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Preparing for Business Permit Renewal in the Philippines: A Comprehensive Guide for 2025 As 2025 approaches, businesses in the Philippines must prepare for their annual business permit renewal to remain compliant with local regulations and avoid penalties. Timely renewal ensures smooth operations without interruptions. This guide provides an overview of the process, including requirements, steps for Bureau of Internal Revenue (BIR) registration renewal, and penalties for late submissions. Why Renewing Your Business Permit is Essential In the Philippines, businesses are required to renew their permits annually to operate legally under local government units (LGUs) and comply with national and local tax laws. Failure to renew on time can result in hefty fines, penalties, or even suspension of business operations. Key Dates for Business Permit Renewal The renewal period runs from January 1 to January 20  each year. Completing the renewal within this timeframe ensures compliance and prevents delays in operations. Step-by-Step Guide to Business Permit Renewal 1. Prepare the Required Documents Gather these documents before starting the renewal process: Previous year’s business permit (original copy) Financial and audited financial statements (for corporations) Occupancy Permit, Building Permit, and Tax Declaration Valid ID of the owner, or the representative ID If with representative Special Power of Attorney, or Corporate Secretary DTI or SEC registration documents (if applicable) 3. Proceed to Your City or Municipal Hall Visit your LGU’s Business Permits and Licensing Office (BPLO) to submit the required documents and pay renewal fees. Costs may vary depending on business type, gross sales, and LGU-specific factors. 5. Update Your Books of Accounts Ensure that your journals and ledgers are updated, registered with the BIR, and ready for the new fiscal year. 6. Renew Additional Permits and Licenses Depending on your business type, you may need to renew permits such as: Fire Safety Inspection Certificate (FSIC) Sanitary permit Environmental permits (if applicable) Check your LGU’s specific requirements for any additional permits. Penalties for Late Business Permit Renewal Failure to renew on time can res ult in: Late fees : 25% of the total business tax due. Interest charges : 2% monthly interest on unpaid fees until settled. Temporary closure : LGUs may suspend or close non-compliant businesses until permits are updated. Simplify the Process with Expert Assistance Renewing a business permit can be a time-consuming and complex process. HK Consulting offers professional services to streamline this process, ensuring compliance and saving valuable time. Their team can: Handle document preparation and submission. Coordinate with LGUs, the BIR, and regulatory bodies. Update and register books of accounts. Renew additional permits like fire safety and sanitary certifications. By partnering with experts, you can focus on growing your business while ensuring all regulatory requirements are met. Stay ahead of the renewal deadline and secure the future of your business for 2025. Contact us through any of the channels below: Contact us: +639088771218 Send an email to:   support@hkcasi.com

Properly transferring a real estate title in the Philippines is essential to secure legal ownership and avoid future conflicts. Though the process can be lengthy and complex, it is crucial to avoid potential legal issues and financial loss. Here’s a simplified guide to help you navigate the process for a smooth transition of ownership. Common Problems: 1. Unregistered Sales: Failing to register a sale and transfer the title can lead to disputes, especially if the original owner passes away. 2. Incomplete Documents: Missing essential documents can create problems in the transfer process. 3. Corporate Sales: If a company sells a property and dissolves before completing the title transfer, the buyer may face challenges. Step-by-Step Guide I. Preparation 1. Documents for Deed of Sale: • Deed of Absolute Sale • Payment Acknowledgment • Affidavit of Non-Tenancy (if applicable) • Affidavit of Land Holdings (if applicable) 2. Signing Documents: • Both parties sign the Deed of Sale and Acknowledgment Receipt. • The seller signs the Affidavit of Non-Tenancy (if applicable). • The buyer signs the Affidavit of Land Holdings (if applicable). 3. Additional Documents: • 2 government-issued IDs for both parties • Tax Identification Number (TIN) for both parties • Original Owner’s Duplicate of Title • Marriage Contract (if applicable) • Previous Certificate Authorizing Registration (CAR) • Tax Declaration • Real Property Tax (RPT) Receipts • Special Power of Attorney (SPA) if needed 4. Notarization: Have all signed documents notarized. II. Payment Calculations and Certified Copies 1. Bureau of Internal Revenue (BIR): Obtain computations for Documentary Stamp Tax (DST) and Capital Gains Tax (CGT). 