Manila: Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo "Wick" Veloso on Monday highlighted the impact of the USD1.3 trillion collective assets of the ASEAN Social Security Association (ASSA) members on global capital markets. Speaking after the inauguration of the 41st ASSA Conference and Board Meetings, Veloso noted that the economic vitality within ASEAN equips ASSA with a robust foundation to advance social security systems. According to Philippines News Agency, Veloso, who also serves as ASSA vice chairperson, stated, "The 1.3 trillion US dollars 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." He acknowledged the significant responsibility in managing these funds amid the rapid economic transformations which could present opportunities or challenges, particularly in the digital economy. Veloso emphasized the importance of addressing the evolving employment patterns and emerging social needs of ASEAN's diverse populations. He noted that the conference theme, 'Navigating the Future of Social Security: Integration, Innovation, and Inclusion' is particularly pertinent. The conference takes place as ASEAN showcases strong economic resilience, with the Philippines expected to remain the region's fastest-growing economy, forecasting GDP growth of 5.8 to 6.3 percent in 2024. This economic vitality underpins efforts to enhance social security systems across the region. ASSA Chairperson Ahmad Zulqarnain Onn remarked that the meetings would facilitate strategic decisions on deploying investible funds. "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," said Onn. Founded in 1998 by seven institutions including the GSIS, ASSA has been active for 26 years. This year, the P hilippines is set to assume the ASSA chairmanship. Onn expressed confidence that under Veloso's leadership, ASSA will continue to fortify collaboration and knowledge-sharing to enhance 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 stated.