THE collective assets of the Asean Social Security Association (ASSA) members, valued at $1.3 trillion, significantly shapes global capital markets, the Government Service Insurance System (GSIS) said.
Jose Arnulfo Veloso, GSIS president and general manager, in a press briefing after the opening of the 41st ASSA Conference and Board Meetings in Paranaque City on Monday said the economic vitality across Asean provides ASSA a strong foundation to enhance social security systems.
“The $1.3 trillion in collective assets under our management represents more than just financial strength. It positions us members as significant players in global capital markets and demonstrates our capacity to influence economic trends,” Veloso said.
He acknowledged the tremendous responsibility in securing these funds considering the rapid transformation of economies which can either bring more opportunities or challenges especially in the digital economy.
“The rise of the digital economy, evolving employment patterns and emerging social needs of our diverse populations demand our immediate attention,” Veloso said.
Meanwhile, ASSA chairperson Ahmad Zulqarnain Onn said the series of meetings would help the body to determine where these investible funds are best deployed.
“Capital is best deployed when there is great knowledge about the needs of those that require capital and there is great knowledge surrounding how to manage the risks of investments as well,” Onn said. ASSA was founded in 1998 by seven institutions including the GSIS. The Philippines is set to take over the ASSA chairmanship this year.
