A MEMBER of the Makabayan bloc in the House of Representatives has urged the Social Security System (SSS) to investigate the state pension fund's other investments after some of its top executives are accused of using its stockbrokers for their personal benefit.
Anakpawis party-list Representative Ariel Casilao on Wednesday said the corruption scandal at state-administered pension fund proves that it is wrong to blame the pension hike over the slow depletion of the fund.
"It is disgusting that these corrupt SSS officials are raking personal huge pay-out using SSS remittances as investments," said Casilao.
"This goes to show that it is wrong to blame pension hike over the slow depletion of the fund but in fact; it is the corrupt practice, fund mismanage and the improper collection of remittances are behind the dwindling SSS fund shortage," he added.
SSS Commissioner Jose Gabriel La Viña has filed an administrative complaint against the agency's executive vice president for investments Rizaldy Capulong for "serious dishonesty and grave misconduct."
Respondents aside from Capulong include equities investment division chief Reginald Candelaria, equities product development head Ernesto Francisco Jr. and chief actuary George Ongkeko Jr.
They are accused of illegally profiting by trading stocks for their personal accounts.
Casilao suggested that the SSS management should discharge from their respective posts those involved in the issue.
"It is very enraging that SSS members are having a hard time to access their benefits but these SSS officials are having a killing on the remittances of its members through shady investment transactions," he said. (SunStar Philippines)