The Social Security Board held a media mixer today where they highlighted their performances and laid out their plans for modernization. Currently, SSB is transitioning to an online platform where contributors will be able to conduct their business from your device.
The CEO told us more about the progress that's been made over the past year.
Jerome Palma, CEO, SSB
"It is a part of our strategic priority for active engagement, not just with the media, but with stakeholders. I think as we move forward with the development in the scheme, we will have to engage and get feedback. We have to understand what are the challenges when we are dealing with the administration and operations, We may be looking and seeing at it from one perspective. When we discuss with stakeholders like the media, we will gain a different perspective. So it is important that we have this type of engagement. It is a part of our accountability and transparency as well. As we continue to strive to make sure we pass on the information."
Reporter:
"You mentioned that there was a meeting just like this last year around the same time. How has SSB progressed from then until now?"
Jerome Palma, CEO, SSB
"Well, there are several advancements that we've made. We've taken, for example, under consideration for the items to be presented today to include things like the investment portfolio that was highlighted the last time around. So we were quite deliberate in that way. From last year to now, You've seen that we've launched several portal features, and those are definitely in the public domain for people to access for them to engage with us. So we've launched that. We have other things that are then upcoming in terms of like our Up. That's something that people can expect within the next few months that we roll out. So from last year to now, the engagement, we've considered the feedback that we got, but we've also quite intentionally launched things in the portal, like the online sickness submission that people are now utilizing."
Courtney Menzies:
"How receptive is the public to this new modernization of SSB?"
Jerome Palma, CEO, SSB
"Well, I think it has to be online, but it has to be at a pace that people can appreciate. You will notice that we made the launch for the online sickness at the end of January, thereabouts, and we did a soft launch for the same reason we had to sensitize, We had to work with people, internally there may have been things that we had to address. So we did it in a pace that we thought was gradual, that met people where they were at. And the reception so far has been encouraging where most people have begun utilizing it. We've had significant increase in portal sign up and just access. So that has been pushing the right direction."
SSB is also looking at more investments moving forward in order to keep the fund growing. These investments undergo a rigorous process before they are embarked on. And according to Palma, the opportunities will continue to grow once they keep maximizing on them.
Jerome Palma, CEO, SSB
"Well, with respect to investments, I think there are a couple of things that we must look at. We must look at the reserves itself growing, and therefore the opportunities that we have to capitalize on will actually increase. There are opportunities that we may create through development of programs that we have or DLM Building is one, for example, that we created. And then there are opportunities that may come our ways. There may be opportunities that municipalities develop, ones that we may wish to partake in. Entities that are legitimate, may wish to borrow from the scheme that we have to work with. So those are opportunities that we anticipate will continue to have come with any economy. As the economy grows, There will be a need for investment. So for us, the due diligence has to take place. It has to be both` us capitalizing off those opportunities that may come our way that are secure, that makes sense for the fund and us being creative to see what are practical things that can be safe, secure, reliable and generate a consistent return over time."
While not all services are online as yet, the two that are upcoming are funeral grants and maternity benefits.
