Investment strategy

This refers to the article “SSS to sell part of real estate assets to help fund pension hike” (Business, 9/23/17).

SSS real estate properties mentioned in the said report were all acquired through dacion en pago or payment in property settlement. They were put on the sale block not to fund the pension hike but as part of continuing efforts to improve the current financial position of the agency. In fact, this has been the plan even before the approval of the P1,000 additional benefit to SSS pensioners early this year.

Being classified as suboptimal properties, the disposal of these assets has been a long-standing investment strategy of the SSS for revenue generation. Not only will it help the SSS boost its revenues, but it will also rid the agency of unnecessary expenses on maintaining the said properties. Moreover, the SSS is permitted to acquire or dispose of real or personal properties as necessary or expedient so as to maintain the viability of SSS funds and, at the same time, meet all its benefit obligations to members.

We hope that this has clarified the reason behind the sale.

MA. LUISA P. SEBASTIAN, department manager III, media affairs department, Social Security System

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