The Social Security Institute (IPS) closed March 2026 with a global investment portfolio of G$ 20 trillion, equivalent to approximately US$3.1 billion. The portfolio shows a heavy concentration in instruments issued or guaranteed by local banks and financial institutions, which account for more than half of all funds managed by Paraguay's social security system.
Certificates of Savings Deposits (CDA) and other banking instruments make up 46.62% of the portfolio, with a balance of G$ 9.36 trillion. They are followed by locally offered public bonds and debt securities, which account for 23.05% of the portfolio, with investments totaling G$ 4.63 trillion.
The portfolio of credits and loans granted to members, retirees, and pensioners totals G$ 3.30 trillion, equivalent to 16.45% of the total. Real estate investments reach G$ 1.97 trillion (9.83% of the portfolio), while cash and cash equivalents amount to G$ 811.7 billion, representing a 4.04% share. There are currently no investments in corporate stocks or investment fund shares.
The IPS portfolio records a weighted average yield of 8.19% per year in guaraníes and 5.88% in dollars, with an average investment term of five years, maintaining a conservative strategy focused on fixed income and bank deposits.
Between February and March, the total portfolio value fell by G$ 34.9 billion, from G$ 20.11 trillion to G$ 20.08 trillion. The decrease is mainly attributed to the transfer of funds from the Rentas 2026 – Rubro 160 program, intended to cover the current deficit for pension payments.
In terms of composition, banking instruments decreased due to capital maturities, while bond investments grew with new placements. The credit portfolio expanded due to higher disbursements in March, and cash holdings fell because of the reallocation of resources to bank deposits and bonds, in addition to the period's own expenses.
Within the guaraní-denominated CDA portfolio, Banco Sudameris leads with G$ 1.6 trillion, followed by ueno bank with G$ 1.5 trillion. Banco Nacional de Fomento (BNF) holds G$ 1.184 trillion, Banco Continental appears with G$ 1.071 trillion, and Zeta Banco with G$ 758 billion.
In cash and cash equivalents, Banco Itaú Paraguay tops the list with balances of G$ 254.8 billion, followed by Banco Basa (G$ 154.8 billion) and ueno bank (G$ 153 billion). Among guaraní-denominated bonds, the largest exposures are to Banco Continental (G$ 686 billion), the Financial Development Agency (AFD) (G$ 650 billion), and Sudameris (G$ 620 billion).
More than 69% of IPS funds are allocated between banking instruments and publicly offered bonds, highlighting a high exposure to the local financial system at a time when pension financing continues to put pressure on the system's finances.