PRESIDENT Ferdinand “Bongbong” R. Marcos, Jr. on Friday gave assurances the Social Security System (SSS) will remain “strong and stable” during his term.
Keynoting the 65th Anniversary of SSS in Quezon City, Marcos said ensuring the stability of the state-run pension fund will be more crucial for its members to cope with the pandemic and economic impact of the international geopolitical situation, such as the ongoing conflict in Ukraine.
“As your President, I assure you that I commit myself to every initiative that will improve the efficiency and productivity of the SSS and thereby improve the welfare of our people,” Marcos said.
The SSS earlier said its fund life is now expected to last until 2054.
Marcos lauded the new initiatives of SSS to make its services more accessible to its members through its Contribution Subsidy Provider Program, flexible payment scheme for fishermen and farmers, and the Contribution Penalty Condonation Program for businesses and household employers.
“For more than six decades, the SSS has been a bastion of stability for every Filipino in the private sector. And the SSS has done this by empowering our employees with equitable and world-class protection, ensuring that they will have a safety net during life’s most difficult moments,” Marcos said.
Marcos also thanked the partners of SSS, which helped in the implementation of its services.
Some of the partners, including employers and media entities, were recognized by SSS through its Balikat ng Bayan Awards in an awarding ceremony also on Friday.
The BusinessMirror was chosen as the 2022 Balikat ng Bayan Best Media Partner—Print Category. The SSS Balikat ng Bayan Awards was established in 1995 to honor individuals, employers, and organizations that significantly contributed to the SSS’s pursuit of its mandate.
“Because of you, the SSS is able to carry out its mandate efficiently, smoothly through the strong partnerships that you have formed with the agency and with your clientele,” Marcos said, addressing the recipients of the Balikat ng Bayan award.
Earlier, at a news conference marking the SSS’s 65th anniversary, SSS President and Chief Executive Officer Michael G. Regino said the agency is keen on investing in infrastructure projects as early as next year to diversify its investment portfolio and expand its revenue stream.
He said the pension fund is now in talks with the Government Service Insurance System (GSIS) on the possibility of investing in infrastructure programs and projects.
Regino added that the idea of investing in infrastructure came from Finance Secretary Benjamin E. Diokno. At present, the SSS has no investments in any infrastructure program or project of the government, Regino said.
The SSS may venture into various investment areas using a portion of its reserve fund known as the investment reserve fund (IRF), as stipulated under the implementing rules and regulations (IRR) of Republic Act 11199 or the Social Security Act of 2018.
Under the IRR, the SSS may invest in bonds, securities, promissory notes or other evidence of indebtedness of the Philippine Government, or any of its agencies or instrumentalities to finance domestic infrastructure projects such as roads, bridges, ports, telecommunications and other similar projects.
As to how much the SSS is willing to invest in infrastructure programs, Regino pointed out that the agency has “enough funds,” and may even sell some of its stock investments if necessary to pursue infrastructure investments.
Image credits: Screengrab from RTVM