SSS income more than doubles

MANILA, Philippines - The Social Security System (SSS) said its net income grew more than two fold in the first half of the year, largely driven by mark-to-market gains on investments.

In a statement, the SSS said its comprehensive earnings surged to P32.59 billion in the January-June period from P15.73 billion a year earlier, boosted by a hefty rise in investments in government securities and equities.

Revenues reached P75.37 billion during the six-month period. This comprised members’ contributions which grew 15.6 percent to P58.77 billion, as well as investment and other income which pumped in P16.6 billion.

Contributions largely came from the employed sector at P50.74 billion, followed by voluntary paying members at P5.25 billion and self-employed at P2.78 billion.

SSS president and chief executive officer Emilio S. de Quiros Jr. said the growth in earnings came about even as expenditures rose 13.2 percent to P53.21 billion.

About 93 percent of total expenditures were spent on benefit payments, amounting to P49.52 billion.  The amount is 13.9 percent higher than the P43.46 billion released last year due to streamlined processing of death, disability and retirement claims, and advance payment of six months worth of pensions of members affected by Super Typhoon Yolanda.

Operating expenses rose 3.8 percent as service improvements and coverage efforts continued, particularly with the establishment of 16 SSS offices and intensified campaign for new programs.

De Quiros said only 48.8 percent of the allowed charter limit was utilized for SSS operating expenses.

He stressed that the state pension fund’s financial position remains solid, with its asset base expanding 10 percent to P422.7 billion.