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Monday, January 26, 2009

SSS Infrastructure Investments to Earn Benchmark Rates

The Social Security System’s (SSS) participation in the government’s proposed P300-billion economic stimulus fund would be purely an investment which is expected to earn a reasonable yield based on benchmark rates, a top official said.
SSS President and Chief Executive Officer Romulo Neri said the Social Security Commission—SSS’ policy-making body composed of representatives of workers, employers and the government—would approve the projects to be funded under the program.
“We are treating this purely as an investment with a two-pronged objective: to earn money and to create jobs, which means bringing in more SSS members,” he said. “It is not free nor a dole-out.”
The proposed stimulus package would be funded by the government and private sectors. It aims to pump-prime the local economy amid the global financial slowdown.
SSS eyes an investment of about P12 billion or one-fourth of the government financial institutions’ share of infrastructure projects. Under the Social Security Law, the SSS can finance domestic infrastructure projects provided that the investment shall be guaranteed by the Philippine government.
“Our charter allows SSS to invest in roads, bridges and other similar projects,” Neri said. “The SSS law also provides safeguards to protect the investments.”

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