SSS to focus on services improvement

The Social Security System (SSS) will not initiate new projects this year and will instead focus on improving the delivery of services to its 24-million members as well as its 5,000 employees.

Instead of new projects, the government pension fund will focus on new approaches to its existing services, improve on its investment earnings, and rebuild its damaged image.

"It is more of an organization issue (in 2002)," SSS president Corazon de la Paz said. "We are looking at prioritizing our focus, and the true values of all our investments."

Last year, the SSS then under Vitaliano Nañagas, initiated the so-called Covenant of Service (COS) which embodies all the processes and systems to improve service as well as benefits for its members and employees. It is a service enhancement program for its main service headquarters, branches and pilot offices.

Aside from services, De la Paz launched an extensive review of all its investments and loans to rationalize its earnings and determine the true values of the same.

The pension fund is looking at possible write down in assets, especially with the way the country’s stock market and corporates have performed in 2001. It is also reviewing its abilities to collect from the huge loans and the ability of the payees to honor these loans.

The SSS has investments in such blue chips as Ayala Corp., San Miguel Corp., the Philippine Long Distance Telephone Co. (PLDT), and the Manila Electric Corp. (Meralco). However, it also has exposures in poor listings such as BW Resources.