According to the Department of Finance (DOF), the Social Security System (SSS) will be able to create higher investment returns because of the country's improving economic situation and the easing of quarantine regulations.

As per the Secretary of Finance Benjamin E. Diokno, the private sector’s pension fund should steadily increase its investment income given the domestic economy's rapid growth and the improved business forecast.

In a statement on Tuesday, Oct. 4, Diokno uttered, "We must consistently attempt to enhance the quality and performance of our assets to have a proper financial management and market involvement." He also claimed that with higher earnings, SSS members would feel more certain that their contributions will bear profits in the future.

Moreover, the finance chief acknowledged the significant role of SSS in the current economic climate by praising the organization’s management of its funds - strong, secure, and well-managed amidst the pandemic's implications.

With almost 40 million members and 2.9 million pensioners who are receiving social security benefits, the SSS has paid out P1 trillion in benefit payments for the six previous years.

Diokno also praised the SSS for accelerating the digital transformation of its business operations and front-line activities.

Likewise, he added that as part of the government's Covid-19 response efforts in helping people and businesses, the enhancements have allowed the government to precisely target beneficiaries and rapidly deliver aid for the Small Business Wage Subsidy Program.

Diokno stated, "SSS modernization programs were not just accepted domestically, but also acknowledged by worldwide social security groups. This is a great accomplishment, and I anticipate even more outstanding efforts and achievements from the SSS for the next years.”

The SSS has moved the submission of claims for its numerous insurance products to online portals.

Benefit claims are now transferred to the SSS member's or pensioner's designated disbursement account, which can be accessed via PESONet, electronic wallets, cash payment terminals, or the Union Bank of the Philippines (UnionBank) QuickCard.

Applications for SSS salary loans, calamity loans, and renewed pension loans can all be processed instantly and checked online.

Members and employers are given a more practical way to work with SSS by accessing their information and utilizing mobile devices through the SSS Mobile App.

The SSS was then urged by Diokno to continue innovating, demonstrating, adapting, and living up to the escalating expectations of its members