed measure which would give an across-the-board increase of P2,000 monthly to 1.9 million pensioners.
This developed after Marcos said that a copy of the bill was officially transmitted to Malacañan on Monday.
"That is probably the best Christmas gift the President can give to many of our elderly citizens who principally depend on their SSS pensions not only for their daily needs but also for their medicines as well," the senator said in a statement.
Marcos is a co-author of the Senate version of the bill consolidating several similar measures.
"This measure is long overdue as rising prices already eroded the purchasing power of what little pensions our SSS members are getting, " he said.
The current SSS rates have not changed since 1997, where the minimum monthly pension is about P1,200 for those with 10 years of contribution. For those with 20 years, it's P2,400.
Once the bill is signed by Aquino, the amount will become P3,200 and P4,400, respectively.
The average SSS pensioner gets about P3,169 a month. This will become P5,169.
Related: Senate approves bill granting an extra P2,000 monthly to SSS pensioners
Last November 9, the Senate approved the proposed measure on third and final reading.
Sen. Cynthia Villar, chair of the Committee on Government Corporations and Public Enterprise, is the principal sponsor of the bill.