SSS clarifies net loss; gains P28B from operating activities

by The Manila Times

May 20, 2022 12:08 am

SOCIAL Security System (SSS) President and CEO Michael Regino clarified that the net loss of P843.9 billion shown in its unaudited financial statements for 2021 is a result of a change in accounting standards brought by Philippine Financial Reporting Standards 4.

Regino, however, assured SSS members and pensioners that the reported losses do not affect the SSS' current cash flow and funding situation and it remains financially viable to provide benefits to its stakeholders.

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