2. City Treasurer’s Office: Get computations for Transfer Tax and Tax Clearance. 3. City Assessor’s Office: Request a Certified True Copy of the Tax Declaration. 4. Registry of Deeds: Obtain a computation for the Registration Fee and a Certified True Copy of the existing title. III. Prepare Payments 1. Deadlines: • CGT: 30 days after notarization of the Deed of Sale. • DST: 5th day of the month following notarization. • Transfer Tax: 60 days from the date of the Deed of Sale. • Registration Fee: 1 year from CAR release date (with possible 6-month extension by BIR approval). IV. Process Payments 1. BIR: • Submit required documents to ONETT for computation. • Pay DST and CGT at an Accredited Agent Bank. • Return to BIR to file the documents and get the new CAR. 2. City Treasurer’s Office: • Submit the Deed of Sale and IDs. • Pay the Transfer Tax and get the Transfer Tax Clearance. 3. Registry of Deeds: • Submit the CAR, Deed of Sale, and Transfer Tax Clearance. • Pay the registration fee. V. Follow Up 1. Registry of Deeds: Track the application for the new title. Once issued, submit a copy to the City Assessor’s Office. VI. New Tax Declaration 1. City Assessor’s Office: Present the new title to obtain a new Tax Declaration. Final Reminders Pay close attention to details to avoid delays. Always bring original documents when uncertain, and be prepared for possible wait times. Following these steps will help ensure a smooth and legal transfer of the real estate title. CTTO For more information please email us at support@hkcasi.com or you may call us at 09088771218.

How to Avail the SEC ECIP for 𝐒𝐔𝐒𝐏𝐄𝐍𝐃𝐄𝐃 𝐀𝐍𝐃 𝐑𝐄𝐕𝐎𝐊𝐄𝐃 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐈𝐎𝐍𝐒 Need help availing the SEC’s Enhanced Compliance Incentive Plan (ECIP) for suspended or revoked corporations? No worries! Here’s a step-by-step tutorial video to guide you through the process. Check out the time stamps for easy navigation: 0:00:00-0:01:43 Overview of the ECIP 0:01:44-0:02:43 How to Avail the ECIP on eFAST 0:02:44-0:07:15 Payment of Petition Fee and Submission of Documents 0:07:16-0:07:55 Payment of 50% of Fines or Penalties 0:07:56-0:09:10 Important Reminders Corporations have until November 30, 2024, to apply. Don’t miss out—avail now! #SECEnhancedComplianceIncentivePlan #EasyAtSEC #HKCASI 👉 Watch the eFAST enrollment tutorial video: bit.ly/eFASTtutorial”

As of July 2024, the Philippines government began imposing a 12 percent VAT on non-resident (foreign) business-to-customer (B2C) services through Senate Bill 2528. The move aims to ensure a more competitive environment for local digital service providers. The Philippines joins other countries in the region who sought to gain more tax revenue from foreign digital service providers. Singapore, Indonesia, and Malaysia introduced regulations to impose digital tax in 2020, while Thailand introduced a VAT on foreign digital service providers in 2021. Under the Bill, foreign digital service providers are responsible for collecting, assessing, and remitting the value-added tax. The country’s Department of Finance anticipates the Bill to generate an estimated PHP 83.8 billion (US$1.4 billion) between 2024 and 2028. From this total, lawmakers plan to earmark five percent to develop the local creative industries. Definition of digital service and digital service provider Senate Bill 2528 defines a digital service as ‘any service supplied over the internet or electronic network with the use of information technology and where the supply of the service is automated’. As such, this can include any of the following: Cloud service; Online marketplace; Digital goods; Search engines; Online media; and Online platforms. A digital service provider is defined as either a ‘resident or non-resident supplier of digital services to a consumer who consumes digital services subject to VAT in the Philippines’. The digital service provider is considered a non-resident if it has no physical presence in the country. VAT registration The digital service provider must register for VAT purposes if their gross sales for 12 months exceed PHP 3 million (US$53,397). The Bureau of Internal Revenue aims to establish an automated registration system to facilitate these registrations. Remitting VAT to the Bureau of Internal Revenue If the customer is non-VAT registered (B2C transactions), the digital service provider is responsible for assessing, collecting, and remitting the VAT on the digital services. However, if the customer is VAT-registered (B2B transactions) then it is the responsibility of the customer to withhold and remit the VAT to the Bureau of Internal Revenue under the reverse charge mechanism. If a VAT-registered nonresident digital service provider is classified as an online marketplace, it must also pay VAT on transactions made by nonresident sellers on its platform. This applies if the marketplace controls key