SSS expects PHP100B net income this year, plans 8% growth next

The Social Security System (SSS) expects its net income to exceed PHP100 billion this year, marking a significant increase from last year's PHP90.2 billion and an estimated growth of 38 to 43 percent.

Half of the projected net income will come from investments, with plans for an additional 8 percent increase next year.

To drive this growth, SSS aims to enhance its coverage, improve collection mechanisms, and educate self-employed individuals about the benefits of contributing to social security.

The agency also announced several new initiatives, including a micro loan facility in partnership with UnionBank and improved pension benefits for overseas Filipino workers through collaboration with OWWA.

Additionally, SSS is partnering with Unilab to offer special pricing on products for members aged 60 and above as part of the Alagang SSS program.

As of Aug. 27, SSS has released almost PHP5 billion under its calamity loan program, providing financial relief to affected members.