The SSS, GSIS and education

Published by the Visayan Daily Star Publications, Inc.

NINFA R. LEONARDIA Editor-in-Chief & President

CARLA P. GOMEZ Managing Editor ANTONIETA B. LOPEZ Business Editor ODETTE MONTELIBANO Desk Editor MARY ANN BARCELONA Advertising Coordinator RENE GENOVE Bureau Chief, Dumaguete

ANDRES R. LEONARDIA Managing Director

A bill has been filed in the House of Representatives that would require government agencies like the Social Security System and the Government Service Insurance System to put up education trust funds, with functions similar to those of companies offering to hold the cash of policy holders to ensure the education of their children.

The bill is being considered because of the recent debacle among pre-need companies that had been collecting contributions from heads of families after convincing them that this will assure that their children will be able to acquire complete education, especially in college. As the whole country knows, several of those companies are now in the deepest trouble, after having been found out to no longer have the capacity to meet the obligations they had promised to their premium holders.

Angry parents have stormed the offices of such pre-need firms, but until now, they continue to be frustrated as they try to cope with the reality that the money they had set aside, putting their trust in those companies, is now gone. Their anger is also fueled by the fact that they had scrimped on other needs and deprived themselves of many things just so they could make sure that the education of their children is taken care of.

The proposed bill will, hopefully, prevent more Filipino families from being duped into such schemes as what the pre-need companies had presented to them. The proposal, however, would require additional deductions from members who, at this time when the cost of living is so high, and the prospect of higher taxes is looming over them, may find it an unbearable burden.

But the GSIS and SSS have long been funding other enterprises, businesses, industries and other entities through loans that are supposed to earn interest, but, as has been shown, turned out to be bad ones. Why couldn't these agencies, therefore, also invest in the future of the Filipino child by providing education loans for them? This would be an investment that could make a big difference in the future, not only of the youth, but of the country as well.*