The state-run Social Security System on Friday said it will hire three fund managers to manage P3 billion worth of investment assets, its top official said.
SSS president and chief executive officer Conrado de Quiros Jr told reporters on the sidelines of the agency’s 59th anniversary celebration the three fund managers would handle assets worth P1 billion each.
De Quiros said the agency was waiting the go-signal from the Social Security Commission appointees.
“We are just waiting for the new commissioners to be appointed so our investment group will be making their presentations and recommendations,” he said.
He said the pension system planned to hire the fund managers within the year once the SSC commissioners, who serve as the governing body of the SSS, were appointed.
De Quiros added SSS would focus on local funder managers before possibly tapping the servies of overseas managers.
“The problem is a lot of the banks and the trust companies had problems getting BIR (Bureau of Internal Revenue) clearances so we hope that they would be able to resolve it this year,” he said.
SSS booked an investment income of P28.65 billion in 2015, or 19 percent lower than P34.53 billion in 2014.
Return of investment for 2015, however, stood at 6.9 percent, outpacing key market indicators such as the 10-year Treasury bond and 364-day T-bill rates, which averaged 4.0 percent and 2.1 percent, respectively.
SSS executive vice president for investments sector Rizaldy Capulong noted that the agency’s return last year also remained ahead of national economic indicators, including the 5.8 percent growth in the gross domestic product and the 1.4 percent inflation rate in 2015.
“Our investment activities are guided by SSS charter and adhere to the principles of safety, good yield and liquidity. SSS performance under present management has consistently outdone major investment benchmarks, and we continue to do our best amid the prevailing market conditions,” Capulong said.
