MANILA, Philippines - The Social Security System (SSS), the state-owned pension fund for private employees, is looking to invest in listed energy companies as it sees rosy prospects in the local energy sector, a ranking official said.
“We’re looking at various options. We’re eyeing telecoms, banking, finance and power. These are the drivers of economic growth,†said SSS commissioner Diana Pardo-Aguilar.
She said SSS continuously looks at its investment options and that the stock market would remain a significant part of its list of investment facilities.
Proceeds from the sale of its prime property in Bonifacio Global City may be part of the funds that SSS would invest in these sectors – telecoms, banking, finance and power.
However, she said the agency could not yet divulge details of the specific listed firms that are on the radar screen of SSS.
In 2009, SSS sold its stake in Manila Electric Co. (Meralco) for P5.660 billion to Global 5000 Investment as primary buyer and the Development Bank of the Philippines as secondary buyer.
Last week, SSS president and chief executive officer Emilio De Quiros Jr. said SSS is selling its 8,300-square meter property at the Bonifacio Global City for a minimum bid price of P2.24 billion.
“A robust Philippine economy has increased land values, providing a season to sell at a high premium rate. This is a good time to unload real estate properties. The real estate values at the Bonifacio Global City have been moving up significantly,†De Quiros said.
According to the bidding schedule, SSS plans to hold a pre-bid conference on July 22 and the submission of the eligibility of documents on Aug. 15. The submission of cash bids will be on Sept. 24.
The SSS hopes to announce the winning bidder and issue the notice of award from Sept. 26 to Oct. 2.
The vacant lot for sale is commonly known as Block 56, located along Mckinley Parkway between 10th and 11th Avenues and near commercial areas such as Market! Market!, Bonifacio High Street and the newly-opened SM Aura.
In the first four months of the year, SSS posted a net income of P16.44 billion, already more than 50 percent of its P30- billion target for the year, data from the agency showed.