GOVERNMENT Service Insurance System (GSIS) President and General Manager Jose Arnulfo "Wick" Veloso on Monday said the $1.3 trillion collective assets of the Asean Social Security Association (ASSA) members significantly shapes global capital markets.

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 a strong foundation to enhance social security systems.

"The [$1.3 trillion] in collective assets under our management represents more than just financial strength. It positions us members as significant players in global capital markets and demonstrates our capacity to influence economic trends," said Veloso, who also sits as ASSA vice chairperson.

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 digital economy.

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 a gross domestic product 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.

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.

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.