#sss

GSIS registered over PHP 1.5 trillion in total assets as of 2021, while SSS reported over 702.4 billion in total assets also during the same period (2021). To recall, the founding GFIs would be the GSIS, SSS, LANDBANK, and DBP. The Social Security System (SSS) and the Rizal Commercial Banking Corporation (RCBC) have recently signed a pact to make every SSS member part of the financial system through the Unified Multi-Purpose Identification (UMID) Pay Card at the SSS Main Office in Quezon City. Regino has said that RCBC will begin issuing UMID Pay Cards to SSS Members by Q1 of 2023. “SSS and RCBC are already in the process of systems integration, and we are looking forward to rolling it out early next year,” -- Michael G. Regino, SSS President, and CEO The problem the UMID Pay Card attempts to solve is that most Filipinos do not have a bank account due to the lack of identification requirements like a valid ID or enough money to open a bank account. The UMID Pay Card bank account will also require no starting and maintaining balance and shall be the default disbursement account where proceeds of one's SSS benefits and loans be credited. Through the UMID Pay Card, SSS members can check their balance, withdraw cash, transfer funds, pay bills, or deposit cash through RCBC branches, ATMS, and online banking facilities. Read more in our articles including "FAQ: What do we know about the Maharlika Investments Fund?" and "SSS & RCBC partner to promote financial inclusion through the UMID Pay Card".