Philippines - Government Profile

The Philippines: Republic Act No. 8282

RA 8282 was signed into law on May 1, 1997 by President Fidel V. Ramos. It is distinguished from the original Social Security Law by the substantial increases in social security benefits that it provides, the wider social security coverage it extends to more individuals, and the stiffer penal sanctions it lays down for violations of the SS Law. In addition, RA 8282 provides more flexibility and safeguards in the investment of the reserve fund, the condonation of penalties of delinquent contributions, as well as the establishment of a voluntary provident fund for members.