SSS invests P500 million in Century Properties

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Century Properties' executive chairman Jose 'Joey' Antonio also serves as the Philippines' Ambassador-at-Large

MANILA, Philippines – The Social Security System (SSS) invested P500 million into Century Properties (CPG), the real estate firm announced on Friday, July 18.

The SSS purchased 740 million shares through a block sale for P500 million, equivalent to a 6.39% slice of CPG.

In a stock exchange filing, the company noted that SSS acquired the shares at a 4.93% discount to CPG’s market price. The state pension fund’s stake is expected to earn a dividend yield of approximately 7.8%.

Under the Social Security Act of 1997, all revenues of the SSS that are not needed to meet its administrative and operational expenses should be stored in an Investment Reserve Fund, which must be invested to earn an annual income not less than the average rates of treasury bills or any other acceptable market yield indicator.

The SSS invests these funds to ensure the long-term viability of the social security program and to continue providing benefits to its members. Its fund managers often choose investments based on safety, high yield, and liquidity. 

As of 2024, the investible funds of the SSS stood between P750 billion and P800 billion.

CPG executive chairman Joey Antonio said in a statement that he welcomed SSS as an anchor investor in CPG, as the two remain optimistic about the company’s growth prospects.

“This collaboration reinforces our shared vision for sustainable growth and value creation. We are committed to ensuring this partnership translates into tangible benefits for the SSS fund,” he wrote.

Antonio also currently serves as the Philippine Ambassador-at-Large. He was first appointed to the post by former president Rodrigo Duterte in 2016, and was reappointed by President Ferdinand Marcos Jr. in 2023.

The Antonios are also close friends and business partners of US President Donald Trump. Joey, along with his wife Hilda and their son Robbie, attended Trump’s inauguration in January.

It was Robbie who brought the two families together, as they worked with the US’ first family on Manila’s Trump Tower, a P6 billion luxury residential building in Makati City.

Robbie was also spotted at the Trump family’s New Year bashes at their Mar-a-Lago estate. – Rappler.com