Medialdea: Duterte signs into law SSS Rationalization Act, and New Central Bank Act

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Metro Manila (CNN Philippines, February 15) — President Rodrigo Duterte has signed into law two more economic bills including one extending social security benefits to more overseas Filipino workers, Executive Secretary Medialdea confirmed on Friday.

The Social Security Act of 2018 would give compulsory Social Security Systems (SSS) coverage to land-based and sea-based overseas Filipino workers. The move is expected to increase the number of OFWs covered by SSS from 500,000 workers to 2.5 million.

It would also give the SSS Commission more power to decide on the monthly contribution of members, allowing the Commission to increase it after an actuarial survey.

The New Central Bank Act aims to strengthen the regulatory powers of the Bangko Sentral ng Pilipinas (BSP) by putting more forms of financial institutions under its purview.

It would also give the BSP the power to sanction those who transfer or acquire substantial shares of banks and other financial institutions without the central bank's approval.

Once implemented, the capitalization of the BSP would increase to ₱200 billion from ₱50 billion.

Duterte also vetoed parts of a bill on tax amnesty, but Medialdea did not say which provisions or why they were struck down.

In total, Duterte signed into law Friday the SSS Rationalization Act, the New Central Bank Act, the Rice Tariffication Act and a bill giving discounted rates for political ads.