SSS Posts 51% Jump in Net Revenues
MANILA, Philippines - State-run Social Security System (SSS) reported net revenues of P17.62 billion from January to September this year reflecting a 51 percent jump compared with net gains over the same period last year.
In a statement released over the weekend, Emilio de Quiros Jr., SSS president and chief executive officer said the pension fund also surpassed its net revenue target of P12.2 billion by 44 percent or more than P5 billion.
SSS revenues come from contributions of members and income from investments. Net revenues are realized after deducting benefit payments and operating expenses.
Total revenues were bolstered mainly by the P21.1-billion income from investments, including earnings from equities, which increased by 65 percent to P12.14 billion and surpassed its target of P7.13 billion by more than 70 percent.
De Quiros said contribution collections, which made up 74 percent of total revenues, rose to P59.48 billion over the past nine months, which was 10 percent or P5.22 billion more compared with the same period in 2009.
"I am pleased to report that we surpassed our contribution collection target of P59.14 billion by over P300 million," he said. …