The Dominican Pension System has placed 133 issues in the Stock market since its implementation, 21 years ago, for a value of approximately 573,000 million pesosreported yesterday the new superintendent of pensions, Francisco Torres.
the official highlighted the performance of pension funds as positive of the country, which has allowed the money raised by the C.Individual Capitalization Accounts (CCI) go to different investment instruments, which expands the opportunities to improve returns.
“Regarding the approval of new public offering financial instruments such as alternative of investment for the Pension fundsfrom the beginning until November 2022, the Risk Classification and Investment Limits Commission (CCRyLI) has approved 133 securities issues for a total of 572,940.32 million pesos”, he specified.
The money accumulated in the Pension funds by contributions from contributors and companies are invested in the Stock market with the aim of generating cost effectiveness and manage to increase what is saved, so that pensioners can receive a greater amount of money per quota for their retirement.
Torres made the statements during a mass for the 21st anniversary of the Superintendence of Pensions (Sipen), a scenario that he took advantage of to refer to the advances of the Stock market Dominican Republic and the strengthening of its structure to attract more resources to invest.
“It is worth taking advantage of this moment to highlight that, with the progress of the system individual capitalization…, I respect the approval of new financial instruments for public offering as an investment alternative for Pension fundswhich are managed by the Administrators of Pension funds (AFP)”, said Torres.
Improvement opportunities
The strategy Torres’ leadership is centered on three pillars with which it seeks to expand the coverage and performance of individual capitalization accounts during the next period between 2022 and 2025: education, supervision Y inspection.
The official stated that the Pension funds perform at a time of growth and strengthening, which may contribute to economic growth with the education continues and others items that will edify the population on the system of pensions.
During his participation in the framework of the Eucharistic celebration, he highlighted the progress who have achieved the administratorsbut warned that it will strengthen the supervision and regulation mechanisms for the peace of mind of society and affiliates.
In that order, he specified that the role of the Superintendence is to ensure the correct management of the economic resources saved in the AFPs. “We are defenders of the affiliates,” he told the press after his affective speech.
He also referred to the declarations of external entities and organizations regarding possible modifications to the Dominican Social Security System (SDSS) and the decisions made by the Dominican Medical Association of lay off the services to members of more than three Health Risk Administrators (ARS).
On both issues, he said that the managing entities can only provide opinions on technical issues, but they cannot be participants of discussions between actors in the sector, due to the fact that their function in the system is to regulate and supervise, which limits them to making assertions in this regard.
However, he allowed himself to comment: “From my point of view within the health system, I understand that this is something that affects the population, so I extend an invitation to the representatives of the medical sector to agree their requests”.
