SSS reports 60% growth in net revenues in first quarter

The Social Security System (SSS) announced that its net revenues for the first three months of the year increased by 60 percent.

In a proactive effort to reach its goal of P100 billion in total net income for this year, SSS said that the overall net revenues for the first quarter valued at P33.9 billion, up from P21.22 billion from in the same period last year.

While they have yet to officially consolidate their financial performance from January to March, SSS President and Chief Executive Officer Rolando Macasaet is enthusiastic about bigger potential growth for the pension fund in the coming months.

“[It’s in the matter of] how much will be added to the P33.9 billion total net revenues we have now,” he added.

So far in the second quarter of this year, their Run After Contribution Evaders (RACE) operations pushed greater heights on Labor Day earlier this month to boost employers' timely contribution and secure their employees' benefits.

Commissioner Diana Pardo-Aguilar also said in a recent SSS press briefing that there are possibilities to improve the security system’s revenues with the help of encouraging the youth to apply for membership.

Meanwhile, when asked about the SSS’ possible ties with the Maharlika Investment Fund (MIF), Macasaet clarified that they can participate in existing brownfield projects that Maharlika would deem as good investments, 

However, this doesn’t necessarily mean that the SSS would partake in infrastructure investments that require certain cash flows.

Brownfield infrastructures are projects that are being developed on already-used land.