SSS chief welcomes market volatility
MANILA, Philippines - There's no need to hit the panic button when huge sell-offs hit the stock market, said state pension fund Social Security System (SSS), which has large equity investments.
In a press conference on Monday, July 1, SSS president and CEO Emilio de Quiros Jr. said market volatility allows investors to hunt for bargains.
"Market volatility is something we're happy with. You generate income when the market's volatile," he said.
SSS maintains a P350-billion investment portfolio composed of member and corporate loans, debt papers, properties and stocks.
Its stock investments, worth P90 billion, are in the mining, property, banking, power generation and distribution, utilities, infrastructure and telecommunications sectors.
After a record-breaking start in 2013, the stock market started to slide late May. It touched bear levels in June due to bad news overseas.
De Quiros however said SSS members have nothing to worry about.
"We live in a volatile market and we're happy that at this time. It still produces the income we need, given the fact that interest yields are down," he said.
SSS is planning to sell its 8,300-square meter property called Block 56 in Bonifacio Global City, Taguig to maximize earnings, among other things.
SSS' net revenues in Janury to April grew 17.7% to 16.44 billion from P13.96 billion in the same period last year.
The private sector pension fund aims to hit full-year net revenues of P30 billion. - Rappler.com