State-run pension fund Social Security System said members’ contributions jumped 14 percent or P22.2 billion in 2018 to P181.92 billion from P159.72 billion in 2017, driven by aggressive collection efforts.
SSS president and chief executive Emmanuel Dooc said in a statement over the weekend the agency planned to continue this positive growth performance this year.
“We are hopeful, especially with the anticipation of the passing of the SS [Social Security] Act of 2018 to continue to post positive growth performance and further serve our members and pensioners quality programs and privileges,” Dooc said.
“We are very pleased that we have ended the year 2018 on a positive note. Contribution collection comprised more than 86 percent of our total revenue last year,” Dooc said.
Based on the unaudited financial records of the pension fund, total revenues of SSS reached P212.57 billion in 2018, up 6.02 percent from P200.50 billion in 2017.
Total expenditures of the pension fund rose 5.33 percent to P189.84 billion in 2018 from P180.23 billion a year ago.