The ASEAN Social Security Association (ASSA) members collectively manage USD 1.3 trillion in assets, positioning them as significant players in global capital markets. This was highlighted during the 41st ASSA Conference held on November 25, 2024, in ParaƱaque City, Philippines. Jose Arnulfo 'Wick' Veloso, President of the Government Service Insurance System (GSIS), emphasized the economic vitality across ASEAN and the responsibility of securing these funds for future generations amidst ongoing economic transformations [d94e9cf3].
ASSA, founded in 1998 by seven institutions, is set to have the Philippines take over the chairmanship this year. ASSA Chairperson Ahmad Zulqarnain Onn underscored the importance of knowledge in capital deployment and risk management, which are crucial for maximizing the benefits of the substantial assets managed by member institutions [d94e9cf3].
The conference served as a platform for discussing strategies to enhance social security systems across ASEAN nations and the role of these assets in fostering economic growth within the region. Notably, the Philippines is projected to be the fastest-growing ASEAN economy, with a GDP growth forecast of 5.8% to 6.3% in 2024 [d94e9cf3]. The collective strength of ASSA members in managing such a significant amount of capital is expected to influence investment trends and contribute to the stability of global financial markets [d94e9cf3].