SSS in­ter­ested to in­vest in PPP in­fra­struc­ture

Sun.Star Cagayan de Oro - - Business -

THE So­cial Se­cu­rity Sys­tem has ex­pressed in­ter­est to en­ter into pub­lic pri­vate part­ner­ship (PPP) in­fra­struc­ture in­vest­ments as it awaits the pas­sage of the So­cial Se­cu­rity Re­form Act of 2017.

Un­der the cur­rent laws, Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer Em­manuel Dooc said SSS, cit­ing the So­cial Se­cu­rity Act of 1997, can only in­vest its re­serve fund in in­fra­struc­ture projects, for­eign cur­rency-de­nom­i­nated in­vest­ments, gov­ern­ment fi­nan­cial in­sti­tu­tions and cor­po­ra­tions, hous­ing, pri­vate se­cu­ri­ties, real es­tate, short- and medium-term mem­ber loans.

“Un­der the pro­posed char­ter amend­ment dubbed as the So­cial Se­cu­rity Re­form Act of 2017, pow­ers and re­spon­si­bil­i­ties of the SSS will be ra­tio­nal­ized, al­low­ing it to widen its in­vest­ment op­por­tu­ni­ties for bet­ter fund re­turns,” said Dooc in a press state­ment.

The strat­egy is in sup­port to the Duterte ad­min­is­tra­tion’s P8.4-tril­lion Build Build Build pro­gram that aims to main­tain six to seven per­cent eco­nomic growth un­til 2022. So­cial Se­cu­rity Com­mis­sion Chair­man Amado Valdez said the plan, which in­cludes par­tic­i­pat­ing in PPP road and toll­way projects, is eyed to gen­er­ate a “life­time in­come for the pen­sion fund.”

Early this year, SSS has rolled out the P2,000-pen­sion hike, or around P7 bil­lion dis­bursed to 2.2 mil­lion pen­sion­ers last March, to which it then pledged to look for ways to gen­er­ate in­come for the pen­sion fund along­side higher ex­pen­di­tures.

In ad­di­tion, SSS also ex­pressed its sup­port to the tax re­form pro­gram, with Valdez say­ing this will re­sult in a more ef­fi­cient de­liv­ery of ser­vice to ev­ery­one, in­clud­ing the pen­sion­ers. Mean­while, Dooc said the pro­vi­sion to ad­just in­come tax brack­ets will in­crease take­home pay of tax­pay­ers.

“Based on the tax re­form pro­posal of the fi­nance de­part­ment, fam­i­lies re­ceiv­ing a com­bined monthly in­come of be­tween P13,000 and P40,000 will have their take-home pay in­creased be­tween P1,100 and 3,500 per month or P14,000 to P42,000 per year,” Dooc said.

In the first four months of 2017, SSS mem­ber con­tri­bu­tions grew by 9.6 per­cent to P52.18 bil­lion.

(Milo Brioso)

BAGUIO. With its nearby ar­eas teem­ing with de­vel­op­ment, the Pres­i­den­tial Man­sion has main­tained its grandeur and lush greener­ies through the years.

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