SSS hires fund managers for P7B worth of investible funds
Their goal is to keep their money growing.
The Social Security System has tapped five local managers to manage P7 billion of its investment reserve fund in bid to further boost its financial position and diversify its portfolio.
SSS president and chief executive officer Aurora Ignacio said the state pension fund has deployed P7 billion each to Rizal Commercial Banking Corp., BPI Asset Management and Trust Corp., and ATRAM Trust Corp., Metropolitan Bank and Trust Corp. and Philequity Management to be invested in equity funds, balanced funds, and fixed-income funds.
Under The Social Security Act of 2018, the pension fund can invest as much as 15% of its investible funds in foreign currency and investment-grade securities.