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Saturday, June 25, 2005
SSS makes P1.6B in net revenue
The Social Security System’s (SSS) net revenue jumped 233 percent in the first three months of this year to P1.6 billion from P495 million in the same period last year, a ranking official said yesterday.
SSS President and Chief Executive Officer Corazon De la Paz said robust loan collections and improved value of marketable securities, together with higher contribution collections, boosted the institution’s first-quarter earnings.
She said the pension fund’s investment income increased 60 percent to P3.5 billion from January to March this year, while contribution collections went up six percent to P11.4 billion.
“SSS has benefited largely from the bullish stock market and is still reaping the benefits of our intensified collection campaign,” de la Paz said. “The SSS amnesty program for short-term loans has also contributed to our improved financial position.”
In September last year, SSS launched an amnesty program for delinquent borrowers of short-term loans, allowing members to settle their liabilities without paying penalties. As of April this year, SSS had collected more than P90 million in back payments.
De la Paz said disbursements for maternity, sickness, disability, retirement, death and funeral benefits increased 5.6 percent to P11.8 billion during the first quarter of this year.
Total assets as of March 31 increased 1.5 percent to P178.3 billion from P175.7 billion as of Dec. 31, 2004.
“The Reserve Fund is P174.7 billion as of March 31 from P173 billion as of Dec. 31, 2004,” she said. (PR)
(June 25, 2005 issue)
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