Victor Limlingan appointed to lead Philippine pension fund SSS
The new chief takes over as the fund reports higher assets while facing audit scrutiny over ₱39.99 billion in unrealised stock losses.
President Ferdinand Marcos Jr. has named Victor Alfonso Limlingan president and chief executive officer of the Philippines’ Social Security System (SSS). He succeeds Robert Joseph Montes de Claro, who has been appointed secretary of the Department of Information and Communications Technology.
According to the SSS, Limlingan’s priorities will include expanding and improving loans for members, strengthening risk-adjusted investment returns and bringing back the Pension Booster Program.
The fund reported assets of ₱1.35 trillion in June 2026, a 7.6% increase from end-2025. Its Investment Reserve Fund reached ₱1.31 trillion. Contributions totalled ₱200.32 billion in H1 2026, rising 6.9% year-on-year, while benefit payments increased faster, by 19.0% to ₱173.45 billion.
Longer-term funding remains a concern. A three-year pension increase programme introduced in 2025 is expected to shorten the fund’s projected lifespan to 2049 from 2053. The SSS says it remains financially sound and aims to recover that lifespan by broadening coverage and improving collections.
The Commission on Audit flagged unrealised losses of ₱39.99 billion on the fund’s stock investments at end-2025, compared with ₱11.60 billion in 2021. Auditors cited the absence of formal stop-loss thresholds to prompt corrective action.
The SSS said these paper losses did not threaten the fund or pension payments. It said the shares still generated dividends and their valuations could recover.
Limlingan, a Chartered Financial Analyst, has been managing director at Regina Capital Development Corporation since 2015. He joined the Social Security Commission as an employers’ representative in November 2024 and began chairing its Risk Management and Actuary Committee in January 2025.
