State-run Social Security System said Monday it seeks for the amendment of its 20-year old charter to take advantage of possible additional funding sources.
Social Security Commission chairman Amado Valdez said he was pushing for changes in the SSS charter, which was enacted nearly two decades ago, that would provide the pension fund greater investment flexibility to bolster its generation of needed revenues for granting higher benefits for members.
He said SSS investment capabilities based on the provisions under the Social Security Act of 1997 were limited amid current market trends.
“Aside from expanding our investment portfolio, we seek the amendment of the conservative provisions of the SSS charter particularly on the investing capacities of the Commission,” Valdez said.
The SSS charter limits the powers of the commission to invest its reserve fund. At present, SSS could only invest in private securities, housing, real estate, short and medium-term member loans, government financial institutions and corporations, infrastructure projects, foreign currency denominated investments and any particular industry that the commission deems profitable.
