The Social Security System (SSS) grew its net income by 15 percent to P45.2 billion as of end-June, nearly half of its P100-billion bottom-line goal for 2024.
The state-run pension fund for private-sector workers recorded a total income of P200.5 billion in the first half, exceeding its total six-month expenses amounting to P155.3 billion.
As such, the SSS's first-half net income surpassed the P39.3 billion posted a year ago, its latest condensed statement of comprehensive income showed.
End-June total income rose 10.5 percent from P181.4 billion in the first six months of last year. Service and business income, mainly derived from members' contributions, increased to P189.9 billion from P172.5 billion a year ago.
Investment gains in the first half jumped to over P10 billion from a year ago's P8.6 billion, while other non-operating income climbed to P467.5 million from P235.7 million last year.
The SSS's total expenses in the first six months, meanwhile, grew 9.2 percent from P142.2 billion a year ago.
End-June benefit payments—mostly on qualified members' sickness, maternity, disability, retirement, unemployment, death and funeral benefits—rose to P138.9 billion from a year ago's P128.6 billion.
As of June, the SSS had 42 million members and 3.5 million pensioners.
First-half maintenance and other operating expenses, financial expenses, as well as non-cash expenses also increased year-on-year.
The SSS's expenses on personnel services in the first half, on the other hand, declined to P3.9 billion from P4.4 billion last year.
Last April, its President and Chief Executive Officer Rolando Ledesma Macasaet said the SSS aims to grow its net income by nearly 20 percent to over P100 billion by end-2024.
Macasaet had said this year's net-income target would be achieved through intensified efforts to collect contributions while hiking membership by 2-2.5 million; higher investment returns; and prudent management of the pension fund.
Last year, the SSS's net income jumped 57.9 percent to P83.1 billion—its biggest ever—from P52.6 billion pesos in 2022.
The SSS beat its 2023 net-income goal of P51.1 billion by 62.6 percent.
"Our record-high net income last year shows that we continue to strengthen our finances through programs and policies that increase new paying members and strengthen collection efforts,” Macasaet said last February.