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Manila Bulletin devider Philippines devider National devider SSS receives COA's highest audit rating for 2020 financial statements

SSS receives COA's highest audit rating for 2020 financial statements

Published Dec 20, 2021 03:58 pm

The Social Security System (SSS) received an "unmodified" opinion from the Commission on Audit (COA) for its financial statement for 2020, the highest audit rating that may be given to government agencies by state auditors.

(PNA photo)

An "unmodified opinion" means that the auditor was satisfied with the financials submitted by an agency, having met the requirements demanded by regulations that were prepared in accordance with accounting principles, criteria, and standards.

SSS President and CEO Aurora C. Ignacio accepted the COA audit opinion on its 2022 financial report.

Ignacio noted that despite the COVID-19 pandemic, the state-run insurance program "continued to pursue its mandate of providing meaningful social security protection to its members and their beneficiaries through a culture of excellence in management grounded upon sound and efficient policies and best practices."

“For CY 2020, SSS' total cash inflow from the collection of members’ contribution and proceeds from investments and other income reached P231.51 billion, which surpassed its total cash outflow of P205.52 billion from payments to members and beneficiaries and payments for operations, resulting in a net cash generated from operating activities of P25.99 billion,” Ignacio added.

Meanwhile, SSS assets in 2022 grew by P38.61 billion or 6.4 percent to P639.99 billion from P601.38 billion in 2019.

With the change in its financial reporting standard starting with its 2020 financial statements, SSS said that its Social Benefit Liabilities (SBLs) are now presented in its liabilities, compared in previous years were they were presented in the Notes.

The SSS also reported that based on its 2019 Actuarial Valuation, its fund life is projected to last until 2054.

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