Section 9
SEC. 9. The last paragraph of section twenty-four, originally twenty-one of Commonwealth Act Numbered One hundred eighty-six, as amended by Republic Act Numbered Six hundred sixty, is further amended to read as follows: "The Government of the Republic of the Philippines hereby guarantees the fulfillment of the obligations of the Government Service Insurance System to the members thereof when and as they shall become due. In case an employer defaults in the payment of its obligations to the System, the Secretary of Finance or the Administrator of Economic Coordination and the Auditor General shall take such steps as may be necessary to have said obligations paid promptly. Said officials or their duly designated representatives are hereby authorized and directed to withhold from the revenues and incomes of a defaulting employer such amounts as may be necessary to pay its obligations under this Act and remit the same immediately to the System. In case of insolvency of an employer, its obligations under this Act shall be paid in preference to all other obligations except salaries and wages of its employees. No deferment in the payment of an employer's obligations under this Act shall be allowed without the prior approval of the System. Notwithstanding any provision of this Act to the contrary, and in order to insure the solvency of the System and protect the interests of all its members, the Board is hereby authorized to make readjustment in any of the benefits payable to an employee under this Act in accordance with such rules and regulations it may prescribe if his employer fails to pay for him its share of the contributions or premiums required by this Act and no person, regardless of the date of his retirement, may allege vested right by reason of this readjustment."