SSS chair says stock trading mess a 'conflict of interest'

The allegations hurled at four officials of the Social Security System (SSS) who supposedly profited from stock trading is more an issue of conflict of interest, SSS chairman Amado Valdez said Thursday.

"Ako magiging isa sa mga judge diyan ... Hindi naman kasi insider trading ... but this is more of allegation of a conflict of interest," Valdez said in an interview on Hirit ni Mareng Winnie.

SSS commissioner Jose Gabriel La Viña has filed an administrative complaint against executive vice president Rizaldy Capulong, Equities Product Development head Ernesto Francisco Jr., Equities Investment Division chief Reginald Candelaria and chief actuary George Ongkeko Jr. for allegedly profiting from their position by contracting the same stockbrokers who manage the SSS portfolio for their personal investments.

Valdez said earlier that Candelaria and Ongkeko already resigned. He took note that the SSS Commission has approved the resignation of Candelaria but Ongkeko's was put on hold so he could complete the advisory work in connection with the pension fund's charter change.

Valdez said he did not give the complaint filed by La Viña a thorough read as he wants to be "fair and objective" once the hearings into the allegations are underway.

"Although nung una binabanggit na sa amin ni Commissioner La Viña 'yung mga allegations na nasasasagap niya, and ang sabi namin ilagay mo sa isang affidavit para magkakaroon tayo ng basis ng formal investigation. At 'yun na nga ... umabot na sa ganito. Pero 'yung detailed, hindi ko alam 'yung particular details," Valdez noted.

"I can just define it as an allegation of conflict of interest—parang ethical, violation ng mga rules namin on transparency," he said.

The pension fund for private sector employees assured its members that due process will be observed in the probe into the allegations against the four officials.

It said the Investment Reserve Fund has remained "intact and well-protected." Marlly Rome Bondoc/VDS, GMA News