The Social Security System (SSS) announced that it surpassed its target net income of P51 billion in 2023, marking a remarkable 62.8% growth.
According to the unaudited financial statement for 2023, SSS recorded a net income of P83 billion, a significant increase from P52 billion in 2022.
SSS President and Chief Executive Officer, Rolando Ledesma Macasaet, hailed this achievement as the highest net income ever attained by the institution.
The SSS saw a 15.6% increase in earnings in 2023, reaching P353 billion compared to P306 billion in 2022.
Macasaet also highlighted that the SSS maintained low expenses in 2023 to ensure that every peso contributed by members serves its beneficiaries.
The stellar financial performance of SSS in the past year can be attributed to intensified collection activities and the contribution rate hike in 2023.
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