SSS

Since its inception, the Social Security System (SSS)  has been a dependable partner of the Filipino worker and his family. Directly, it has provided financial support to its members in their times of need. Indirectly, its investments have helped invigorate the Philippine economy. Through the decades, as its coverage expanded and its programs developed and sustained, the SSS evolved into an organization capable of servicing its members nationwide and in key cities overseas.

The SSS serves as more than a pension fund for private sector workers. It has developed a three-pronged role in society. First, the SSS is an instrument for social justice, which, through pensions and benefit grants, provides a safety net for members and protecting them against poverty and financial desperation. Second, it is a vehicle for income redistribution, wherein contributions from younger, healthier, and higher income members subsidize the benefits for the older, the infirm, and members of lower income, respectively. Finally, the SSS serves as a catalyst for economic growth, as our investment operations and loan programs assist in capital market and infrastructure development, as well as provide economic opportunities to members for livelihood, housing, and other financial needs.

In the past years, the institution faced many obstacles that tested its resilience and strengthened its foundation.

Through far-ranging internal reforms and program enhancements, the SSS emerged stronger and more stable, with its improved actuarial fund life, and steadily increasing assets and fund reserves. Today, it again faces a daunting challenge: a global financial crisis that has rocked the economies of both developed and emerging nations.

Despite this, however, the SSS is still optimistic that like in the past, it can weather this storm. With its proven institutional and human resource capabilities, as well as solid financial core, the SSS will prove to be a bastion of calm and dependability that members can rely on.

PERFORMANCE POISED FOR CONTINUOUS GROWTH

For four years in a row, the SSS attained a surplus in its operations, as contribution collections exceeded benefit payments. Thus far in 2009, it is apparent that the institution will achieve a similar positive net growth.

Benefit disbursements have likewise increased – a tangible manifestation of members’ increasing reliance on SSS as a viable safety net against economic and social risks. In terms of investments, the SSS was able to book substantial profits from the sale of key equities in 2008, and its conservative posture with regards to foreign investments has allowed the fund to escape largely unscathed from the global stock meltdown. Moreover, its amnesty program for delinquent housing and short-term member loans, which has been running since 2006, has allowed the SSS to clean its books of delinquent accounts, while generating the needed cash flow to support benefit payments and operating expenses.

Finally, the SSS has managed to keep its operating expenses at manageable levels without compromising operational capabilities.

As of end of June 2009:

Cumulative Assets: Php254.06 Billion

Cumulative Benefits: Php640 Billion

Cumulative Contributions: Php567.7 Billion

Membership: 28 Million

MISSION/DECLARATION OF POLICY

“It is the policyof the State to establish, develop, promote and perfect a sound and viable tax-exempt social security system suitable to the needs of the people throughout the Philippines, which shall promote social justice and provide meaningful protection to members and their families against the hazards of disability, sickness, maternity, old-age, death, and other contingencies resulting in loss of income or financial burden. Towards this end, the State shall endeavor to extend social security to workers and their beneficiaries.” (Section 2, Republic Act 8282 – Social Security Act of 1997)

STATEMENT OF VISION

“The SSS aims to develop and promote a viable, universal and equitable social security protection scheme through world-class service.”

CORPORATE VALUES

“The SSS aims to institutionalize a corporate culture that instills the core values of Trust, Empowerment and Teamwork.”