My Google Page Rank

SSS revenues jump to P160 billion

PDFPrintE-mail

State-run Social Security System (SSS) on Monday said revenues jumped to P160 billion as of end of November 2016 period.

Based on SSS’ unaudited financial statement, revenues for the January to November period in 2016 grew 8.34 percent to P160.02 billion on the back of the P10.51 billion increase in member’s contribution and higher investment income.

The recorded end-November 2016 revenues was 8.7 percent higher than the P120.77 billion recorded in the same 11-month period in 2015.

Broken down, members’ contribution grew to P131.28 billion investments and other income increased to P28.74 billion.

“One of our goals for the pension fund this year is to expand our membership. We would also like to retain the current membership number as it comprises more than 82 percent of our total revenue income,” SSS President Emmanuel F. Dooc said.

Expenditures for the January to November period in 2016, likewise, increased by 18.39 percent to P131.06 billion from the P110.70 billion recorded in 2015 amid the 25.46 percent-increase in disbursements in retirement benefits.

Expenditures for retirement, death and disability stood at P72.56 billion, P36.21 billion and P4.17 billion, respectively. Disbursements for maternity was recorded at P4.84 billion; for funeral grant stood at P3.3 billion; sickness at P2.08 billion; medical services at P12.99 million; and rehabilitation services at P1.48 million.

Expenses in the January to November 2016 period in 2016 pulled the net revenue for the 11-month period in 2016 to drop 21.74 percent to P28.96 billion from the P37 billion in the year before.

Meanwhile, as of November 2016, the pension fund’s assets, liabilities and reserves stood at P473.63 billion, P13.54 billion and P460.09 billion, respectively.

Investment level for the said period was recorded at P456.23 billion as average return of investment stood at 7 percent.

SSS has been urging Congress to pass its charter amendments to provide the pension fund greater investment flexibility to bolster its generation of needed revenues for granting higher benefits for members.

Social Security Commission’s (SSC) Chairman Dean Amado D. Valdez said that SSS investment capabilities based on the provisions under the Social Security Act of 1997 are limited amid current market trends.

“Aside from expanding our investment portfolio, we seek the amendment of the conservative provisions of the SSS charter particularly on the investing capacities of the Commission,” he said.

The SSS charter limits the powers of the Commission to invest its reserve fund. At present, SSS could only invest in private securities, housing, real estate, short and medium-term member loans, government financial institutions and corporations, infrastructure projects, foreign currency denominated investments, and any particular industry that the Commission deems profitable.

The SSS aggressively pushes for direct capital infusion of the pension funds to tollway constructions under the Private-Public Partnership (PPP) to generate lifetime income, and to provide more meaningful benefits to its members.




Related news items:
Newer news items:
Older news items:

Add comment


Security code
Refresh

LIAC on transportation tackles traffic scheme, truck ban

25 Mar 2017 Hits:82 Be the first to comment!

The City Administrator’s Office on Thursday afternoon convened the Local Inter-Agency Committee (LIAC) on the Enforcement of Land Transportation Regulations to tackle pressing issues affecting traffic in the city’s main thoroughfares. City Administrator Apple Go presided over the meeting in line with Mayor Beng Climaco’s directives to exhaust all means to improve traffic situation in the city in partnership with the police and other law enforcement agencies and stakeholders. Topping the list in the agenda was the ongoing pipe laying project of the Zamboanga City Water District which has been aggravating traffic congestion; assessment of the experimental one-way traffic scheme which is on dry run starting March 20 covering the west coast area with the phase II to start on March 27 [...] Read more

Prev Next Page:

Visually-impaired Dapilin graduates cum laude

25 Mar 2017 Hits:60 Be the first to comment!

A visually-impaired student from Basilan Province is graduating cum laude with a degree of Bachelor of Science in Education at the Western Mindanao State University (WMSU) on Wednesday, March 29. Abdulazis [...] Read more


Chides Magdalo men for being ‘cowards’

24 Mar 2017 Hits:99 Be the first to comment!

President Rodrigo Duterte on Monday branded Vice President Leni Robredo as an enemy who was in a hurry to claim the presidency and described Senator Antonio Trillanes IV as “a [...] Read more


Globe equips Manila Science HS with 21st Century classroom

24 Mar 2017 Hits:74 Be the first to comment!

Globe Telecom and Habitat for Humanity officially turned over to Manila Science High School (MaSci) over the weekend a multifunctional Information and Communications Technology (ICT) laboratory with a collaborative working [...] Read more


