Section 16. Section 22 of Republic Act No. 1161 is hereby amended by adding Section 22-A thereto to read as follows:

"Sec. 22-A. Remittance of contributions of self-employed. — Self-employed members shall remit their monthly contributions quarterly on such dates and schedules, as the commission may specify through rules and regulations.

The penalty of three percent per month for late payments provided for in paragraph (a) of Section 22 of this Act and the manner of collection of contributions specified in paragraphs (b), (c) and (d) of Section 22 of this Act are also applicable to the collection of penalties and contributions of the covered self-employed."