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Bacolod City, PhilippinesTuesday, September 27, 2011
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SSS urges pensioners to open
new accounts after bank closure

The Social Security System  called on pensioners affected by the closure of LBC Development Bank to open new accounts in another bank to avoid delay in their monthly pensions, an SSS press release said.

SSS president and chief executive officer Emilio de Quiros, Jr. said October pensions of those with accounts at LBC Development Bank will be paid as pension checks sent to their home addresses until they have new accounts with another bank.

He said SSS has started processing about P1.02-million worth of checks for the October pensions of 381 pensioners under the LBC Development Bank and they will mail the pension checks to their home addresses before the end of September.

The Bangko Sentral ng Pilipinas has ordered the closure of LBC Development Bank for "violations of banking laws" and "unsafe banking practices," including allegations of transferring billions of pesos to affiliate companies, according to news reports.

About 99 percent of 1.6 million pensioners receive pensions through passbook or ATM savings accounts, while about 18,000 get pension checks through the mail.

The Philippine National Bank accounts for the largest share of pensioners with over 550,000, the press release said.

The SSS releases pension funds to its accredited banks two weeks before the applicable month.

Pensions are credited monthly to pensioners’ bank accounts depending on members’ date of contingency.

"As soon as the affected pensioners open a new bank account, they must go to the SSS to inform us so we can encode the changes at once. We urge them to do it before the SSS starts processing of November pensions on October 5," De Quiros said.

Pensioners must submit photocopies of their newly-opened passbook or ATM account and two valid identification cards together with an accomplished "Request for Change of Bank" or DDR2 form at the SSS branch nearest them, De Quiros said.

Those based overseas can apply for a Chinatrust Visa Cash Card. They can mail the accomplished Chinatrust enrollment form and DDR2 form together with photocopies of their passport or any two valid IDs --- at least one with photo --- to the Pensions Processing Center of the SSS main office along East Avenue in Diliman, Quezon City, the press release added.*


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