WestMinCom troops honor fallen marine soldier

24 Mar 2017 Hits:81 Be the first to comment!

A fallen soldier from the Marine Battalion Landing Team (MBLT)-2, who was killed during a clash with communist rebels, was honored in a send-off ceremony before he was brought to [...] Read more


Six alleged drug pushers arrested

24 Mar 2017 Hits:72 Be the first to comment!

Six persons, including a minor, were arrested in a series of buy-bust operations conducted by the different police stations of the Zamboanga City Police Office (ZCPO), Wednesday. The Drug Enforcement Team [...] Read more


MGB-9 orders stoppage of illegal gold mining in Baliguian town

23 Mar 2017 Hits:74 Be the first to comment!

Local small-scale miners looking for gold ores were ordered to stop illegal mining activities in Pigbogololan area in the rural town of Baliguian, Zamboanga del Norte early this month after [...] Read more


Globe myBusiness gives tips to working in the comfort of your own home

23 Mar 2017 Hits:77 Be the first to comment!

Many business owners enjoy working from home, but there’s a challenge that automatically comes with it.  There are certainly many perks, like being in charge of your own time, dressing [...] Read more


Cocolisap funds await PCA, City Hall coordination gab

22 Mar 2017 Hits:75 Be the first to comment!

Funds to rehabilitate the coconut industry following the cocolisap devastation cannot be released as of yet until after the Philippine Coconut Authority (PCA) regional office 9 and the city government [...] Read more


Koko sees okay of free internet access, six key bills this year

22 Mar 2017 Hits:114 Be the first to comment!

Senate President Aquilino “Koko” Pimentel III said Congress is expected to approve this year the bill on free internet access in all public places and six other key priority measures [...] Read more


Ateneo shines anew in Physician Licensure Exam

22 Mar 2017 Hits:117 Be the first to comment!

The Ateneo de Zamboanga University School of Medicine (ADZU-SOM) once again came up with an impressive performance during the recent Physician Licensure Examination (PLE) given by the Board of Medicine [...] Read more


Globe At Home Customers Meet the Cast of Wicked

21 Mar 2017 Hits:81 Be the first to comment!

The year is just beginning, but one of the highlights of 2017 is the staging of the Wicked, the West End musical, which transformed the Theatre at Solaire into the [...] Read more


Zambo harvests 80 gold medals in ZPRAA

21 Mar 2017 Hits:98 Be the first to comment!

The Zamboanga delegation ranked second in the secondary level and third in the elementary level in the recently concluded Zamboanga Peninsula Regional Athletic Association (ZPRAA) meet held in Dipolog City [...] Read more


Lamitan in state of calamity

18 Mar 2017 Hits:150 Be the first to comment!

The city council of Lamitan, last Wednesday, declared a state of calamity in the entire city. Vice Mayor Roderick Furigay said, the City Council concurred with the request of the barangay [...] Read more


Double barrel reloaded nets four more

18 Mar 2017 Hits:136 Be the first to comment!

Four more suspected drug pushers were arrested in another Project Double Barrel-Reloaded operation in Zamboanga City, last Thursday. Arrested were Gilbert Johnston y Dagoy, 48, single, of Sitio Lantawan, Barangay Pasonanca; [...] Read more


SSS releases March differential of P1,000 additional benefit

17 Mar 2017 Hits:131 Be the first to comment!

The state-run Social Security System on Thursday said it has already released about P2.1 billion to its partner banks for the release of the last tranche of the retroactive P1,000 [...] Read more


Aboitiz, DTI partner anew for Matigsalug livelihood project

16 Mar 2017 Hits:124 Be the first to comment!

AboitizPower subsidiary Therma South, Inc. (TSI) in partnership with Aboitiz Foundation, Inc. (AFI), has tied up with the Department of Trade and Industry (DTI) 11 to implement a comprehensive crafts [...] Read more


6th InfoCar meets with 100 IDPs

16 Mar 2017 Hits:110 Be the first to comment!

Some 100 internally displaced persons (IDPs) met with local and government agencies for a half-day engagement to discuss the progress and developments of the City’s rehabilitation and recovery efforts. Spearheaded by [...] Read more


Forwarding company robbed

15 Mar 2017 Hits:132 Be the first to comment!

The office of a forwarder company was robbed by unidentified burglars who carted away computer accessories, bank checks and cash. Police Station 11 report showed that the officer-in-charge of the Overseas [...] Read more