The Philippines’ Social Security System (SSS) reported a 25% gain in net income to 26.53 billion pesos (US$460 million) in the first three months of 2024, one-quarter of its full-year target of over 100 billion pesos.
Total income was up 9.1% to 101.42 billion pesos from 92.97 billion pesos in the same period of 2023.
Last year, the pension fund for private sector employees posted a first-quarter net income of 21.22 billion pesos and a record 83.13 billion pesos for the full year, more than double its 51.06 billion pesos target.
The SSS published the first-quarter 2024 figures in a so-called “transparency seal” page on its website. It has yet to issue an official earnings statement with more details and analysis.
Although investment gains dropped to 5.1 billion pesos in the quarter from 5.7 billion pesos a year ago, service and business income from members’ contributions grew to 96.1 billion pesos from 87.3 billion pesos.
Meanwhile, other non-operating income, including from lease and sale of assets, ballooned to 242.7 million pesos from 43.1 million pesos in the first quarter of 2023. No explanation was given for the near six-fold jump and SSS spokespersons did not immediately respond to questions from Asia Asset Management.
Total expenses, including benefit payments and salaries, grew 4.4% year-on-year to 74.89 billion pesos.
Last month, Malaya Business Insight quoted SSS President and Chief Executive Officer Rolando Macasaet as saying that the pension fund aimed to achieve its 2024 net income target through intensified efforts to collect contributions from members, increased membership, higher investment returns, and prudent management.
