SSS gets COA’s highest audit rating for 2020 financial statements

Wazzup Pilipinas!?


The Social Security System (SSS) received an “unmodified” opinion from the Commission on Audit (COA) for its financial statements for calendar year 2020, the highest audit rating that may be given to government agencies by state auditors.

“We rendered an unmodified opinion on the fairness of presentation of the financial statements of SSS as at and for the years ended December 31, 2020 and 2019, with emphasis on the recognition of Insurance Contract Liability in the SSS’ financial statements in compliance with the policy directive of the National Government requiring government insurance institutions to adopt the PFRS [Philippine Financial Reporting Standard] 4 – Insurance Contracts effective CY 2020,” the Auditor's Opinion in the Executive Summary of COA's Annual Audit Report on SSS stated.

An unmodified opinion means that the auditor was satisfied with the submitted financial statements as these have met the requirements demanded by regulations and were prepared in accordance with accounting principles, criteria, and standards.

SSS President and CEO Aurora C. Ignacio gratefully accepted the COA audit opinion on the 2020 financial report. She said, despite the COVID-19 pandemic, the SSS continued to pursue its mandate of providing meaningful social security protection to its members and their beneficiaries through a culture of excellence in management grounded upon sound and efficient policies and best practices.

“For CY 2020, SSS' total cash inflow from the collection of members’ contribution and proceeds from investments and other income reached P231.51 billion, which surpassed its total cash outflow of P205.52 billion from payments to members and beneficiaries and payments for operations, resulting in a net cash generated from operating activities of P25.99 billion,” Ignacio said.

SSS assets in 2020, on the other hand, grew by P38.61 billion or 6.4 percent to P639.99 billion from P601.38 billion in 2019.

With the change in its financial reporting standard starting with its 2020 financial statements, SSS' Social Benefit Liabilities (SBLs) are now presented in its liabilities. In previous years, SSS' SBLs were presented in the Notes, which forms an integral part of its financial statements.

The SSS also reported that based on its 2019 Actuarial Valuation, its fund life is projected to last until 2054.

Philippine Army donates 4million to GMA Kapuso Foundation

Wazzup Pilipinas!?

The Philippine Army donated P4 million to GMA Kapuso Foundation intended for the benefit of those affected by typhoon Odette.

Here's the AFP press statement on their response to #OdettePh.:

"In close coordination with the National Disaster Risk Reduction and Management Council, our disaster response operations are ongoing in areas that were and will be affected by Typhoon Odette. 

These include emergency evacuations, search and rescue, clearing, and transport assistance for the delivery of relief goods.

As the lead agency of the Search, Rescue, and Retrieval Cluster, we have mobilized units from our regional commands to the battalion level to ensure the widest coverage possible. 

Air and naval assets are also on call and ready for deployment to support the national and local disaster risk reduction and management councils and other response clusters. 

Other units that are not in the typhoon's path are also on standby to provide support when necessary.

In this trying time, we enjoin those who can help to extend assistance in any way they can to those who are badly affected by this typhoon. Help is on the way and the AFP along with other government agencies are working 24/7 to reach those who are in need."

But why are they donating P4 million to a private, media-related foundation for its relief efforts when it could have given the funds to government agencies directly involved in disaster relief? Why not to NDRRMC, DSWD or to those affected LGUs?

Based on the AFP press statement on their response to #Odette, I don't see giving donations to private foundations in its scope of operations. 

The Oceanic Jewels of the Southeast Asia

Wazzup Pilipinas!?

 

Southeast Asia is a beautiful destination for a laid-back sailing trip with its warm climates, crystal blue seas and white sandy beaches. This region includes mainland locations such as Thailand, Burma, Cambodia, Vietnam, Laos and Cambodia, as well as the island countries of Malaysia, Singapore, Indonesia, the Philippines and Brunei.

The tourism industry supports more than 42 million jobs across South East Asia and contributed almost $400 million US dollars to the economy in 2019. One of the most visited countries is Thailand, followed by Malaysia and then Singapore.

While it is possible to join a group boat tour in many of these locations, hiring your own vessel from a company such as www.borrowaboat.com will give you the opportunity to explore at your own pace. Southeast Asia is ideal for visitors that enjoy adventurous activities such as exploring historical and cultural sights as well as water sports and scuba diving is likely to feature on your itinerary.

These are just some of the best locations you can visit on a sailing holiday in the Southeast region of Asia:


Thailand’s Sunset Beach in Koh Lipe


The famous Sunset Beach is a 400 meter stretch of white sand on the west coast of Koh Lipe. It is one of the quieter main beaches in the area but can still get busy during peak times.

This beach is ideal for swimming and watching the sunset. There are also several beach bars, with some food options and local delicacies. If you are intending to visit Thailand, why not sail through the crystal waters to this area of Koh Lipe for a relaxing day trip?



Paradise Beach of Bantayan Island

While you won't find a Starbucks or KFC on Bantayan Island, the tourist infrastructure is fairly well developed with luxury resorts and even 4G internet available to visitors.

Another beach worth visiting in Southeast Asia is Paradise Beach on Bantayan Island in the Philippines. This beach is in a secluded location and reaching it will require a motorbike or pump boat.

Due to its quiet location, there are no refreshments available on the beach, so be sure to pack yourself a picnic in advance. The ocean is also ideal for swimming here and snorkelling to see the diverse marine life is encouraged.

Entry to Paradise Beach costs visitors 50 pesos, which is surely worth it for some peace and tranquillity.



Ha Long Bay

Over in Vietnam, Ha Long Bay is a wonderful place to visit for sailing tourists. There are over 3000 limestone islands to explore. Considered to be a UNESCO World Heritage Site, the bay is one of the most popular destinations in the Quảng Ninh Province of the country.

There is a huge amount of biodiversity in Ha Long Bay, making it especially popular with snorkelling and scuba diving enthusiasts. Many geologists visit the area to study its natural rock formations and unique appearance.

If sailing through the area, be sure to stop off at Cat Ba Island. This island has some idyllic villages and a number of lesser-known beaches with white sands and calm waters. It is also great for hiking and cycling and if trekking through natural areas you will see rare wildlife such as langur monkeys and green and hawksbill turtles.



Hoi An Cham Islands

Also on your South East Asia bucket list should be a trip to the Cham Islands off the coast of Hoi An. It is wise to avoid this area during monsoon season between October and February and try to be there between June and August for the best weather and water conditions.

One of the best attractions of the Cham Islands is the Cu Lao Cham Marine Park, which sees a high number of scuba divers each year due to its impressive marine life. Within the reserve area there is thought to be around 410 acres of coral reefs and 1,200 acres of underwater plant life.

There is a lot of effort currently being put into sustainable development in the area, to ensure the islands can stay as a peaceful natural centre for biodiversity for many years to come.



Raja Ampat diving site

Lastly, the Raja Ampat diving site in the corner of Indonesia is teeming with marine life. Manta Sandy is one of the must visit locations within Raja Ampat, while Francisco’s Peak is a recently discovered dive site where you can spot rare species such as the phantom pipefish and wobbegongs.

If looking to see some natural coral then Friwin Island is the place to visit, this island is surrounded by coral and a known hotspot for White tip sharks in the deepest parts of the water.

These are just some of the top destinations to visit for those planning a sailing trip to Southeast Asia. Plan your itinerary out before you set sail to ensure you get the most out of your adventure to this diverse and beautiful part of the world.