The $1.3 trillion in collective assets of the Association of Southeast Asian Nations (ASEAN) Social Security Association (ASSA) members significantly shape global capital markets, Government Service Insurance System (GSIS) president and general manager Jose Arnulfo “Wick” Veloso said.

At a press briefing after the opening of the 41st ASSA Conference and Board Meetings, Veloso emphasized that the economic vitality across ASEAN provides ASSA with a strong foundation to enhance social security systems.

ASSA, in its 26 years of existence, was founded in 1998 by seven institutions including the GSIS. The Philippines is set to take over the ASSA chairmanship this year.

“The collective assets under our management represent 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, who also sits as ASSA vice chairperson, said.

Rapid economic transformation

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. This is why our conference theme, ‘Navigating the Future of Social Security: Integration, Innovation, and Inclusion’ is particularly relevant,” Veloso said.

The gathering comes as ASEAN demonstrates remarkable economic resilience, with the Philippines projected to maintain its position as the region’s fastest-growing economy, expecting GDP growth of 5.8 to 6.3 percent in 2024.

This economic vitality provides a strong foundation for enhancing social security systems across the region.

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.

Onn is confident that under Veloso, ASSA will continue to strengthen collaboration and sharing of knowledge to create stronger social security systems in the ASEAN region.

“And it is that spirit of partnership that defines us all and it gives me great confidence we have built very strong foundations over the past 26 years. 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,” he said.