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STATE INSURANCE FUND Click here 1996-2006
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The State Insurance Fund (SIF) is established to provide funding support
to the Employees' Compensation Program. It is generated from the
employers' contributions collected by both GSIS and SSS from public and
private sectors employers respectively.
Under existing rules, a government agency, unit or office shall remit to
the GSIS a monthly contribution of Php100 per employee (Board Resolution
No. 02-04235 issued on April 11, 2002). For a covered employee in the
private sector, the employer shall remit to the SSS a
monthly contribution of Php10 for wage earners and o.2o% of the monthly
salary credit (MSC) for emplyees with higher MSC 0f P15,000.00 and over
(Board Resolution No. 06-08-70 issued on August 31, 2006). |
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STATE INSURANCE FUND (SIF) MONITORING REPORT, 1996-2006 |
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SOCIAL SECURITY SYSTEM (SSS) |
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1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
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ASSETS |
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Current Assets |
2,358,135,496.00 |
8,579,045,105.00 |
8,102,502.817.00 |
502,078,541.00 |
350,166,485.00 |
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9,762,771,107.00 |
8,752,085,427.00 |
9,603,490,133.00 |
11,674,478,139.00 |
12,890,456,645.00 |
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Investments |
12,107,990,485.00 |
6,742,186,532.00 |
8,401,758,593.00 |
16,135,032,943.00 |
16,956,915,791.00 |
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9,943,964,234.85 |
11,441,292,026.77 |
11,328,749,997.00 |
9,782,701,591.00 |
9,494,998.406.00 |
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Receivables |
- |
- |
- |
546,657,590.00 |
1,107,570,817.00 |
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- |
- |
- |
- |
- |
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Other Assets |
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3,098,838.00 |
3,098,838.00 |
3,098,838.00 |
3,098,838.00 |
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207,303,851.00 |
213,006,335.00 |
294,447,947.00 |
294,447,947.00 |
294,447.947.00 |
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Total Assets |
14,466,125,981.00 |
15,324,330,475.00 |
16,507,360,248.00 |
17,186,867,912.00 |
1,841,775,1931.00 |
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19,914,039,192.85 |
20,406,383,788.77 |
21,226,688,077.00 |
21,751,627,677.00 |
22,679,902,998.00 |
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LIABILITIES & NETWORTH |
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Current Liabilities |
16,185,502.00 |
29,005,937.00 |
4,100,205.00 |
43,464.00 |
9,239,628.00 |
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26,426,983.00 |
3,096.00 |
4,858.00 |
21,802.00 |
26,708.00 |
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Reserves |
14,449,940,479.00 |
15,295,324,538.00 |
16,503,260,043.00 |
17,186,824,448.00 |
18,408,512,303.00 |
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19,887,612,210.00 |
20,406,380,693.00 |
21,226,683,219.00 |
21,751,605,875.00 |
22,679,876,290.00 |
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Net Income (Loss) |
- |
- |
- |
- |
- |
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- |
- |
- |
- |
- |
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Total Liabilities & Networth |
14,466,125,981.00 |
15,324,330,475.00 |
16,507,360,248.00 |
17,186,867,912.00 |
18,417,751,931.00 |
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19,914,039,193.00 |
20,406,383,789.00 |
21,226,688,077.00 |
21,751,627,677.00 |
22,679,902,998.00 |
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INCOME |
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Contributions/EC Premiums |
428,272,258.00 |
308,023,283.00 |
466,884,334.00 |
375,646,702.00 |
432,605,913.00 |
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485,518,784.00 |
785,723,146.00 |
852,242,277.00 |
620,560,713.00 |
910,208,931.00 |
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Investments Income |
1,663,842,255.00 |
1,548,249,294.00 |
1,827,357,345.00 |
1,849,191,424.00 |
2,137,816,866.00 |
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1,803,809,997.00 |
1,068,489,347.00 |
1,323,226,112.00 |
1,092,722,782.00 |
1,154,865,951.00 |
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Miscellaneous Income |
2,091,710.00 |
2,427,489.00 |
2,970,866.00 |
1,969,388.00 |
2,400,000.00 |
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- |
- |
- |
- |
- |
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Less Int. on Interfund Borrowing |
- |
- |
- |
- |
- |
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- |
- |
- |
- |
- |
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Total Income |
2,094,206,223.00 |
1,858,700,066.00 |
22,972,125,45.00 |
2,226,807,514.00 |
2,572,822,779.00 |
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2,289,328,781.00 |
1,854,212,493.00 |
2,175,468,389.00 |
1,713,283,495.00 |
2,065,074,882.00 |
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EXPENSES |
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Claims & Benefits |
74,1298,287.00 |
845,184,018.00 |
904,291,618.00 |
1,026,404,607.00 |
1,154,101,467.00 |
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1,305,304,768.00 |
1,183,497,464.00 |
1,139,244,090.00 |
838,379,800.00 |
1,070,432,148.00 |
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Adm. & Operating Expenses |
153,628,204.00 |
171,851,380.00 |
187,930,271.00 |
262,266,559.00 |
183,182,067.00 |
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145,171,425.00 |
131,804,162.00 |
135,314,191.00 |
92,696,253.00 |
130,787,271.00 |
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Total Expenses |
894,926,491.00 |
1,017,035,398.00 |
1,092,221,889.00 |
1,288,671,166.00 |
1,337,283,534.00 |
