SSS to set aside P75B for offshore investments – Dooc
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Mon, 25 Feb 2019 16:17:20 +0000
The state-run Social Security System (SSS) is looking to diversify its investments following President Rodrigo Duterte’s approval of changes to the pension fund’s charter.
“The asset allocation for foreign investments has been doubled from 7.5 percent to 15 percent under the amended charter,” SSS President and Chief Executive Officer Emmanuel Dooc told reporters late last week.
“It will translate to P75 billion from the previous allocation of P37.5 billion,” he added.
The pension fund will fast-track engagement with fund managers and advisers once the law become effective on March 5 to be able to tap foreign markets within the year, the SSS chief continued.
“That is one thing that we have to do in order to diversify and also to get higher yield,” Dooc said.
He also disclosed that consultants were now offering their services.
“What we will do is to accredit them or bid it out,” Dooc said.
The SSS is also planning to develop its real estate assets to boost revenues.
“Our plan is to hold them and then develop them to provide us a stream of income over the years to match our long term obligations,” Dooc said.
“What we are doing is we want to bid them out either as a joint venture or as a long term lease so that we can benefit from utilizing these properties.”
The SSS owns pieces of property along EDSA, Bonifacio Global City in Taguig City and in Pasay City, among others.
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