MANILA, Philippines - The administering agencies of the Employees' Compensation Program (ECP), the Government Service Insurance System (GSIS) for the public sector and the Social Security System (SSS) for the private, have awarded a total of P574.77 million in benefits payments covering 140,911 claims filed by workers from January to June 2011.
The amount comes from the State Insurance Fund (SIF) which holds the contributions paid by government agencies and private employers. The fund finances the program's benefit payments for sickness, disability, medical and rehabilitation services.
In the first semester of 2011, the total contributions remitted to the GSIS by government agencies amounted to P1.19 billion, while private employers remitted P687.98 million to the SSS.
As of last June, the SIF was reported to be at P9.57 billion at the GSIS and P27 billion at the SSS.
Philippine economic growth in the first quarter slowed to a three-year low of 5.2 percent, well below forecasts, due to lethargic government spending and weak exports, officials said Thursday. "While growth in the private sector remains robust, the slower than programmed pace of public spending, particularly the decline in public construction, has slowed down the overall growth of the economy," Economic Planning Secretary Arsenio Balisacan told reporters. "Exports were the other source of the …