MANILA, Philippines – The total assets of the Social Security System (SSS) reached an estimated P415 billion as of May 2014 on the back of a solid financial performance due to investments growth.
Its assets grew by over P30 billion from its P385 asset level in December 2013.
The growth was attributed to the 6 percent growth in investment level, which stood at P401 billion as of May 2014, compared to P371 billion as of end of last year.
Nearly all of SSS assets, around 97 percent of SSS, are in the form of investments.
“The growth in assets augurs well for SSS’ drive to improve the system’s long-term viability and regain a perpetual fund life of 70 years, in line with international social security standards,” said SSS vice president for management services and planning May Catherine Ciriaco.
Total revenues, meanwhile, reached P64 billion during the first five months of 2014, an increase of 8 percent from the P59 billion posted in the same period last year.
Contribution collections jumped by 16 percent to P49 billion, mostly coming from employees. Contribution collections represent 77 percent of revenues.
SSS opened five new branches and launched seven satellite offices from January to May this year.
“We plan to open additional SSS offices in other key locations to reach out to more workers and widen members' access to our services,” Ciriaco said.
SSS has a total of 239 offices as of June 2014.