Section 4. Powers and Duties of the Commission and SSS. —

1. The Commission. — For the attainment of its main objectives as set forth in Section 2 hereof, the Commission shall have the following powers and duties:

   1. To adopt, amend and rescind, subject to the approval of the President of the Philippines, such rules and regulations as may be necessary to carry out the provisions and purposes of this Act;

   2. To establish a provident fund for the members which will consist of voluntary contributions of employers and/or employees, self-employed and voluntary members and their earnings, for the payment of benefits to such members or their beneficiaries, subject to such rules and regulations as it may promulgate and approved by the President of the Philippines;

   3. To maintain a Provident Fund which consists of contributions made by both the SSS and its officials and employees and their earnings, for the payment of benefits to such officials and employees or their heirs under such terms and conditions as it may prescribe;

   4. To approve restructuring proposals for the payment of due but unremitted contributions and unpaid loan amortizations under such terms and conditions as it may prescribe;

   5. To authorize cooperatives registered with the cooperative development authority or associations registered with the appropriate government agency to act as collecting agents of the SSS with respect to their members: Provided, That the SSS shall accredit the cooperative or association: Provided, further, That the persons authorized to collect are bonded;

   6. To compromise or release, in whole or in part any interest, penalty or any civil liability to SSS in connection with the investments authorized under Section 26 hereof, under such terms and conditions as it may prescribe and approved by the President of the Philippines; and

   7. To approve, confirm, pass upon or review any and all actions of the SSS in the proper and necessary exercise of its powers and duties hereinafter enumerated.

2. The Social Security System. — Subject to the provision of Section four (4), paragraph seven (7) hereof, the SSS shall have the following powers and duties:

   1. To submit annually not later than April 30, a public report to the President of the Philippines and to the Congress of the Philippines covering its activities in the administration and enforcement of this Act during the preceding year including information and recommendations on broad policies for the development and perfection of the program of the SSS;

   2. To require the actuary to submit a valuation report on the SSS benefit program every four (4) years, or more frequently as may be necessary, to undertake the necessary actuarial studies and calculations concerning increases in benefits taking into account inflation and the financial stability of the SSS, and to provide for feasible increases in benefits every four (4) years, including the addition of new ones, under such rules and regulations as the Commission may adopt, subject to the approval of the President of the Philippines: Provided, That the actuarial soundness of the reserve fund shall be guaranteed: Provided, further, That such increases in benefits shall not require any increase in the rate of contribution;

   3. To establish offices of the SSS to cover as many provinces, cities and congressional districts, whenever and wherever it may be expedient, necessary and feasible, and to inspect or cause to be inspected periodically such offices;

   4. To enter into agreements or contracts for such service and aid, as may be needed for the proper, efficient and stable administration of the SSS;

   5. To adopt, from time to time, a budget of expenditures including salaries of personnel, against all funds available to the SSS under this Act;

   6. To set up its accounting system and provide the necessary personnel therefor;

   7. To require reports, compilations and analyses of statistical and economic data and to make investigation as may be needed for the proper administration and development of the SSS;

   8. To acquire and dispose of property, real or personal, which may be necessary or expedient for the attainment of the purposes of this Act;

   9. To acquire, receive, or hold, by way of purchase, expropriation or otherwise, public or private property for the purpose of undertaking housing projects preferably for the benefit of low-income members and for the maintenance of hospitals and institutions for the sick, aged and disabled, as well as schools for the members and their immediate families;

   10. To sue and be sued in court; and

   11. To perform such other corporate acts as it may deem appropriate for the proper enforcement of this Act.