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

SPEED FIRE... RONNEL

21 Jul 2017 Hits:50 Be the first to comment!

Este si Ronnel Ivan Lao Basiri, conosido na nombre “Ronnel” , 22 años de edad, 5’7” el altor , soltero y residente de Tetuan , Ciudad de Zamboanga .Si Ronnel el anak di Omar K. Basiri y Susan Lao Basiri . Su hermano si Bon, Kan y hermana si Shenan y Shandi . Ya gradua elementaria, secondaria y colegio na Ateneo de Zamboanga University na curso BS Management and Accounting . Este su istoria… “ Na familia , diamon desportes el basketball . Hunto con mi tata que ya influencia canamon mga hermano mio  , kame mga basketbolista . Mi uban pirmi ta juga amo si John Raymond Antatico y Totoh Ascaño .  Cuando high School yo , uno yo del varsity [...] Read more

Prev Next Page:

Mayor, security sector meets with Maranao leaders

20 Jul 2017 Hits:77 Be the first to comment!

Mayor Beng Climaco and the security sector met with leaders of the Maranao community in Zamboanga to discuss issues pertaining to the ongoing Marawi crisis, the condition of Maranao families [...] Read more


D’ FAST and D’ FURIOUS... KAN

20 Jul 2017 Hits:68 Be the first to comment!

Este si Hemill Kan Lao Basiri , ta llama conele na palayao “KanKan”, 25 años de edad, 5’5” el altor, y residente de Tetuan , Ciudad de Zamboanga . Su [...] Read more


Man hacked by neighbor

19 Jul 2017 Hits:73 Be the first to comment!

A man was hacked by his neighbor near Jumbo Bridge in Barangay Guiwan, this city, on Sunday night. The victim was identified as Jimmy Delos Reyes Viray, 39, single, a resident [...] Read more


D’ SLASHER... BRYAN

19 Jul 2017 Hits:65 Be the first to comment!

Este si Bryan Russel Balansag Animos , ta llama conele “Bryan “, 26 años de edad, 5’10 el altor , soltero y residente de Pasonanca Ciudad de Zamboanga . Su [...] Read more


D’ QUICK BROWN FOX … Rhon Rhon

18 Jul 2017 Hits:86 Be the first to comment!

Este si Ronnel  Tatud Daruca , ta llama conele na palayao “Rhon Rhon”, 28 años de edad , 5’8” el altor , soltero y residente de Tumaga , Ciudad de [...] Read more


D’ HAWK... ALVIN

17 Jul 2017 Hits:87 Be the first to comment!

Este si Alvin John Bernardo Munio , ta llama conele “Alvin”, 31 años de edad, 6’1” el altor , y residente de Caragasan , Maasin , Ciudad de Zamboanga . [...] Read more


DOLPHIN MOVES... JUN JUN

16 Jul 2017 Hits:121 Be the first to comment!

Este si Angelito Surjedo Pacatang Jr., ta llama conele na palayao “Jun Jun” , 26 años de edad , 5’8” el altor y residente de Callejon Drive . Guiwan , [...] Read more


(Sharing Time) There’s no end of the world, but only..

16 Jul 2017 Hits:88 Be the first to comment!

TO disabuse the minds of many, there’s no destruction of our planet Earth in its physical form. The earth won’t at all go kaput or be devastated into pieces. The [...] Read more


IRON MAN PLAYER… Modz

15 Jul 2017 Hits:94 Be the first to comment!

Este si Modivar Mabolo Enriquez, ta llama conele na palayao “Modz”, 36 años de edad,  5’10” el altor, casao y su esposa si Leslie Morales Enriquez, diila mga anak si [...] Read more


Man stabbed in Ayala

15 Jul 2017 Hits:98 Be the first to comment!

A man was allegedly stabbed while walking with his common-law-wife in Dumagsa, Barangay Ayala, this city, on Wednesday night. Reports coming from Police Station 9 identified the victim as Jessie Dagooc [...] Read more


CHO withholds occupancy permits for Z3R housing units

15 Jul 2017 Hits:78 Be the first to comment!

The City Health Office has withheld its recommendation for the issuance of occupancy permits for the housing projects under the Zamboanga City Roadmap to Reconstruction and Rehabilitation (Z3R) due to [...] Read more


Driver surrenders to soldiers after bumping girl on road

14 Jul 2017 Hits:104 Be the first to comment!

For fear of retaliation from the family of his victim, a Public Utility Van (PUV) driver surrendered to the members of the Philippine Marines manning a checkpoint at Barangay Muti, [...] Read more


WILD CAT MAGIC… DASH

14 Jul 2017 Hits:92 Be the first to comment!

Este si  Esa, Al-Daser Hajiri , ta llama conele na palayao “Dash”, 22 años de edad, 5’10” el altor y residente de Armor Village, San Jose Gusu Ciudad de Zamboanga [...] Read more


D BARKER… SAN SAN

13 Jul 2017 Hits:99 Be the first to comment!

Este si Ensan Wil Delos Santos, ta llama conele na palayao “San San”, 24 años de edad, 5’6” el altor , casao y su esposa si Reivarie Joyce T Reyes [...] Read more


Zambo qualifies for WWF’s ‘One Planet City Challenge’

13 Jul 2017 Hits:98 Be the first to comment!

Zamboanga City is one of the ten cities in the country that has successfully qualified to join in the 2017-2018 edition of the World Wide Fund for Nature’s (WWF) ‘One [...] Read more


Zamboanga team to 1st HDWOC bags 11 medals

11 Jul 2017 Hits:109 Be the first to comment!

Zamboangueño weightlifters who participated in the 1st Hidilyn Diaz Weightlifting Open Championship (HDWOC) held at the Meralco Fitness Center in Ortigas, from July 8-9 brought home a total of 11 [...] Read more


D ENFORCER ….. JUK

11 Jul 2017 Hits:106 Be the first to comment!

Este si Eddie Mar Chan Santos, conosido na nombre “Juk”, 30 años de edad , 5’11” el altor, casao cun Laureen P. Santos y residente de Km7, Pasonanca, Ciudad de [...] Read more


Martial law should be in whole RP, indefinitely

11 Jul 2017 Hits:100 Be the first to comment!

LIFE’S INSPIRATIONS: “… But if there is serious injury, you are to take life for life, eye for eye, tooth for tooth, hand for hand, foot for foot,  burn for [...] Read more