State-run Social Security System (SSS) on Tuesday said its net income as of end-November 2016 eased by 21.74 percent as the growth in expenditures surpassed the rise in revenues during the period.
In a statement, the SSS said its net income for the 11-month period in 2016 dropped to P28.96 billion from the P37 billion recorded the year before.
Expenditures for January-November 2016 increased by 18.39 percent to P131.06 billion from the P110.7 billion recorded in 2015, amid the 25.46- percent increase in disbursements in retirement benefits.
Meanwhile, the agency’s revenues grew 8.34 percent to P160.02 billion from the P147.7 billion recorded in the same 11-month period in 2015.
NELSON S. BADILLA