aspects of the sale and does any of the following: (a) sets the terms and conditions for selling goods; or (b) is involved in ordering or delivering the goods. VAT exemptions Online courses, seminars, and training provided by private educational institutions accredited by DEPED, CHED, or TESDA, as well as those offered by government educational institutions will be exempt from VAT. Additionally, the sale of online subscription-based services to DEPED, CHED, TESDA, and educational institutions recognized by these agencies will also be VAT-exempt. Furthermore, financial services provided by banks and non-bank entities through digital platforms will be included as VAT-exempt transactions. Impact on the Philippines’ digital economy The introduction of a 12 percent VAT on foreign digital services in the Philippines is expected to have significant implications for the country’s digital economy. On one hand, the tax aims to level the playing field between local and foreign digital service providers, ensuring fair competition and potentially boosting domestic businesses. Additionally, the anticipated revenue of PHP 83.8 billion from this measure will provide the government with crucial funds to invest in the local creative industries, fostering innovation and growth. However, the new VAT could also increase the cost of digital services for consumers and businesses, potentially impacting the affordability and accessibility of these services. Foreign providers may pass on the cost to customers, which could reduce demand or limit the variety of services available in the market. Balancing these factors will be crucial as the Philippines navigates its digital transformation while maintaining a competitive and inclusive environment for all players in its digital economy. Link: https://www.aseanbriefing.com/news/philippines-imposes-new-vat-rate-on-foreign-digital-services/

Good News! PCAB "Pakyaw" Contractors License Application NOW ONLINE! PCAB Online Licensing Portal: https://pcab.construction.gov.ph or https://pcabgovph.com "Pakyaw" Contractors License Purpose: "To provide for a facility to legitimize the operation of small scale contractors" - PCAB Board Resolution No. 123, Series of 2022 Updated "Pakyaw" Contractors License Application Requirements "Pakyaw" Contractors License Application Process Flow "Pakyaw" vs Regular Contractors License "Pakyaw" vs Regular Contractors License "Pakyaw" vs Regular Contractors License "Pakyaw" vs Regular Contractors License "Pakyaw" vs Regular Contractors License FAQ #1: I already have a Regular Contractor's License. Can I apply for a "Pakyaw" Contractor's License? - No. An Authorized Managing Officer (AMO)/Proprietor can only represent one company at a time. It is not allowed to be the AMO/Proprietor of two companies simultaneously. FAQ #2: When is the schedule for the 1-Day Entrepreneurial Course and where can I attend the seminar? You may contact the Construction Manpower Development Foundation for the schedule and venue of the mentioned seminar. FAQ #3: When is the schedule for the 1-Day Safety Seminar and where can I attend the seminar? You may contact the Construction Manpower Development Foundation or the Philippine Contractors Accreditation Board (PCAB) for the schedule and venue of the mentioned seminar. FAQ #4 - Can I upgrade my "Pakyaw" Contractor's License? - No. The contractor is advised to apply for a Regular Contractor's License instead. FAQ #5: Can I use the "Pakyaw" Contractor's License anywhere in the Philippines? - Yes. The "Pakyaw" Contractor's License can be used anywhere in the Philippines. Reminder: This can only be utilized for Private Projects. Source: https://web.facebook.com/photo/?fbid=386902040222565&set=pcb.386860776893358 Contact us today at: +639088771218 or email us: hkconsultinginc30@gmail.com

Nagtatapos ba sa 1 or 2 ang SEC registration or license number ninyo? Ngayong April 29 na ang simula ng deadline para sa pagpapasa ng inyong annual financial statements (AFS)! Tandaan na simula April 29 hanggang May 10 ang deadline ng pagpapasa ng AFS para sa inyong korporasyon, alinsunod sa coding schedule na itinakda ng SEC. Siguraduhing on time makakapagpasa nang makaiwas sa multa para sa late filing. Para sa mga nag-avail ng SEC Amnesty Program, huwag sayangin ang pagkakataong binigay na maibalik sa good standing ang inyong kompanya. Take note of the reminders below! Source: https://www.sec.gov.ph/mc-2024/sec-mc-no-02-series-of-2024/#gsc.tab=0 For information & assistance: Call us at +639088771218 or email us at hkconsultinginc30@gmail.com

