State-run Social Security System (SSS) said it witnessed strong performance last year, even exceeding its 2017 target.
In a statement, SSS said total revenues in the period surged to P200.5 billion, an increase seen against the P174.46 billion posted in 2016, also 5.6 percent higher than the P189.79-billion target.
“We achieved good numbers in 2017 on the back of our intensified campaign to increase our collections. We are pleased that the efforts of the SSS management and employees paid off,” SSS President and Chief Executive Officer Emmanuel Dooc said.
SSS attributed the momentum to its contribution collection, which registered a 10.6 percent increase to P15.36 billion versus 2016’s P144.36 billion.
The expenditures of the pension fund, which included benefit payments and operating expenses, climbed 26.5 percent to P180.2 billion from P142.46 billion in 2016.
SSS also grants maternity, sickness, disability, retirement and death benefits to qualified active members under the regular Social Security Program.
Dooc said that last year, SSS was able to provide higher benefits to pensioners, noting the agency disbursed around P33.5 billion to cover additional benefits to pensioners starting January 2017.
“As a result, our expenditures, which were made up largely of benefit payments, saw a huge increase compared to 2016, wherein no additional benefit was enjoyed by the pensioners,” he said.
“We’ll strive to make benefits more relevant while ensuring financial viability through the support of all our stakeholders, especially our legislators, who are now studying the proposed SS Charter Amendment Act due for bicameral hearing soon,” Dooc added.