Close  

SSS eyes overseas investment to raise revenues

By: - Reporter / @bendeveraINQ
/ 09:27 AM February 05, 2018
Social Security System

The SSS main office in Quezon City (File photo from the Philippine Daily Inquirer)

To further raise revenues, the state-run pension fund Social Security System (SSS) is looking at investing overseas, similar to the strategy of the Government Service Insurance System (GSIS).

President and chief executive Emmanuel F. Dooc noted in an interview with reporters last week that while the SSS is allowed to undertake foreign investments, they have yet to do so.

ADVERTISEMENT

“Based on the experience of the GSIS where they reported good returns, we will also consider that,” Dooc said.

Dooc said the SSS already got in touch with some investment advisers from abroad.

FEATURED STORIES

“For diversification purposes, we don’t like to restrict our investments in one basket, in the local economy, in domestic investment,” according to Dooc.

As early as four years ago, the SSS had also been planning to hire local fund managers as part of its plan to increase exposure in domestic capital markets.

However, the plan to tap two to three fund managers to manage P1 billion in investments each did not materialize.

In January, the GSIS announced that it was hiring two foreign fund managers to invest a total of $800 million overseas in order to diversify the pension fund’s portfolio and almost double the rate of investment returns.              /kga

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Investment, pension, social security, SSS
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.