The Board of Directors of the Social Security Institute (IPS) is facing a crisis in the placement of pension funds following the failure of a recent electronic auction. During tender No. 426, conducted through the DataTec electronic system, the IPS attempted to invest G. 200 billion and US$ 15 million in Certificates of Deposit (CDA) — a Paraguayan financial instrument — but only one banking entity, Zeta Banco, showed interest, acquiring just G. 30 billion, leaving G. 170 billion unplaced.
Gladys Vera, the IPS's administrative and financial manager, reported that only 20% of the targeted amount was placed, while IPS President Isaías Fretes questioned whether the market might be saturated with the institution's resources, given that 10 banks were invited but only one participated. On June 2, the Board had canceled a previous award of G. 100 billion due to debates over risk and profitability limits.
The requirement for long maturities, between 6 and 7 years, to maximize returns has been an obstacle, as banks consider the interest rate risk unattractive under current conditions. Board member Bettina Albertini expressed concern over the excessive concentration of funds in a single institution, recommending caution to avoid financial risks to the IPS.
The IPS manages an investment portfolio that, in the first quarter of 2026, reached approximately G. 20 trillion. Amid warnings from industrial sectors about long-term insolvency risks, the management of these resources has become a politically and socially sensitive issue. The institution accounts for approximately 6.5% of total deposits in the Paraguayan financial system.
President Isaías Fretes emphasized that the next meeting with officials from the National Development Bank (BNF) will be crucial to assess possible adjustments to investment conditions, seeking to balance the security and profitability needed to ensure the sustainability of the pension fund.