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INQUIRER PHOTO \/ NINO JESUS ORBETA<\/p>\n
MANILA, Philippines \u2014 The Social Security System (SSS) expects a slower profit growth next year, as the higher pension payouts it promised to millions of retirees increase its expenses.<\/p>\n
Robert Joseph de Claro, the fund\u2019s president and chief executive, said at a news conference on Thursday that the state-run pension system for private-sector workers will set a higher target for contributions in 2026 to help offset the additional costs.<\/p>\n
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Still, those efforts will not be enough to match the pace of growth projected for this year.<\/p>\n
The fund forecasts earnings to rise by just about 8 percent in 2026, well below the estimated 38 to 45 percent increase in 2025.<\/p>\n
Even so, De Claro said that the system remains on track to report net income of P100 billion in 2025, despite the phased pension increase that will begin in September.<\/p>\n
READ: Collect SSS dues before rate hike<\/a><\/p>\n SSS reportedly netted P66.45 billion in the first half of the year, marking a 46.9-percent growth.<\/p>\n Article continues after this advertisement\t\t <\/p>\n Broken down, contributions jumped by 14 percent to P187.4 billion during the period, while benefit payments edged up by 4.8 percent to P145.7 billion.<\/p>\n Hike in benefits<\/p>\n To sustain growth, the fund plans to expand its coverage to more overseas Filipino workers and employees in the construction industry, while also improving collection.<\/p>\n \t\t\t\t\tArticle continues after this advertisement<\/p>\n \u201cWe are fortunate enough that we still have a growing population,\u201d De Claro said.<\/p>\n Last July, SSS announced an increase in pensions phased over three years starting this September, benefiting millions of pensioners without requiring an increase in member contributions.<\/p>\n