Friday, July 11, 2008 SSS members told to safeguard pension funds
OUTGOING Social Security System (SSS) president Corazon dela Paz on Thursday called on the pension fund members and the public to be vigilant in safeguarding the pension funds.
Dela Paz resigned from her post, and will be replaced by Commission on Higher Education (Ched) chairman Romulo Neri effective July 31.
"You have to be vigilant and make sure that the funds will be used properly and in the interest of all the SSS members," dela Paz said during Thursday's press conference in Makati.
She said in her nearly seven-year tenure at the pension fund institution which has a total membership of 27 million nationwide, operating expenses has been kept down through cost-saving measures while improving investment management.
At the same time, she said they were able to increase the maximum salary credit from P12,000 to P15,000, contribution rate that has been fixed at 8.4 percent since 1979 was increased to 9.4 percent in 2003 and to 10.4 percent in January last year.
She also said that contributions have exceeded benefit disbursement by P1.21 billion, making it the first surplus in seven years. Likewise, the SSS fund life strengthened from 2015 to 2036.
Pension was also raised by 10 percent in 2006 followed by another similar across the board pension increase in August 2007.
Earlier, opposition Senators Francis Escudero and Manuel Roxas II questioned Neri's appointment to the SSS while Bayan Muna party-list Representative Teodoro Casiño has called his appointment a "gift" from Malacañang for his continued silence regarding the botched US$329-million national broadband network (NBN) contract with China's ZTE Corporation.
Neri has said that criticisms to his appointment were unfair adding that he did not ask for the job and would rather go back to his old job at the National Economic and Development Authority (Neda).
He brushed aside reports that his appointment was a mere "political payback" and a "gift" from President Gloria Macapagal-Arroyo.
According to him, he is qualified for the job due to his extensive background, where he finished a financing course at the prestigious UCLA, and has worked with prominent private companies before moving to Neda, Ched, and now SSS.
He also taught economics at the state-run University of the Philippines (UP) before he was named as Arroyo's socio-economic manager.
"The criticisms are very unfair. In the first place I never asked for the job," he said.
Neri said he sees his new job at the SSS as a big challenge since his marching orders were to make sure that the benefits would be maximized for the members, especially during these critical economic times.
He also debunked reports that he never really wanted the post at Ched, saying he only wanted out because he would be violating the law if he continued to stay. He said that since he does have a doctorate degree, he could not stay for more than a year.
Neri said he was designated by the President at the higher education commission to "trouble-shoot" the problems at the agency last year replacing Dr. Carlito Puno. He added that he has already done his job as he had submitted after the Education Summit, the report of his accomplishments to President Arroyo.
He assured members of the SSS that the money would be safe and would not be used for other matters except by the members.
For dela Paz, she believed that SSS will remain in good hands with Neri at the helm.
"I know him (Neri) for quite some time though not very close and I know him to be very intelligent. He had better knowledge and experience to plan for our country's future. Neri has what it takes to be a good SSS president," she stressed.
Asked if she would have preferred an SSS insider to replace her, dela Paz said it was President Arroyo's prerogative whom to appoint.
"It's the President's decision based on his broad knowledge and experience about the country's plans and programs. He might be better implementing these projects," she said.
At the same time, dela Paz appealed to the public to give Neri a chance to serve the SSS.
The SSS chief earlier said that there was politics involved in her resignation.
"I said of course there will always be politics (in government), (especially) if you're actions offended some people," she said.
Asked to specify what she meant by politics, dela Paz cited the current economic crisis being experienced by poor Filipinos.
"There are problems in our country that needs to be (dealt) with funds," dela Paz said, adding that she was asked if SSS funds can be used to address the problem. (JMR/AH/Sunnex)
