The financial consolidation of Social Security System, Government Service Insurance System and Home Development Mutual Fund: A means to increase monetary benefits to beneficiaries

• Main Authors: Ang, Perlie, Chiongson, Maximo, Benigno, Tobias, Yu, Yuh-Wen
• Format: text
• Language: English
• Published: Animo Repository 1991
• Subjects: Consolidation and merger of corporations; Corporations, Government; Philippines Social Security System; Philippines Government Service Insurance System; Philippines Home Development Mutual Funds
• Online Access: https://animorepository.dlsu.edu.ph/etd_bachelors/17291
• Institution: De La Salle University

The study is about the consolidation of the Social Security System (SSS), Government Service Insurance System (GSIS) and the Pag-IBIG Fund or Home Development Mutual Funds (HDMF).The major objectives of the study is to find out whether or not a consolidated social security system is applicable to the Philippines at present. It also further wishes to study the present systems of the three social security agencies concerned to find out the advantages and disadvantages of such a consolidated system and to test the significance of the answers of member-respondents of SSS, GSIS and Pag-Ibig Fund system will contribute largely in the possibility of consolidation. The study assumes that the firms surveyed are asked in the SSS, GSIS and Pag-Ibig Fund and that the political and economic condition of the country will remain constant at present conditions. The study further assumes that the procedures of consolidation and that the sample size of the survey represents the whole population of SSS, GSIS and Pag-IBIG Fund members. The study made used of the descriptive type of research design. This is because the proponents sought to determine the similarities of the present system of the SSS, GSIS and Pag-IBIG Fund, the problems of the systems as reflected by the problems of its members on their benefits and was able to come up with a recommended applicable system in the Philippines to date. The study made use of qualitative and quantitative data in its analysis. The major findings of the study are the following:1. The chi-square tests suggests that there are significant differences in the answers of the respondents, implying that pertinent problems exist in the three systems that make the beneficiaries feel discontent and regard the present systems as inefficient.2. The three systems were all created by legislation and that all the three systems offer basically similar benefits to its beneficiaries and members.3. The consolidation will increase the investment fund base for the members' benefit, will increase the loan size per member of the three system, will increase average loan sizes. The mentioned increases will in effect give the members of the three system more financial benefits. The study was able to conclude that a consolidated system will prove to be beneficial for the members of the three systems at present. It was also able to prove that the three systems were basically different only in names, since their operations and systems were identical with each other. Thus, a consolidated system is applicable at the present.