In a landmark social security partnership, SSS President and Chief Executive Officer Robert Joseph Montes De Claro and DoubleDragon Corporation Chairman Edgar “Injap” Sia II formally signed a Memorandum of Agreement (MOA) to register DoubleDragon as a Contribution Subsidy Provider.
De Claro thanked DoubleDragon Chairman Sia for heeding the call of SSS last January for government and businesses to support Filipino workers and their families through the SSS Contribution Subsidy Provider Program (CSPP).
He said that DoubleDragon would fully subsidize the SSS contributions for 2,000 informal sector workers in Iloilo City and Roxas City for 12 months – a total commitment of P18.2-M – addressing the financial barriers that prevent workers from accessing essential social security benefits.
“This SSS contribution subsidy will not only support the 2,000 recipients but will also benefit their extended families,” De Claro explained. “It will provide these informal sector workers with the opportunity to join the SSS and gain access to its benefits.”
He expressed appreciation and gratitude to DoubleDragon and its Chairman for supporting SSS in their new role as a Contribution Subsidy Provider. “By offering access to social security, DoubleDragon is empowering these informal sector workers to have a safety net to rely on in times of need.”
“After all these years, almost three (3) decades since Mr. Injap Sia took out a corporate loan from SSS in 1997 followed by continuing SSS participation in capital market issuances of DoubleDragon up to the present, we are beaming with pride to have DoubleDragon give back to SSS and Filipino workers as a Contribution Subsidy Provider,” De Claro further said.
Under the CSPP, SSS partners with contribution subsidy providers, who may be private or government entities, who commit to paying the contributions on behalf of selected self-employed workers, land-based Overseas Filipino Workers (OFWs), and voluntary members of the SSS. The minimum subsidy period under the program is six (6) consecutive months.
As a CSPP partner, DoubleDragon aims to make a significant impact in the lives of those who need it most – workers in the informal economy.
“I would like to thank PCEO Jay for this contribution program, giving entrepreneurs like me a chance to be able to pay it forward and to be able to assist and help thousands of our countrymen who needed some lift in life,” Sia said.
Sia believes that DoubleDragon’s partnership with the SSS can positively affect thousands of Filipinos. He shared that this collaboration is his way of reciprocating the assistance he received from the SSS when he was an emerging entrepreneur, noting that the SSS provided him with a corporate loan that enabled him to build a 59-room hotel in Iloilo City in 1997.
After 28 years, Sia remains grateful for the credit facility and looks forward to a continuing, meaningful partnership with the SSS in the years ahead.
