State-run Social Security System (SSS) said its investments income increased by 8 percent last year to P32.2 billion from P29.8 billion a year before, while its members contributions up by 9 percent.
In a statement, Emilio de Quiros Jr., SSS President and Chief Executive Officer said yesterday that the pension fund’s members contributions reached P94.2 billion last year from P85.9 billion in 2011.
Meanwhile, SSS benefit disbursements in 2012 amounted to P84.4 billion, higher by 2 percent from the P82.7 billion a year ago.
De Quiros said that the pension fund showed a positive financial performance in 2012 as its surplus between contribution collections and benefit payments reached P9.8 billion. In comparison, the difference between SSS contributions and benefits in 2011 amounted to only P3.4 billion.
Meanwhile, SSS operating expenses decreased from P7.5 billion in 2011, to just P7.2 billion last year.
In terms of member loans, the SSS salary loan continued to be a source of financial support from members, with total loan grants in 2012 reaching P20.58 billion, an increase of 30-percent from P15.79 billion.
“Over 1.28 million members availed themselves of salary loans in 2012, up by 21 percent from the 1.05 million members granted loans in 2011,” de Quiros said. “We could surmise that members really needed extra funds last year due to the natural calamities that hit us then.”