FDA Advisory No.2024-0639 Section V.B.3.C of FDA Circular No. 2020-030, entitled “Guideline for the Use of the FDA eServices Portal System for License to Operate (LTO) Application of Drug Distributors, Drug Traders, Drugstores, Retail Outlets for Non-Prescription Drugs (RONPD), Contract Research Organizations (CRO) and Sponsors” under Change of Qualified Person initially registered with the FDA requires a Signed Letter of Resignation duly noted by the former employer, if previously connected with another pharmacy/establishment. As such, verification of the Pharmacist as the Qualified Person is imperative, including registration, based on FDA records, with any drug establishment licensed with the FDA. However, there are instances where the Pharmacist cannot provide a resignation letter duly signed by the former employer due to some reasons, resulting to non-acceptance of the LTO application. In view of the foregoing, all concerned Pharmacists who are applying as the Qualified Person of a drug establishment are hereby advised that submission of a duly notarized Affidavit of Undertaking as an alternative document shall be accepted under the following circumstances: If the Pharmacist cannot provide a resignation letter duly acknowledged/noted by the former employer due to personal issues or differences which caused the refusal of the employer to accept the pharmacist’s resignation; When the Pharmacist vehemently denies that he/she has never been employed or connected to any drug establishment; When the Pharmacist claims that he/she has initially applied to be the company’s registered Pharmacist but later decided to withdraw her license without her knowing that her license has been used by the said company; or Such other circumstances as maybe determined by the FDA. For information of all concerned stakeholders. Source: https://www.fda.gov.ph/fda-advisory-no-2024-0639-clarification-on-the-requirements-for-change-of-qualified-person-initially-registered-in-a-licensed-drug-establishment/

By definition, compliance is an act or fact of complying to a wish or command. In general, compliance is about conforming to the rule, a certain specification, a policy, standard or law. So why therefore is compliance so important? In the workplace for example, compliance constitutes a set of processes used to ensure that a team is able to uphold certain rules that make up the organization they belong to. For some companies or organizations, it may include what your company stands for such as policies, work ethics and written values. In business, compliance is so important because it forms a part of your organization’s duties with respect to the community it belongs to while building trust. In the area of safety, certain products and utilities must comply with standards in order to protect people. And last but not least, and perhaps at most, especially in recent events, compliance heightens consistency simply by adhering to the rules. While the hottest topic nowadays revolve on the idea of change, a simple act of compliance can become a powerful tool especially for lasting change. By training ourselves to abide by a proper code of conduct, errors and misunderstandings can be prevented while providing everyone with a healthy atmosphere not only in the workplace but especially in the community they serve. Reference: https://www.philstar.com/opinion/2018/09/07/1849326/importance-compliance

OSC may apply for its conversion into an OPC. If a single stockholder has acquired all the outstanding capital stock of an OSC with corresponding Certificate Authorizing Registration or tax clearance having been issued by the BIR Single stockholder must be a natural person of legal age, a trust or an estate. Upon  issuance  of the  Certificate  of  Filing  bof Amended  Articles  of    Incorporation  by  the  SEC  reflecting  the  conversion  to  OPC,  the  Articles  of   Incorporation  and  By-laws  of the  OSC  shall  be deemed  superseded. The  date  of issuance of the Certificate of Filing of Amended Articles  of Incorporation  shall  be deemed  as the date  of approval  of the  conversion. The OPC  converted  from  an  OSC shall succeed the latter and be legally responsible for all the  latter’s  outstanding  liabilities  as of the date  of  approval  of the  conversion. OPC may be converted to OSC. When the shares in an OPC ceases to be held solely by a single stockholder. Notice to SEC of the facts and circumstances leading to be conversion is required; Following  the  transfer/s   of  shares   in  an  OPC  wherein   there   becomes  at  least  two  (2)  stockholders  in  the  OPC,  a  Notice  of  Conversion  of  OPC into an OSC shall  be filed  with   the  Commission  within  sixty  (60)  days  from  such  transfer/s  of  shares.  