Sunday, August 14, 2011

SSS Flexi Funds For OFW's


Few months ago, I'd been contemplating with the idea of contributing to SSS Flexi Fund For OFW's. But the problem is...I haven't reactivated my contributions yet with SSS since I started working overseas. I'm planning to work on it when I go back to Philippines to take my vacation.

I came across this SSS Flexi Fund when I still have the Filipino channel here in my work place which is NBN 4 from which I always had the chance to watch "Bantay OCW" by Susan K. There is a segment there wherein the Chairman of SSS will be interviewed by Susan K to give updates on the latest projects and developments at SSS. This is where I first encountered about the SSS Flexi Fund for OFW's.

The way I look at it, it is an investment opportunity created by SSS for overseas Filipino contract workers to encourage them to save for the future. It is a provident fund and all accumulated amounts of contributions plus interests will be accrued solely to the OFW member. The funds pooled from the members contributions are then invested in government treasury bills that are risk free and yields high interest rate.

To join, you should be an active SSS member and must be an OFW. Any amount remitted to SSS on top of the regular monthly contributions will automatically be placed on the member's Flexi Fund. As a Flexi Fund member, you may choose to withdraw your contributions together with the interest anytime.

I'm actually thinking that this would be a better option than resorting to savings accounts and time deposits. The interest is higher, tax free and you can choose to withdraw anytime. You may also continue with your monthly contributions even if you have already decided to go back to the country for good. There's no fixed monthly contribution set for Flexi Fund. It provides you with flexible modes of paying your contributions and the amount may vary each month depending on your own personal preference. It is just like a pension plan and a savings plan rolled into one. 

I post this topic as I wish to get feedback from those who had already started with the Flexi Fund and as a general information for those who may possibly get interested to join, just like me.

For the complete details of this program, you can log on the SSS website.

12 comments:

  1. i enrolled to sss flexifund last september 2011 and invested php50,000. my money earned php36.29. however, got tax deductions of php41.70. my current money in the fund is php49,994.59 - its no longer tax free :(

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  2. Hi! . . . Did you try SSS flexi fund? Im here in Abu Dhabi and im thinking also of putting my money to this fund. But am having second thoughts since I know how hard it is to deal with our government? You know im thinking what if they will tell you that SSS has no more funds? What will happen to my hard earned money???

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  3. I have the same sentiments as above.

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  4. Hi,

    Ako din monthly naghuhulog ng P4,000. Sa tingin nio worth it pa ba na ituloy to or sa ibang investment ko na lang ilagay? Salamat po

    Kat

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  5. HELLO,

    ITULOY MO ANG FLEXI MO KASI AKO SUNUBUKAN KO LANG NUNG 2009 12K LANG MUNA KUNG OK. WLA NAMAN AKO NAGING PROBLEMA NUNG DEC 2012 NAG INQUIRE AKO SA POEA AT NA PRINT NAMAN NILA YON AKING CONTRIBUTION SA SSS AT FLEXI FUND. SA SSSA TAMA NAMAN HALOS PAREHO SAKING CALCULATION.AT YUN SA FLEXI TUMUBO AKO NG 1,222.00. KUNG MAS MALAKI HINULOG KO MAS MALAKI DIN SANA ANG TUBO. I THINK ITS A GOOD PREPARATION PARA SA PAGTANDA NATIN. NA CHECK KO DIN SA ONLINE PAREHO DIN SA PRINTED COPY KO. MISAN NGA LANG WALA YON ONLINE PERO NATITIYEMPUHAN DIN MINSAN.
    PARANG NVER NAMAN NAGYARI NAUBUSAN NG FUND ANG SSS DAHIL UP TO NOW NAKIKTA KO NA TUMATANGGAP PARIN ANG MGA OLDS SA PINAS.

    I HOPE THIS WILL HELP

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  6. I am investing in flexifund since 2009. What I do is I deposit either Php 2000 or Php 2500 per month. So the excess of my monthly contribution goes to my flexifund account.

    Every now and then I am checking it online. I am happy naman with the result. So far, I would say mas mataas pa rin ang return nya compared sa bank savings account.

    Good thing about Flexifund is it is non-taxable and it invested in 91-day Treasury bill. Although you should try investing in other investment vehicle. As they always say, don't put your investment in one basket. Diversify. Try stocks, mutual funds, etc.

    Hope this helps.

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  7. I always advocate to continue your SSS. if you have extra, invest in flexifund. I have been contributing to my flexifund since 2009. Not much. What I do is I am payong Php 2000 or Php 2500 per month and yong sobra ng monthly contribution ko goes to my flexifund. So far the return is ok compared to keeping your money in bank's savings account.

    Again, Flexifund should only be one of your investment. Try other investment vehicles. DIversify it. If you are an OFW, take advantage of contributing to your flexifund kasi you can still afford it. Pag nasa Pinas kana, for sure it will be a bit difficult.

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  8. Nagtaka naman ako doon sa tax deduction sa comment above. Kung nagkaroon nga ng tax (pero dapat wala, kasi tax-free), bakit mas mataas pa yong tax kesa yong taxable amount (yong interest na 36.29)?
    36.29 pesos x 20% withholding tax = 7.26 pesos

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  9. makaka apekto ba sa flexifund mo kung my existing salary loan ka pa?

    salamat!!!


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  10. I had withdrawn part of my FF last June 2012 and retain a balance of it. Ufortunately until this date, the amount (balance) since June 2012 still the same amount as of this date. Meaning no earned income from June 2013 to Jan. 2013 for more than 7 months. I tried to email or inquire with SSS last Jan 2013 but no response from SSS.

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  11. Ive started my flexi fund last 2004. I dont have any idea as at that time, i was financialy iletirate. With out knowing anything ...just saving a very small amount then. It was only last 2011 when i started to become financialy literate and invested to mutual funds. I rememeber the flexi funds, and take a look on my reports that im always getting on SSS yearly then started analizing.... I was surprized that it has a very high interest (12% 2010/ 16% 2011)compared to banks. Now I top-up more than before rather that keeping my money at the bank and lebding it to them . But flexi fund is one part on of my diversifed investments(always invest in long terms). Cheers!!!
    There's still a lot of OFW whos not aware with this.

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  12. Just wanted to clarify, is SSS flexi fund a combination of the regular SSS benefits + investing the excess of monthly required payment (1,720.00 php?) which will earn interest OR just like investing certain amount in excess of the monthly required payment to qualify for investing?

    I want to re-activate my flexi fund but am not sure if it's more beneficial than the regular SSS only.

    PC

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