CATBALOGAN CITY — The Social Security System (SSS) announced that its net income in 2023 soared to P83.13 billion, surpassing its target by 62.8 percent. This marked a significant increase from the P52.60 billion net income recorded in the previous year.
SSS President and Chief Executive Officer Rolando Ledesma Macasaet attributed this exceptional performance to higher revenues compared to expenses. He noted that revenue in 2023 grew by 15.6 percent to P353.82 billion, primarily driven by a substantial increase in contribution collection, which rose by 18.2 percent to P309.12 billion from the previous year’s P261.44 billion.
Macasaet highlighted that the SSS has been strengthening its finances through programs and policies that attract new paying members and enhance collection efforts. He emphasized that the organization has managed its expenses prudently, with operating expenses last year accounting for only 30.32 percent of the allowed charter limit of P38.4 billion.
Benefit payments to members and pensioners totaled P259.03 billion in 2023, up by 6.7 percent from P242.81 billion in 2022. Operating expenses amounted to P11.65 billion, an 8.4 percent increase from the previous year’s P10.75 billion.
Macasaet credited the outstanding financial performance to the efforts of SSS management and employees in intensifying collection activities, such as registering new paying members, improving collection from delinquent employers, and implementing the 2023 contribution rate hike.
SSS Executive Vice President for Branch Operations Sector Voltaire P. Agas added that the organization’s initiatives in 2023 led to an expansion of SSS membership and improved collection from delinquent employers, particularly through the Run After Contribution Evaders (RACE) campaign. (With reports from SSS)
