How to avail of the privileges for the senior citizen in the Philippines?

Elderly Filipino Week is commemorated every October 1 to 7 by Proclamation No. 470, issued by then-President Fidel Ramos on September 26, 1994.

Senior citizens in the Philippines are entitled to various privileges and benefits under the Expanded Senior Citizens Act of 2010.

Here are the steps on how to avail of these privileges:

1. Apply for a senior citizen ID card - Visit your local Office of Senior Citizen Affairs (OSCA) or Office of the Mayor to apply for a senior citizen ID card. Bring a valid ID and proof of age (birth certificate, passport, or any government-issued ID). The ID card is necessary to avail of senior citizen privileges.

2. Avail of discounts - Present your senior citizen ID card when purchasing goods and services to avail of discounts. Senior citizens are entitled to a 20% discount on the regular price of goods and services, such as medicines, food, transportation fare, and hotel accommodations. Some establishments may offer higher discounts.

3. Avail of income tax exemption - Senior citizens who are considered to be minimum wage earners and are not engaged in business or practice of profession are exempted from paying income tax.

4. Avail of social pension - Indigent senior citizens who are not receiving any pension or financial assistance from the government can apply for a social pension. Visit the Department of Social Welfare and Development (DSWD) office or your local government unit (LGU) to apply.

5. Avail of healthcare benefits - Senior citizens are entitled to PhilHealth benefits, which include free medical and dental services, as well as a discount on hospital bills. Senior citizens can also avail of free flu and pneumonia vaccinations in government health centers.

Remember that these privileges are only applicable to Filipino citizens aged 60 and above.

Section 4 of the Expanded Senior Citizens Act of 2010, specifically item (3), provides that "other documents that establish that the senior citizen is a citizen of the Republic and is at least sixty (60) years of age as further provided in the implementing rules and regulations" may also be recognized as valid proof of age and citizenship for senior citizens who do not have a Senior Citizen ID card.

This means that if a senior citizen does not have a Senior Citizen ID card, they may still be able to avail of senior citizen privileges and benefits by presenting other valid government-issued IDs or documents, such as a passport, driver's license, birth certificate, or any other document that can prove their age and citizenship.

However, the specific types of IDs or documents that will be recognized and accepted may vary depending on the implementing rules and regulations set by the local government units and other concerned agencies.

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Source: Ziggurat Real Estate

Only 20% of seniors covered by pension

As estimated 80 percent of Filipinos nearing retirement age are financially unprepared for the financial cost of living beyond their employment years, more so with the risks of the sharp economic downturn brought about by once-in-a-lifetime events like the ongoing coronavirus pandemic.

Thus said the head of the Bangko Sentrtal ng Pilipinas (BSP) who urged private sector stakeholders to work closely with public sector planners to improve the country’s personal investment sector, which continues to have one of the lowest participation rates among citizens in the region.

“The harsh reality is that eight out of 10 Filipinos aged 60 and above, and in many cases retirees, do not receive sufficient pension to fully cover their living expenses,” BSP Gov. Benjamin Diokno said in a speech delivered online during an investment briefing hosted by Prulife UK.

“Many Filipinos perceive investing to be costly and have yet to realize its value as an additional income source,” he said, adding that the overall investment rate remains low, having grown by only 2 percent from 23 percent to 25 percent of the population between 2017 and 2019.

According to the Philippine Statistics Authority, there are 7.6 million Filipinos aged 60 and above, of which only 20 percent are covered by either the Social Security System or the Government Service Insurance System.

The central bank has promoted a slew of policies meant to improve financial inclusion among Filipinos as a first step and eventually progress to educating more citizens about the benefits of of investing going forward.

“With policies, regulations and digital infrastructures in place, a wider range of financial products and services can be made more accessible to a greater number of Filipinos,” Diokno said. “Aside from deposit accounts, loans and payment services, affordable retail investment products should be among a regular Filipino’s arsenal of financial tools.”

The central bank chief noted that investments provide people with the means to enhance their financial health as well as to protect their welfare against economic risks and sudden downturns such as this ongoing pandemic.

(source: business inquirer)