The net income of the state-run pension fund Social Security System further fell 12.5 percent year-on-year to P3.5 billion in the first quarter as expenditures continued to increase due to the pension hike while investment income declined following a drop in the stock market.
The decline in net income from P4 billion in the first quarter of last year was nonetheless slower compared to the 67 percent slide a year ago.
The latest SSS data showed that total revenues from January to March inched up 1.9 percent to P49.72 billion from P48.78 billion in the same three-month period last year mainly as the pension fund collected more from members.

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