Former gov't officials urge check into SSS finances

Two former government officials have suggested to look into the finances of the Social Security System (SSS) after President Benigno Aquino III vetoed a bill seeking to implement a P2,000 increase in the monthly pension of its beneficiaries. A report by JP Soriano on GMA News TV’s State of the Nation with Jessica Soho on Friday said the Aquino administration knew about the financial problems of the SSS six years ago.

“'Mula't sapul pa sa pag-umpisa nitong administrasyong ito problemado na si SSS. So sa tingin ko na dapat hanapan na iyan ng solusyon. There was even a time na pinataasan ang kontribusyon,” said former National Treasurer, Professor Leonor Briones.

To find the root of the problem, Briones advised the government to look into the report of the Commission on Audit (COA).

Tignan natin iyong audit report ng SSS kasi sasabihin ng COA kung sinunod ba ng SSS ang kanyang charter... Kung meron bang problema sa paggamit ng pondo or baka hindi sapat iyong investment kasi mga operations, mga sweldo, mga perks, etc., siguro sobrang dami,” she added.

Former Director-General of the National Economic and Development Authority (NEDA) Cayetano Paderanga Jr. also urged the public to check how SSS managed its funds.

“Kasama pa diyan iyong magkano ang tinatanggal including iyong cost ng pagpatakbo ng SSS. Dapat ating taumbayan tinitignan din nila kung ang gastos ba na ginawa ng SSS ay tama ba o hindi. Mayroon naman ginagawa ang COA diyan. Kasama diyan iyong pondo na habang hindi pa ginagastos ay naka invest iyon,” he said.

Aquino explained his decision to veto the bill, saying that the proposal would result in “dire financial consequences” because the total payout of P56 billion annually for the pensioners would result in a deficit of P16 billion to P26 billion.

According to SSS, its financial achievements and collections grew in the past years. It even built over 100 offices starting 2010 to give better access to its members. SSS officials will hold a press briefing on Monday to clarify the issues. — Trisha Macas, BAP, GMA News