Preamble
WHEREAS, under Article II, Section 7 of the Constitution of the Philippines, it is the declared policy of the State to "establish, maintain and ensure adequate social services in the field of x x x social security to guarantee the enjoyment by the people of a decent standard of living"; WHEREAS, under Sec. 2 of the Social Security Law, it is the declared policy of the Republic of the Philippines to "establish, develop, promote and perfect a sound and viable tax-exempt social security service suitable to the needs of the people throughout the Philippines x x x with a view to promote their well-being in the spirit of social justice"; WHEREAS, in view of the increased membership and judicious management of funds by the Social Security System, it is now again feasible for the SSS to further increase benefits to cushion the rising cost of living of its members in the light of changing economic conditions; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree: SECTION I. Paragraph (c) of Section 4 of Republic Act No. 1161 is hereby amended to read as follows: "SEC. 4. Powers and Duties of the Commission. — "(c) To insure the making of the necessary actuarial studies and calculations concerning increases in benefits and the financial stability of the SSS and to provide for the feasible increases in benefits and the addition of new ones under such rules and regulations as the commission may adopt subject to the approval of the President: Provided, That the actuarial stability or solvency of the reserve fund shall be guaranteed, and Provided, further, That such increases in benefits shall not require any increase in contribution.''