SSS President and Chief Executive Officer Corazon de la Paz said the higher net revenue were bolstered by double-digit growths in contribution collections and investment earnings, which rose 12 percent to P43.94 billion from P39.24 billion, and 12 percent to P10.2 billion from P9.11 billion respectively.

She said the main revenue drivers this year were the expanded payment systems; vigorous coverage and collection; rise in income from government securities; and improvement in the value of its equities.

"SSS’ collections have been a steady source of income for the institution, which is anchored mainly on vigorous and intense coverage and collection of our Accounts Officers and the expansion of our payment systems, De la Paz said. "Combined with bullish stock market, SSS hopes to surpass its targets for the year."

SSS bolstered its collections in the past five years by deploying an additional 500 Accounts Officers in various branches nationwide and establishing teller facilities in over 40 branches, where members can make payments to the SSS directly.

This year, SSS plans to set-up 50 more teller facilities in key areas around the country and have implemented a new registration system that require companies to display in their offices a colored tin plate showing compliance to the social security law.

SSS has also benefited from a bullish stock market, with the Philippine Stock Exchange Composite Index hitting a four yearhigh of 2,557 at the end of the third quarter this year from a 2,179 level as of end-June.

De la Paz said total assets reached more than P225 billion for the first 10 months of the year, reflecting a 12.67 percent increase from the P200 billion as of end December 2005.

"The SSS Reserve Fund went up 11.7 percent from January to October this year to P219 billion from P196 billion as of end December 2005," De la Paz said.

De la Paz said total disbursements for sickness, maternity, disability, retirement, death and funeral benefits increased by seven percent to P42 billion for the first 10 months of the year compared with P39 billion for the same period in 2005.

She said for the third time since 1999 contribution collection exceeded benefit payments by P2.2 billion from January to October this year, which is almost a 1,000 percent jump from the P217 million contribution-benefit surplus for the same period in 2005.

Releases for retirement pension remain the highest among the benefit disbursements registering a 9.9 percent increase to P19.2 billion from P17.5 billion last year and followed closely by disbursements for death pension which rose 5.9 percent to P14.7 billion from P13.9 billion in 2005, she added.