The Social Security System (SSS) recorded an overall growth in terms of assets and income in the first seven months this year with almost double net revenues compared with the same period in 2003.

In a report to Malacañang, SSS President and Chief Executive Officer Corazon De la Paz said SSS assets have grown to P176 billion from January to July this year compared with P171 billion as of Dec. 31, 2003 as a result of the net revenue of P2.5 billion and the improvement in the value of the investment in marketplace securities by P2.5 billion.

"We are now seeing the full effect of the reforms we have put in place last year," De la Paz said. "We attribute our growth to the one percentage point increase in contribution rates and an intensified collection efforts."

In March last year, SSS implemented a one percentage point increase in the employers’ share in the contribution rate from 8.4 to 9.4 percent of the employee’s salary. It also deployed another 350 account officers to 150 SSS branches nationwide to intensify coverage and collection.

The account officers monitored the billings and payments of companies and cracked down on employers who did not comply with the Social Security Law. The account officers filed charges in court against delinquent employers.

As a result of the new efforts to improve collections, contributions went up to P25.2 billion from January to July compared with P22.1 billion collected for the same period last year, De la Paz said.

She said benefit disbursements also increased in the first seven months from P23.2 billion last year to P24.6 billion this year, but it was only the second time since 1999 that contributions collections surpassed benefit payments.

De la Paz said the SSS Investment Reserve Fund has grown to P173 billion from P168 billion during the past seven months and prospects have improved for the SSS in the coming months.

"Even our earnings from investment for the first seven months of the year amounting to a little over P5 billion registered a slight increase of half-percent compared to the same period last year," De la Paz said.