State-run Social Security System on Monday said it breached its 2017 target revenue, with P200.5 billion in total earnings from members’ contributions and investment and other income last year.
SSS’ unaudited financial performance showed that its total revenues for the period January to December 2017 increased by P26.04 billion from P174.46 billion in 2016, and were 5.6 percent higher than the P189.79-billion target.
“We achieved good numbers in 2017 on the back of our intensified campaign to increase our collections. We are pleased that the efforts of the SSS management and employees paid off,” SSS president and chief executive officer Emmanuel F. Dooc said.
Contribution collection, which comprised the bulk of the pension fund’s revenue for 2017 was at P159.72 billion, up 10.6 percent or P15.36 billion from P144.36 billion in 2016. The remaining P40.78 billion in total revenues came from investment and other income, which soared 35.5 percent from P30.10 billion in 2016.
Similarly, expenditures of the pension fund for the period, which included benefit payments and operating expenses, jumped 26.5 percent to P180.2 billion from P142.46 billion in 2016.
