The Social Security System plan to increase premiums by 10.4 percent to 11 percent by the end of the year, was hit by Partylist Rep. Teddy Casiño yesterday, a press release from his office said.

Casiño, and fellow Bayan Muna Rep. Neri Colmenares, are the primary authors of House Bill 4365, which seeks to treble the current SSS pension rates until no retiree should receive no less than P7,000 a month thus making it more responsive to the basic necessities of SSS pensioners.

Casiño said that the SSS should first increase the pension of retirees before even talking of increasing the contributions and should be no talk of increase unless their bill is passed first, Casiño said in the press release.

Security Bank hailed
as ‘best FX provider’

Asiamoney, Asia’s leading regional financial publication, recently named Security Bank Corporation as the Best Domestic Provider of Foreign Exchange (FX) Products and Services in the Philippines based on its 2012 FX Poll, a press release from SBC said.

SBC was voted as the Best Domestic Provider of FX Services by both financial institutions and corporates as compared with other Asian banks receiving split votes from the respective voter types.

The bank was also recognized as the Best for FX Products and Services and the Best for FX Research and Market Coverage in the Philippines for its sustained efforts in providing daily and weekly market updates, and technical analysis to its clients, the press release said.

Coconut oil exports
rise by 3.8 pe

MANILA – The country's exports of coconut oil continued to rise as of September this year on the back of stronger demand from the traditional markets, the United Coconut Association of the Philippines said over the weekend.

Yvonne Agustin, UCAP executive director, said that preliminary data showed that CNO exports reached 659,455 metric tons in January to September 2012, 3.8 percent higher from last year’s level of 634,911 MT.

“Demand from our major markets for the product continued to be stable,” Agustin said, noting that ample supply of the commodity allowed the industry to meet demand.