The  period for filing the Notice shall  be observed even though the conversion will  be  applied for,  or will take  place,  afterwards. For  the   purpose  of  submitting  the   notice,   the  date  of transfer  of  shares  shall  be  deemed  to  be  the  date  that  the  corresponding  Certificate  Authorizing  Registration/  tax  clearance  is issued  by the  Bureau  of  Internal  Revenue. If the  Notice  of  Conversion  is filed  with  the  Commission  beyond  sixty  (Upon  issuance  by the SEC  of the Certificate  of Filing of Amended Articles of  Incorporation  and of By-laws  reflecting the conversion to an OSC60)  days  from  the  transfer  of  shares,  the  OPC  may  still  be  approved  for  conversion  into  an  Ordinary  Stock  Corporation  subject  to  prior  payment  of  penalty Upon  issuance  by the SEC  of the Certificate  of Filing of Amended Articles of  Incorporation  and of By-laws  reflecting the conversion to an OSC,  the  Articles  of  Incorporation  of the  OPC  shall  be deemed  superseded. The  date  of  issuance  of the Certificate  of  Filing of Amended  Articles  of  Incorporation and  of  Bylaws  shall  be deemed  as the date  of approval  of the  conversion. The  OSC converted  from  an OPC shall succeed the latter and be legally responsible for all the  latter’s  outstanding  liabilities  as of the  date  of  conversion. By reason  of the  nature  of these  corporations,  the conversion  from  an OSC to OPC shall  be deemed  as optional. On the other hand, the  conversion  from an OPC  to OSC  shall  be deemed  as  mandatory,  unless when  winding-up  and  dissolution  is  appropriate. Reference: SEC Memorandum Circular No. 27 s. 2020. Email us at info@hkcasi.com / +639088771218

Legal Requirement: It is a legal obligation for individuals and businesses to file their annual income tax returns as mandated by the Philippine tax laws. 2. Compliance: Filing income tax returns ensures compliance with tax regulations set by the Bureau of Internal Revenue (BIR), the government agency responsible for collecting taxes in the Philippines. 3. Avoid Penalties: Failure to file income tax returns or late filing may result in penalties, fines, or legal consequences imposed by the BIR. 4. Documentation: Filing income tax returns provides documented proof of income earned and taxes paid, which may be required for various purposes such as applying for loans, securing visas, or other legal matters. 5. Access to Government Services: Filing income tax returns is often a prerequisite for accessing government services, benefits, or entitlements. 6. Contribution to Nation-Building: Taxes collected from income tax returns contribute to funding government programs and services, including infrastructure, education, healthcare, and social welfare initiatives, which benefit society as a whole. What is an Income Tax Return? According to the Bureau of Internal Revenue, an income tax is a tax on your salary or income, profits from property, emoluments, professional practice or business, and other gross income sources that correspond to an income tax rate. Meanwhile, a tax return is a cashback of the extra taxes you paid during a specific tax year. Whether you’re a working individual or a business, you must file an income tax return (ITR) annually for earning revenue during the year. As a Filipino citizen, you must pay taxes on your income, regardless of its source. As for aliens or foreigners, only income derived from sources inside the Philippines is taxed. The following types of income are tax deductible: compensation from any employer-employee relationship, including commissions, fringe benefits, and taxable bonuses; revenue from professional practice, trade, sale of assets, rental activities, and business; and passive income from these sources: interest from Philippine or foreign currency bank accounts, royalties, prizes (like the lottery), dividends, sales of rental property, shares of stocks and an informer’s reward. Who Is Required to File an ITR Citizens or foreigners residing in the Philippines and receiving income inside or outside the country must file an ITR. Companies usually file their employees’ ITRs, while freelancers and business owners do it themselves. In 2021, there were about 26.8 million individual 26.8 million individual taxpayers. The list below shows individuals and non-individuals who are required to file their ITRs. Individuals Resident citizens who receive money from domestic or international sources –this includes those who have single or several employers within the tax period, are self-employed and professionals with mixed-income and are earning from non-business and non-professional income; Non-resident citizens who earn money from Philippine-based sources; and Resident or non-resident foreign nationals who receive income from the Philippines. Non-individuals Corporations and partnerships, regardless of their structure or formation; Domestic businesses that receive money from both domestic and international sources; Foreign companies that earn income in the Philippines; and Estates and trusts that are in business or trade. Who Is Exempted from Filing an Income Tax Return? Although most earning individuals must observe income tax filing in the Philippines, exemptions apply to the following: a person earning minimum wage; a person whose gross income is not greater than the exemptions for personal and other items; a person whose annual income from a single employer