SSS clears P1.35B in first 4 months

The Social Security System (SSS) reported a P1.35-billion net income in the first four months of the year. Total assets stood at P174.93 billion, from P181.74 billion last year for a 3.7-percent drop.

SSS senior vice president Edgar B. Solilapsi attributed the system’s good performance to higher earnings from dividends and maturities of its investments in the capital markets.

Solilapsi said the pension fund earned nearly P20 million from its preferred shares in Ayala Corp. plus another P200 million from its holdings in a San Miguel property subsidiary.

"We also realized earnings from dividends issued by the Philippine Long Distance Telephone Co. (PLDT), San Miguel Corp. (SMC) and the Manila Electric Corp. (Meralco)," he added.

Earnings and income from employee contributions and social security reached P5.281 billion or an increase of 47.1 percent over the P3.591 billion in the same period last year. Total contributions however decreased by 7.1 percent from P9.6 billion in the first four months of 2000 to P8.92 billion in the same period this year.

SSS officials said the slight drop in contributions was due to poor economic activity and unconfirmed closure of some establishments in the past months.

The SSS holds government securities amounting to roughly P33 billion in various tenors with average per annum earnings of an average 14 percent.

These were placed in five-year fixed income notes, seven-year fixed income bonds, and small-denomi nated notes yielding from 13.615 percent to 14.175 percent. – Ted Torres