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Manila Bulletin devider Business devider DOF: SSS to improve investment earnings

DOF: SSS to improve investment earnings

Published Oct 4, 2022 01:27 pm

The country’s improving economic condition amid easing quarantine restrictions would enable the Social Security System (SSS) to generate higher earnings from investments, the Department of Finance (DOF) said.

Finance Secretary Benjamin E. Diokno said the pension fund for the private sector employees should continue improving its investments income amid a rapidly expanding domestic economy and improved business outlook.

“We must continuously strive to improve the quality and performance of our investments through better financial management and market engagement,” Diokno said in a statement on Tuesday, Oct. 4.

With improved earnings, Diokno said it will reassure SSS members that their contributions are indeed investments in the future.

The finance chief also recognized the vital role that the SSS plays in the current economic landscape, as he commended the institution for keeping its fund robust, secure, and well-managed despite the impact of the pandemic.

In the last six years, the SSS hit the P1-trillion mark in benefit payments, providing universal and equitable social security protection to over 40 million members and 2.9 million pensioners.

Diokno also lauded the SSS for fast-tracking the digital transformation of its core business processes and frontline transactions.

He said that the improvements have enabled the government to accurately target beneficiaries and quickly distribute aid for the Small Business Wage Subsidy Program as part of the government’s Covid-19 response efforts to uplift our people and businesses.

“Not only are your modernization programs well-received at home, they are even recognized by international social security organizations. This is a remarkable achievement and I look forward to more impressive endeavors and successes from the SSS in the years to come,” Diokno said.

The SSS has shifted the filing of claims to online platforms for its various insurance products.

Benefit claims are now released to the designated disbursement account of the SSS member or pensioner, which may be through electronic wallets, cash payment outlets, PESONet, or the Union Bank of the Philippines (UnionBank) QuickCard.

SSS salary and calamity loan applications and the renewal of pension loans are also done online and processed in real-time.

Through the SSS Mobile App, members and employers are provided with a more convenient way to transact with SSS and access their records using their mobile devices.

Diokno then urged the SSS to continue innovating, adapting, and proving itself worthy of the rising expectations of its members.

Related Tags

DOF SSS Department of Finance Finance Secretary Benjamin E. Diokno
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