is below ₱ 60,000 from which the income tax has been correctly withheld; a person who had final withholding tax applied to their income; a person eligible for substituted filing; an overseas Filipino worker (OFW); a non-resident Filipino citizen who is not staying in the Philippines but disclosed to the BIR that they would remain abroad; a non-resident Filipino citizen who leaves the Philippines during the tax year to live overseas for permanent employment or as an immigrant; a non-resident Filipino citizen who works and is paid abroad; and a Filipino citizen who was previously a non-resident citizen. Which BIR Form Do I Use for My Income Tax Preparation? You can identify the different BIR forms by their number. The correct BIR form number depends on your earning status or business type. Individuals BIR Form 1700 is for reporting earnings solely from compensation, non-business income or professional income. BIR Form 1701A is for reporting income from your business or profession. This form also applies if you avail of the 8% fixed income tax rate. BIR Form 1701 is for reporting earnings as self-employed. BIR Form 1701Q is for reporting quarterly income. Non-individuals BIR Form 1702-EX is for corporations, partnerships, and other non-individuals exempted under the Tax Code and other special laws and have no other taxable income. BIR Form 1702Q is for reporting quarterly income. BIR Form 1702-MX is for reporting mixed-income, which is subject to varying tax rates. This form also reports earnings that are eligible for a special rate. BIR Form 1702-RT is for reporting income subject to a regular or fixed tax rate. When is Your Income Tax Due? Whether you are manually filing or doing it online, the deadline for submitting your income tax return is every April 15. Late filing counts as a penalty, requiring you to pay a fine of an additional 25% of the balance owed and a 20% interest charged yearly from the payment’s due date. Get Your Taxes in Order Many processes and practices are necessary when you’re running a business. Whether a small or big entity, it’s crucial to stay compliant by filing an income tax return. If you want your tax filing to be stress-free or need any assistance with tax accounting, online bookkeeping, and accounting firm services, check out our services at HKCASI. We assist startups and SMEs through various services. To learn more, contact us today! Call us at: +639088771218 Email us at: info@hkcasi.com Source: https://www.bir.gov.ph/index.php/bir-forms/income-tax-return.html https://www.facebook.com/reel/1693948604466708

Social Security System (SSS) Executive Vice President for Investments Sector Rizaldy T. Capulong said that SSS President and Chief Executive Officer Rolando Ledesma Macasaet announced the condonation of penalties of members with past-due loans to help them regain their good standing with the SSS and once again avail of SSS loans. Capulong urged members with unpaid short-term member loans to avail of the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty (Conso Loan), wherein SSS will waive the penalties of their unpaid loans. “We listen to the clamor of our members and one of which is to offer a condonation program for those who have past-due loans,” Capulong said. Under the Conso Loan program, Capulong explained SSS shall combine the principal and interest of a member’s past-due short-term member loans into one consolidated loan while all unpaid penalties shall be consolidated and condoned or waived upon full payment of the consolidated loan. Capulong said that members with outstanding loan obligations in their salary, calamity, emergency, and restructured loans, including the Salary Loan Early Renewal Program (SLERP), are qualified to avail of the program. “We want to persuade our members with unpaid loans to grab this opportunity to pay their past-due loans without penalties through an easy payment scheme. We launched this program as a relief to aid our members who find it challenging to fulfill their loan obligations with the SSS. This offer is available while the program lasts,” Capulong said. He added that interested members must meet the following requirements to qualify for the program: have a past-due short-term member loan at the time of their application; have not been granted any final benefit such as permanent total disability or retirement; have not been disqualified due to fraud committed against the SSS; and have an active My.SSS account. He said members may submit their application for the Conso Loan program online through their My.SSS account. “Members may pay their consolidated loan through a one-time payment within thirty (30) calendar days after receiving the approval notice, or they may also opt to pay through installment,” he said. For the installment scheme, Capulong explained members must pay a down payment equivalent to at least 10% of the consolidated loan within thirty (30) calendar days after