SSS Targets P100 Billion Net Income in 2024 A Vision of Growth and Expansion

The Social Security System (SSS) in the Philippines, under the leadership of President and CEO Rolando Macasaet, has set an ambitious goal to elevate its net income to over P100 billion in 2024. This target comes on the heels of a remarkable fiscal year in 2023, where the SSS achieved a net income of P83.13 billion, significantly surpassing its P51.06 billion target and the previous year’s P52.60 billion earnings.

Macasaet’s strategy focuses on enhancing the pension fund’s collection efforts and expanding its membership base by two million. This expansion is vital for sustaining the pension fund’s financial health as the country’s population grows. The SSS’s aggressive approach to improving collections, particularly from delinquent employers, has already shown results, with uncollected contributions decreasing by 39% to P56 billion in 2023 from the previous year.

Legal actions against non-compliant employers have also intensified, with 2,422 cases filed, leading to a significant increase in collections. This rigorous pursuit of dues and the adoption of flexible payment arrangements have contributed to a record collection of P1.37 billion in 2023.

The SSS’s proactive measures and Macasaet’s optimistic outlook underscore the institution’s commitment to strengthening its financial foundations and ensuring the welfare of its members, setting a positive trajectory for the pension fund’s future.