SSS 2023 revenue surpasses P330B target by 9.5%

SSS President and Chief Executive Officer Rolando Macasaet said the agency’s income jumped to 362.20 billion last year which was the highest revenue so far attained by the SSS.

“Our 2023 financial performance is indicative of the efforts of the SSS management and employees in intensifying its collection activities and the prudent management of our investments. The P309.12-billion contribution collection exceeds our 2023 target of P294.49 by P14.62 billion. It is 18.2 percent higher than the P261.44 billion collected in 2022,” Macasaet said.

In the 2023 unaudited financial statement, Macasaet noted that the contribution collection remained the primary revenue source of SSS last year which stood at P309.12 billion.

“This is attributed to new paying members, improved collection from delinquent employers, and the 2023 contribution rate hike. Additionally, the remaining P53.08 billion came from revenue from investments,” he added.

According to the SSS, at least 1.4 million new members were added in 2023, and a total of P10.48 billion in contributions from new paying members was collected during the period.

It also generated P27.84 billion in contributions due to the contribution rate hike. SSS has been implementing a 14 percent contribution rate since January 2023 — a 1 percent increase under Republic Act No. 11199 or the Social Security Act of 2018.

Meanwhile, revenue from investment and other income in 2023 is at P53.08 billion, surpassing the year’s target of P36.31 billion by P16.77 billion.

“Total revenues from investment and other income last year were also higher than the P44.72 billion revenue generated in 2022, which indicates that SSS investment portfolio is being managed well and that we continue to perform well in our investment activities whatever the prevailing market conditions,” Macasaet said.

Similarly, he said, the agency’s expenditures in 2023, which included benefit payments and operating expenses, went up by P16.92 billion to P270.48 billion from P253.56 billion in 2022. The 2023 SSS operating expenses remained below the allowable limit under the SSS Charter.

“Of the total expenditures, P259.03 billion were released for benefit payments, which jumped by P16.22 billion from P242.81 billion in 2022. SSS grants benefits for maternity, sickness, disability, unemployment, retirement, funeral, and death to qualified members,” he added.