Wheels & more -- Motoring quarterly
Advertisement
Manila Standard Job Openings

SSS says revenues topped P81b in first six months

Revenues of pension fund Social Services System rose 7.5 percent to P81.09 billion in the first six months of 2015 from P75.37 year-on-year.

SSS attributed the increased revenues to higher contributions of P65.118 billion and investment and other income of P15.961 billion.

Data obtained by The Standard showed SSS total investments in the first half stood at P427.514 billion, while average return of investment posted 7 percent to increase assets to P444.054 billion.

Government securities worth P161.456 billion accounted for the biggest share in investment at 38 percent, followed by equities with 25 percent at P105.241 billion.

Total loans from 741,706 members in the January-to-June period reached P14.463 billion.

The SSS earlier this week announced it was set to auction six real estate properties worth about P700 million in order to reach the P1.2-billion income target by the end of the year.

The SSS said it generated an income of P274.5 million in the six-month period from lease and sale of SSS-owned real estate properties, such as residential and commercial lots, condominium units, building and parking lots.

SSS senior vice president and officer-in-charge of the lending and asset management division May Catherine Ciriaco SSS registered the earnings mainly from leasing properties with a combined value of P12.7 billion.

The state-run pension fund said it aimed to surpass the P1.2-billion income target after the scheduled sale of real estate properties in the second semester of the year. 

The agency expects to generate an additional earnings of P289 million in the remaining months of 2015 from leases and P696.5 million from the sale of properties scheduled in the second half of this year.

“Contrary to recent news reports, SSS assets for the most part have not remained idle, for about 70 percent of our P17.9-billion investment properties have been on lease and are bringing in regular income for the SSS. The rest of SSS assets are either for sale, or are retained as SSS property due to their expected increase in value,” Ciriaco said.

Six of its properties scheduled for bidding are condominium units and parking lots in Bella Villa and Pioneer Highlands, as well as acquired lots in Marilao, Villa Josefina, Zamboanga and Manila Harbour.

“Meanwhile, as part of the pension fund’s long-term strategy, the SSS intends to maintain its ownership of select prime properties, such as Fort Bonifacio in Taguig City and East Triangle in Quezon City, given the expected appreciation in their real estate value,” Ciriaco said.

The Commission on Audit said the SSS lost around P198.1 million potential income due to failure to ren real estate properties such as condominium units.

“The SSS has already received CoA’s unqualified opinion attesting to the fairness of the financial statement submitted by SSS for 2014. Measures intended to maximize SSS income from its real estate properties are already underway,” Ciriaco said.

She added “even if the SSS has not rented out certain properties, the SSS has already registered gains from their appreciating value.”

SSS members stood at 32.90 million as of end-June this year.

COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by The Standard. Comments are views by thestandard.ph readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of thestandard.ph. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with The Standard editorial standards, The Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementKPPI
Advertisement