Basically it is a Government Credit Corporation. Housing Loans and Multipurpose loans. Apparently now offering a bought Discount card. ( not sure which Shops Etc would offer these discounts but I guess there will be a list Somewhere.
JP is correct it is part of the SSS (Social Security) Department where employees who are covered (as required by law) pay into it similarly to the USA but here once you area member you can also take out loans for buying house, education or emergency etc and pay it back with minimal interest. While all employees are supposed to be covered in reality many companies large and small use the temporary hire dodge to get around paying into the fund (matching contributions by employee and employer) by hiring temporary employees or seasonal help of six months duration or less and then the employer doesn't have to pay SSS and neither does the employee. On a side note for any foreigners that have a GF/Partner/Spouse who they would like to get enrolled in the SSS program you may do so just have them sign up as self-employed or as a yaya, cook, houseboy/girl etc. and they will pay based on what they tell the SSS they make per month. In my case I did this for my Partner so she can have benefits after I am gone as she is considerably younger than I and she said she makes P4000 per month and pays approx. P440 per month in SSS tax. That way after I am gone she will have a small pension from the Government. I have also done many, many other things for my partner to make sure she is looked after when I am gone. If there is any interest maybe I will start a thread to help other foreigners who would like to do the same. My apologies JP If I hijacked your thread.
