Mechanisms in place vs erring execs; investments still intact: SSS

The statement was issued following reports that some of its officials are facing charges for allegedly using the agency’s accredited stock brokers for their own benefit. (Photo: Philippine Social Security System/ Facebook)

MANILA— The Social Security System (SSS) on Wednesday assured its members that the pension fund has institutionalized mechanisms to address administrative complaints against its employees and officials.

“Such mechanisms ensure all parties are given due process,” the pension fund for workers in the private sector said in a statement.

“SSS guarantees its members that the Investment Reserve Fund, which came from members’ contributions and investment income, is intact and well-protected,” it added.

The statement was issued following reports that some of its officials are facing charges for allegedly using the agency’s accredited stock brokers for their own benefit.

Reports said SSS Commissioner Jose Gabriel La Vina has filed a complaint against SSS Executive vice president for investments Rizaldy Capulong, equities investment division chief Reginald Candelaria, equities product development head Ernesto Francisco Jr. and chief actuary George Ongkeko Jr.

La Vina alleged that the four are liable for “serious dishonesty and grave misconduct” since some of them used SSS-accredited stock brokers for their own benefit.

He said the previous SSS administration prevented possible abuses by its investment officers by requiring them to declare all their investments and have these approve by their superiors.
He claimed that Candelaria and Francisco endorsed each other’s stock holdings and these were approved by Capulong.
He added that these stocks were handled by SSS-accredited stockbrokers even if one of these brokers only handles high net worth investors and corporates.