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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 28 - FURTHER
AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 1161, AS AMENDED,
OTHERWISE KNOWN AS THE SOCIAL SECURITY LAW
WHEREAS, paragraph (c) of Sec. 4
Republic Act No. 1161, as amended, authorizes the Social Security
Commission to provide for the feasible increases in benefits and the
addition of new ones under such rules and regulations as the Commission
may adopt subject to the approval of the President, provided that the
actuarial stability or solvency of the Reserve Fund shall be
guaranteed, and provided further that such increases in benefits shall
not require any increase in contribution;
WHEREAS, the benefit structure for the low income group must constantly
be upgraded to keep pace with the changing patterns of the social and
economic development;
WHEREAS, actuarial studies conducted by the Social Security System show
that certain income benefits provided for under Republic Act No. 1161,
as amended, can be increased without adversely affecting the actuarial
stability or solvency of the Social Security System Reserve Fund;
WHEREAS, an employer-member of the Social Security System who fails to
remit the monthly contributions when they fall due is required to pay
in addition to the contributions, a penalty of three percent (3%) per
month from the date the contributions fall due, until they are paid;
WHEREAS, the imposition of a three percent (3%) penalty per month has
added to the burden of the employers inasmuch as after sometime the
amount of penalty could even be more than the contributions due.
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
“Sec.
12(b).
Sec. 2.
“Sec.
13-B.
Sec. 3.
“Sec.
14.
(1)
Sec. 4.
“Sec.
22(e).
Sec. 5.
Sec. 6.
DONE in the City of Manila,
this 16th day of July, in the year of Our Lord, nineteen hundred and
eighty-six.
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