Finance veteran Victor Limlingan is new SSS chief

President Ferdinand Marcos Jr. has appointed Victor Alfonso Limlingan as the new president and chief executive officer of the Social Security System (SSS). The appointment was announced by the SSS on Friday. Limlingan succeeds Robert Joseph Montes de Claro, who was transferred to head the Department of Information and Communications Technology (DICT). Limlingan's priorities include enhancing and expanding member loan programs, improving the investment portfolio's risk-adjusted returns, and relaunching the Pension Booster Program. He brings extensive experience in finance, investments, risk management, entrepreneurship, and public service. Prior to his appointment, Limlingan served as a member of the Social Security Commission (SSC), the pension fund's policy-making governing body, representing the employers' group. He took his oath on November 25, 2024. As a member of the SSC, Limlingan played a crucial role in governing the SSS administration in terms of policymaking, policy direction, monitoring, and overseeing management actions. He was responsible for formulating policies to ensure effective management and protection of members' benefits, approving guidelines for contributions, fund investments, and benefit disbursements, and monitoring operations to align with the SSS mission of providing social protection. He also performed quasijudicial functions through the decisions rendered in the evaluation of cases involving disputes on SS coverage, benefits, contributions, and penalties pursuant to Republic Act No. 11199, otherwise known as The Social Security Act of 2018. In January 2025, the SSS designated Limlingan as Chairperson of the Risk Management and Actuary Committee (RMAC) and a member of the SSS Investment Committee, Contribution and Collection Committee, and Corporate Governance Committee. Limlingan is the managing director of Regina Capital Development Corp. and previously served on the board of the state-owned Development Bank of the Philippines (DBP), where he chaired the Risk Oversight Committee. He also served as senior vice president at Small Business Corp. Earlier in his career, Limlingan provided consultancy services to the National Economic and Development Authority and the Housing and Urban Development Coordinating Council, now known as the Department of Human Settlements and Urban Development. Limlingan holds a Master of Business Administration from Northwestern University’s Kellogg School of Management, is a Chartered Financial Analyst, and earned a bachelor’s degree in interdisciplinary studies, majoring in history and humanities, from the Ateneo de Manila University. The SSS reported that its assets reached P1.35 trillion as of June 2026, up 7.6% from end-2025, while its Investment Reserve Fund grew to P1.31 trillion. Member contributions reached P200.32 billion in H1 2026, up 6.9% year-on-year. Benefit payments grew faster, rising 19.0% to P173.45 billion as more pensioners and beneficiaries drew benefits. Despite these gains, the SSS faces longer-term funding pressures and questions over its investment decisions. The Commission on Audit (COA) flagged P39.99 billion in unrealized losses from SSS stock investments as of end-2025, up 245% from P11.60 billion in 2021. The affected shares, originally bought at P121.47 billion, had fallen nearly a third in value to P81.47 billion. State auditors flagged the ballooning of unrealized equity losses to a "lack of formal stop-loss thresholds necessary to trigger corrective actions and protect the Investment Reserve Fund." The SSS defended its investments, stating the losses were only on paper and did not put the fund or its pension payments at risk. It also noted that its stock holdings continued to yield dividend income, while the valuation could recover over time. Limlingan’s background in financial markets may prove relevant as the pension fund faces scrutiny over its stock investments. A Chartered Financial Analyst, he has served as managing director of Regina Capital Development Corporation, a local stock brokerage serving institutional investors, since 2015. He is also familiar with the SSS, having joined the Social Security Commission, its governing body, in November 2024 as an employers’ representative. He chaired its Risk Management and Actuary Committee beginning in January 2025 and served on its Investment Committee. Before joining the SSS, Limlingan served on the board of the state-owned Development Bank of the Philippines (DBP) from February to November 2024, during which he chaired its Risk Oversight Committee and was vice chairman of its Audit and Compliance Committee. His tenure overlaps with DBP’s management of a troubled lending portfolio that has also come under scrutiny by COA.