SSS contributions up 7.8% to P25.58B in Q1

The Social Security System (SSS) collected P25.58 billion in contributions for the first three months of the year, a 7.8-percent improvement from the P23.74 billion it collected in the same period in 2012.

P1.24 billion or 4.8 percent came from members’ contributions in Southern Mindanao, better by 5 percent year-on-year from P1.18 billion in 2012.

In Southern Mindanao, the SSS has branches in Bislig, Surigao del Sur; Digos, Davao del Sur; Mati, Davao Oriental; Tagum, Davao del Norte; Toril, Davao City; Cotabato City; General Santos City; Kidapawan City, Cotabato; Koronadal, South Cotabato; and Tacurong, Sultan Kudarat. SSS Davao is the agency’s division headquarters in the region.

About 86 percent or P21.95 billion of the total contributions came from the employed sector, up 7.2 percent from P20.47 billion last year.

According to SSS President Emilio de Quiros, Jr., voluntary payments rose 19.4 percent to P2.24 billion, while self-employed collection declined 0.5 percent to P1.39 billion.

Total benefit disbursements, however, dropped 2.1 percent to P21.19 billion. Southern Mindanao’s benefit disbursement also fell by the same percentage to P1.29 billion from P1.32 billion in the first quarter of 2012.

SSS’ investment income of P10.49 billion was 12.6 above its target of P9.32 billion, but still 9.3 percent less than its its P11.56-billion investment income last year.

Operating expenses fell to P1.74 billion from P1.86 billion in 2012. — BM, GMA News