State-run Social Security System (SSS) said on Monday revenues as of September this year grew by 10 percent to P146.17 billion from P131.97 billion in the same period last year.
In a statement, SSS said members’ contributions, which accounted for more than 80 percent of total revenues during the period, reached P119.5 billion, an 11.31-percent increase from P107.36 billion in 2016.
“The increase in our contribution was due to the aggressive contribution collection drive of SSS, like our recently launched Run After Contribution Evaders [program]and linkages with various professional sectors,” SSS President and CEO Emmanuel F. Dooc said.
Component-wise, collections from the employed sector registered the biggest amount at P103.1 billion, followed by voluntary paying members at P10.98 billion, and self-employed at P5.42 billion.
Investments and other income for the first nine months of 2017, representing 18.2 percent of total revenues, rose by 8.16 percent from P24.61 billion to P26.62 billion this year.
Dooc said the pension fund’s financial position remained stable with total assets of P511.72 billion, up by 7.4 percent from P476.40 billion, due to the increase in investments and cash equivalents.
SSS’ investment reserve fund as of end-September stood at P490.32 billion, or 5.6 percent higher than the P464.42 billion at end-2016.
The state-run’s operating expenses slightly declined by 0.05 percent to P6.48 billion, bringing total expenditures for the first three quarters to P134.26 billion, or 28.43-percent higher than the P104.54 billion in the same period a year ago.
Dooc said that during the first seven months of the year, SSS released more than P127 billion in members’ benefits. The amount represented a 30.31-percent jump from P98.06 billion in the same period in 2016.
“The increase in benefit payouts was higher due to the release of the P1,000 additional benefit amounting to P24.03 billion from January to October 2017 and the third tranche of pension adjustments arising from the unlumping of 1985-to-1989 contributions amounting to P72.43 million,” Dooc said.
Payments for retirement benefits amounted to P73.65 billion, while death benefit payouts reached P40.17 billion. Disability benefit payments reached P4.52 billion.
Disability, funeral, and sickness benefit expenditures amounted to P4.64 billion, P2.85 billion, and P1.95 billion, respectively.
Medical services reached P 9.7 million, while rehabilitation services amounted to P1.1 million.
The third tranche of pension adjustments for retirees, death and disability pensioners prior to May 24, 1997, or before the implementation of Republic Act (RA) 8282 or the Social Security Law of 1997, was credited to accounts of qualified pensioners on June 29, 2017.
Dooc said the first and second tranche of pension adjustments for these pensioners after the implementation of RA 8282 were released last year.