receiving the approval notice. Meanwhile, they can pay the remaining balance for up to 60 months, wherein the length of the installment term depends on the amount of the unpaid loan. However, he noted that if the member fails to meet the payment terms based on the consolidated loan agreement, SSS will deduct the outstanding balance of the consolidated loan from the short-term benefits (sickness, maternity, or partial disability benefit claims) and final benefits (permanent total disability, death, retirement), as authorized by the Social Security Commission (SSC). He added that the outstanding balance of the consolidated loan can also be deducted from the death benefit of the members’ beneficiaries or deducted from the actual final benefit claims. As of December 2023, Capulong said that more than half a million members has availed of the Conso Loan program and SSS has already condoned more than P7.3 billion loan penalties. 06 March 2024 Reference: https://www.sss.gov.ph/sss/appmanager/pages.jsp?page=PR2024_003&fbclid=IwAR1OumnmebyUCjUjMNuQc74pccAE3jjA14tCFNt7k4Y7WpWJyOmKULpXWL4

As the year draws to a close, it’s time to gear up for potential updates in various government agencies’ rates and fees, including the Social Security System (SSS). Every new year may usher in changes, and it’s important to be informed about these adjustments. Below, we outline the current effective contribution rate tables from the SSS. If there are any changes to these rates, we will be update them here to keep you in the loop. Employer Responsibilities and Contribution Payments to SSS Employers in the Philippines are responsible for remitting employee and employer premiums to the Social Security System. These payments are vital for ensuring complete SSS postings and securing entitlement to SSS benefits for employees in times of need. In the past, the SSS established contribution payment deadlines based on the last digit of an employer or member’s SSS number. However, for the year 2023, the agency encouraged members to submit payments on the last day of the subsequent month or quarter. When to Make SSS Contribution Payments When it comes to remitting SSS contributions, the schedule varies depending on your membership status: For regular employers, SSS accepts payments every last day of the following month. If you’re self-employed, you must remit payments by the last day of the subsequent month or quarter. Members of the informal economy, such as farmers and fisherfolk who are self-employed, have the flexibility to make contributions at any time throughout the year. Keeping track of these timelines and ensuring timely contributions is crucial for both employers and individual members. This compliance not only fulfills obligations but also secures access to the array of benefits that the Social Security System offers. SSS Contribution Tables for 2024 Employer (ER) and Employee (EE) Employer (ER) refers to the entity or individual who hires employees and is responsible for deducting SSS contributions from their employees’ salaries. Employers are mandated by law to remit these contributions, along with their own share, to the SSS on behalf of their employees. Employee (EE) refers to the individual hired by an employer who contributes a portion of their salary to the SSS. Employees have their contributions deducted from their wages by the employer and these contributions are crucial for their social security benefits, such as retirement, disability, sickness, maternity, and other related benefits provided by the SSS. Household Employer (HE) and Kasambahay/Household Employee (HE) In the Philippines, the Household Employer (HE) and Kasambahay/Household Employee (HE) refer to the relationship between a household employer and their domestic worker, commonly known as a kasambahay or household employee. The SSS mandates that household employers register their kasambahay with the SSS to provide them with social security benefits and protection. The household employer is responsible for ensuring the enrollment of their kasambahay in the SSS, paying their contributions, and facilitating their access to benefits such as health insurance, retirement, and other social security privileges. Self-Employed Member A Self-Employed Member refers to someone who works for themselves, without an employer-employee relationship. These individuals include freelancers, entrepreneurs, professionals, and those who run their own businesses. As a self-employed member of the SSS, they must make regular contributions to the SSS fund to avail themselves of various benefits such as retirement, disability, sickness, maternity, and death benefits. Their contributions are calculated based on their declared monthly earnings. Contact us You can submit to the contact form above or just drop us a message using the email below hkconsultinginc30@gmail.com Reference: https://www.tripleiconsulting.com/sss-contribution-table-for-2024/