State-run pension fund Social Security System said revenues rose 9 percent to P174.94 billion as of end-November 2017 from P160.02 billion a year ago, driven by the aggressive collection efforts for members’ contribution, investments and other income.
“The growth in our contribution collection is primarily due to the collection drive of the current administration of the Social Security Commission along with the efforts of SSS employees who are in direct contact with our employer- and employee-members every day,” SSS president and chief executive Emmanuel Dooc said over the weekend.
Members’ contributions, which represent 82.5 percent of the total revenues, increased to P144.36 billion as of end-November from P131.28 billion a year earlier.
Investment and other income also increased to P30.58 billion from P28.74 billion, lifted by income from government securities, equities and salary loans which reached P11.04 billion, P8.15 billion and P7.61 billion, respectively.