Legarda Hails Approval of Social Security Convention with Spain

Senator Loren Legarda today hailed the Senate's approval of the treaty that would ensure that Filipinos in Spain are secured upon retirement.

Legarda said that the Senate has concurred in the ratification of the Convention on Social Security between the Republic of the Philippines and the Kingdom of Spain, which she sponsored as Chair of the Senate Committee on Foreign Relations.

The Senator explained that the said Convention was signed on November 12, 2002 in Manila. It amends and supersedes the original Convention on Social Security between the Philippines and the Kingdom of Spain which was signed on May 21, 1988 and came into force on October 1, 1989.

The 2002 Convention guarantees the rights acquired under the 1988 Convention and expands it by seeking to modify some provisions under the original Convention relating to the application of appropriate legislation, rules and exceptions with regard to specific workers; the grant of economic benefits; and the procedures to be followed by the competent institutions of the Philippines and Spain in order to establish the regulatory base of the benefits taking into account their insurance periods.

"With this particular Convention, we will provide a more conducive scheme that will maximize the benefits for 12,638 Filipinos in Spain. And, with the expanding scope of Philippine-Spain relations, this number will continue to grow," she stressed.

"But we must not stop here. We must actively pursue similar social security agreements with other countries that have compatible social security schemes with the Philippines and home to most number of Filipino workers contributing greatly to our economy. We must pursue initiatives that will help uplift the lives of our overseas workers and help secure their retirement in the twilight of their years," Legarda concluded.