SSS revenue rises 49% to P14B as of April

MANILA, Philippines—The Social Security System posted a net revenue of P13.96 billion in the four months to April this year, an increase of 49 percent from the P9.37 billion reported in the same period last year.

Emilio de Quiros Jr., SSS president and chief executive, said in a statement that the increase was due mainly to strong earnings and “prudent management of expenses.”

De Quiros said revenues from January to April went up by 15 percent to P44.82 billion, including P31.15 billion in earnings from contributions and P13.67 billion in investment income.

“The growth in revenues far outpaced the 4 percent increase in expenses for operations and benefits,” he said.

“Our operating expenses amounted to only P2.43 billion, which was 5 percent less than the P2.55 billion we spent” in the same period last year, he added.

Members’ contributions, which accounted for more than two-thirds of total revenues, grew by 9 percent.

De Quiros said this was due to improved collections, particularly those from priority groups such as overseas Filipino workers and household helpers, which he said showed double-digit increases to P878.66 million and P74.21 million, respectively.

Contributions from employees accounted for 85 percent of total collections, or P26.78 billion, while P1.79 billion came from self-employed members such as informal-sector workers, farmers and fisherfolk, and P1.62 billion from voluntary members.

From January to April, the SSS paid out P28.43 billion worth of benefits, half of which represented retirement claims. The rest covered death and funeral grants, as well as maternity, disability and sickness benefits and medical claims.

Further, De Quiros said the SSS earned P13.67 billion from investments—exceeding the target of P9.35 billion by 4 percent and the year-ago figure of P10.47 billion by 31 percent.

“A robust stock market boosted equity earnings to a four-month total of P8.26 billion, or 43 percent more than the P5.76 billion in 2011,” De Quiros said. “Other major investment earners were government securities, which brought in P3.01 billion, and salary loans with P1.59 billion.”