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1,450,476,193.00 |
1,315,301,626.00 |
1,274,558,281.00 |
931,076,053.00 |
1,201,219,419.00 |
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NET REVENUE (LOSS) |
1,199,279,732.00 |
841,664,668.00 |
1,204,990,656.00 |
938,136,348.00 |
1,235,539,245.00 |
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838,852,588.00 |
538,910,867.00 |
900,910,108.00 |
782,207,442.00 |
863,855,463.00 |
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Source: Social Security System. |
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GOVERMENT SERVICE INSURANCE SYSTEM |
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1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
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ASSETS |
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Current Assets |
- |
- |
- |
- |
- |
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467,473,880.91 |
565,131,211.99 |
912,590,593.00 |
1,027,611,532.38 |
13,069,360.13 |
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Investments |
100,800,000.00 |
100,800,000.00 |
100,800,000.00 |
100,800,000.00 |
100,800,000.00 |
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100,800,000.00 |
100,800,000.00 |
87,984,357.00 |
27,614,097.50 |
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Receivables |
985,240,133.53 |
1,268,825,301.88 |
1,336,137,542.72 |
855,516,156.32 |
885,163,011.85 |
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- |
- |
- |
- |
- |
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Other Assets |
- |
- |
- |
- |
- |
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1,383,349,137.83 |
2,284,684,177.98 |
884,912,534.00 |
888,489,533.37 |
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Total Assets |
1,086,040,133.53 |
1,369,625,301.88 |
1,436,937,542.72 |
956,316,156.32 |
985,963,011.85 |
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1,951,623,018.74 |
2,284,684,177.98 |
1,885,487,484.00 |
1,943,715,163.25 |
13,069,360.13 |
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LIABILITIES & NETWORTH |
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Current Liabilities |
676,096,399.76 |
131,3145,609.32 |
1,754,998,903.00 |
2,246,784,628.50 |
2,728,538,630.16 |
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3,912,339,023.26 |
4,066,872,929.79 |
4,197,512,980.00 |
4,065,504,245.35 |
2,163,375,569.73 |
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Reserves |
485,904,428.00 |
48,5904,428.00 |
485,904,428.00 |
485,904,428.00 |
485,904,428.00 |
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485,904,428.00 |
485,904,428.00 |
485,904,428.00 |
485,904,428.00 |
485,904,428.00 |
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Net Income (Loss) |
-75,960,694.23 |
-429,424,735.44 |
-803,965,788.28 |
-1,776,372,900.18 |
-2,228,480,046.31 |
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- |
- |
- |
(2,636,545.447.14) |
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Total Liabilities & Networth |
1,086,040,133.53 |
1,369,625,301.88 |
1,436,937,542.72 |
956,316,156.32 |
985,963,011.85 |
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4,398,243,451.26 |
4,552,777,357.79 |
4,683,417,408.00 |
4,551,408,673.35 |
13,069,360.13 |
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INCOME |
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Contributions/EC Premiums |
547,625,307.36 |
490,667,589.08 |
525,326,416.72 |
490,625,362.02 |
571418438.81 |
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562,135,668.86 |
1,030,831,235.13 |
1,228,162,757.00 |
839,525,164.12 |
904,033,349.46 |
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Investments Income |
- |
- |
- |
- |
95,492.39 |
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- |
- |
38,994,076.00 |
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137,786.97 |
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Miscellaneous Income |
155,805,501.00 |
126,865,296.25 |
25,016,000.5 |
- |
- |
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267,575.38 |
3,996,774.45 |
- |
4,906,435.75 |
- |
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Less Int. on Interfund Borrowing |
28,566,216.63 |
82,084,746.88 |
142,747,186.26 |
174,135,768.04 |
198,619,464.45 |
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- |
- |
- |
- |
- |
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Total Income |
674,864,591.73 |
535,448,138.45 |
407,595,230.96 |
316,489,593.98 |
372,894,466.75 |
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562,403,244.24 |
1,034,828,009.58 |
1,267,156,833.00 |
844,431,599.87 |
927,434,236.45 |
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EXPENSES |
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Claims & Benefits |
616,314,295.75 |
672,047,392.58 |
669,408,175.04 |
748,027,354.22 |
728,951,464.26 |
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762,843,760.36 |
532,448,944.86 |
556,053,911.00 |
428,253,943.19 |
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Adm. & Operating Expenses |
76,742,816.87 |
82,088,609.12 |
75,154,430.98 |
97,128,617.63 |
93,072,519.01 |
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84,474,151.10 |
86,023,844.76 |
91,306,230.00 |
68,440,860.90 |
174,163,238.19 |
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Total Expenses |
693,057,112.62 |
754,136,001.7 |
744,562,606.02 |
845,155,971.85 |
822,023,983.27 |
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847,317,911.46 |
618,472,789.62 |
647,360,141.00 |
496,694,804.09 |
174,163,238.93 |
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NET REVENUE (LOSS) |
-18,192,520.89 |
-218,687,863.25 |
-336,967,375.06 |
-528,666,377.87 |
-449,129,516.52 |
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-284,914,667.22 |
416,355,219.96 |
619,796,692.00 |
347,736,795.78 |
-610,571,181.52 |
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Source: Government Service Insurance System. |
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For Inquiries: Contact (632) 890-4798
or e-mail at ecc@iconn.com.ph