The collective assets of ASEAN Social Security Association (ASSA) members, valued at USD1.3 trillion (approximately PHP73.18 trillion), are significantly influencing global capital markets, according to Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo “Wick” Veloso.
Speaking at the opening of the 41st ASSA Conference and Board Meetings on Monday, Veloso highlighted the region’s economic vitality as a key factor in strengthening social security systems.
“The 1.3 trillion US dollars in collective assets under our management represents more than just financial strength,” said Veloso, who also serves as ASSA vice chairperson.
“It positions us members as significant players in global capital markets and demonstrates our capacity to influence economic trends.”
Veloso underscored the responsibility that comes with managing these assets, noting that the rapid evolution of economies presents both opportunities and challenges, particularly 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,” he said.
He also emphasized the relevance of the conference theme, “Navigating the Future of Social Security: Integration, Innovation, and Inclusion.”
The ASEAN region continues to show strong economic resilience, with the Philippines projected to be the fastest-growing economy in the bloc in 2024, with GDP growth expected between 5.8 and 6.3 percent.
This robust economic performance provides a platform for bolstering social security systems.
ASSA Chairperson Ahmad Zulqarnain Onn stated that the meetings aim to strategize where the region’s investible funds can be most effectively 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.
Founded in 1998 by seven institutions, including GSIS, ASSA has grown into a key regional organization over its 26-year history.
This year, the Philippines will take over the ASSA chairmanship from Malaysia, with Veloso set to lead the body.
Onn expressed confidence in Veloso’s leadership, emphasizing the importance of collaboration and knowledge-sharing among ASSA members.
“And it is that spirit of partnership that defines us all,” Onn said.
“I’m confident as we transition the chairmanship from Malaysia to the Philippines under the leadership of Vice Chairman Veloso, those foundations will continue to be strengthened for a very long time.”
The conference aims to address emerging trends, including the digital economy and changing social security needs, ensuring that ASEAN remains a significant force in global economic and social security discussions.
