The Social Security System (SSS) said the pension fund is on track to achieve a robust growth in net income this year, supported by increased investment returns and enhanced collection initiatives.

Rolando Ledesma Macasaet, SSS president and chief executive officer said that the fund is projecting a 20.5 percent growth in profit this year, aiming to reach P100 billion compared to last year's P83 billion.

Ledesma said that the increase will be driven by the expanding membership base of SSS, which will enhance both investments and collections.

“My first strategy is to increase the number of members… We’re targeting two million in preparation. [So far, it’s] 1 or 1.2 million every once a year," Ledesma told reporters.

He stressed that fewer young people are contributing to SSS, which may pose difficult challenges to them upon pension.

When more Filipinos subscribe to social security in line with the country’s growing population, Macasaet said that this would result in a better financial shape for the community.

Subsequently, when there are more contributors, the SSS would also generate a massive collection. The SSS shared its recent first-year success of the Run After Contribution Evaders (RACE) operations, which helped decrease delinquent employers and save employee remittances.

Another predicted driver for the P100 billion target net income is the Worker's Investment and Savings Program (WISP).

WISP is a voluntary program that increases pension benefits on top of their regular payouts when a member retires. These are tax-free earnings with a minimum contribution of P500.

This savings plan has about P80 billion current deposit, and because of this Macasaet is looking to relaunch the WISP Plus sometime in the future.

Making MySSS more accessible with the Elon WiFi

With forward-looking ventures in terms of accessible social security for Filipinos, the SSS hopes to get a nationwide reach of their online website, MySSS, with the help of Starlink.

Starlink is a new satellite-reach internet service that was launched in the Philippines last February of 2023.

Macasaet opted for the Elon Musk technology to be installed in SSS’ vehicles, which would help them get more members residing in hard-to-reach areas nationwide.

“[Currently] the remote areas will have eWheels, and almost every branch has an eCenter,” he said.

According to the SSS chief, they will soon launch cars connected to Starlink within this month or May, ready to assist membership applications, inquiries, and consult other MySSS services.