The Social Security System’s (SSS) average daily buy in the local stock market rose to P92 million, after the finance chief instructed state-run pension funds to take advantage of the low stock prices.
Carlos Dominguez, Department of Finance secretary, told reporters via Viber the said amount was recorded as of March 13.
In comparison, Dominguez said the estimated average daily buying by SSS in the Philippine Stock Exchange in March 2019 was P55.5 million.
“I have instructed GSIS (Government Service and Insurance System) and SSS to take advantage of the low stock prices as well as to support the stock market by at least doubling their daily average purchase volumes of last year,” Dominguez said last Friday.
Asked about the current equity exposure levels of these agencies, the finance chief said: “I believe they are below limits, but don’t have exact figures yet.”
In a report by Philstocks in its Twitter account last Friday, it said Dominguez’s instruction to GSIS and SSS fueled the local bourse’s afternoon rebound with a 1.01 percent gain to end at 5,793.94.
Meanwhile, in a separate statement over the weekend, GSIS announced plans to extend the GSIS Financial Assistance Loan (GFAL) for its members who have existing loans with lending institutions until end September this year. The program was originally scheduled to end in July 2020.
GSIS said it will temporarily stop accepting loan applications for GFAL, not only in its head office in Pasay City, but in all GSIS branch offices nationwide, to discourage the pension fund’s members from going to branch offices, minimize human-to-human contact and contain the spread of the novel coronavirus.
