MANILA, Philippines — Sy-led BDO Unibank Inc. has been designated by the Social Security System (SSS) as trustee for its Balanced Fund mandate, underscoring the state-run pension fund’s confidence in the country’s largest bank to manage and safeguard members’ contributions.
“It is always an honor to work with the biggest bank in the Philippines,” SSS president and CEO Robert Joseph Montes de Claro said in a statement.
“Entrusting this fund to BDO reflects our confidence in their capability to grow and safeguard our members’ contributions,” De Claro said.
The partnership highlights SSS’ effort to boost returns and enhance the benefits it provides to millions of Filipino workers and retirees.
BDO president and CEO Nestor Tan said the mandate carries significant responsibility.
“This is an important mandate for us. It is a responsibility to help secure the future of Filipino retirees. BDO is committed to managing this fund with prudence, transparency, and integrity,” Tan said.
BDO brings in decades of experience in fund management, governance and institutional partnerships, including with government entities. Its work with SSS further cements its role as a trusted steward of large-scale institutional funds for both public and private clients.
The new arrangement also supports a broader goal of ensuring the financial sustainability of the country’s social protection system, with both institutions reaffirming their shared mission of securing retirement benefits for millions of Filipinos.
“This partnership underscores a shared mission to ensure financial sustainability of social protection systems and secure the benefits of millions of workers and retirees,” the Sy-led bank said.
BDO saw its net income rise by three percent to P40.6 billion in the first half from P39.4 billion a year ago, driven by the continued strength of its core businesses.