Business and Economy
SSC welcomes planned House probe vs. 4 SSS execs
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In a statement issued Wednesday, SSC said it is “pursuing anti-corruption initiatives in support of President (Rodrigo R.) Duterte’s programs of government.”MANILA — The Social Security Commission (SSC) welcomed the House of Representatives’ move to investigate four Social Security System (SSS) officials who allegedly tapped the agency’s accredited stock brokers for their personal gains.
In a statement issued Wednesday, SSC said it is “pursuing anti-corruption initiatives in support of President (Rodrigo R.) Duterte’s programs of government.”
It has formed a committee to investigate the alleged corrupt deeds of the four SSS executives who “will have their day in court.”
“The Commission also said that it welcomes and supports the forthcoming congressional probe, as well as participation of other government agencies to ensure that the investigation will be complete and thorough,” it added.
The SSS officials who are facing charges for allegedly using the agency’s accredited stock brokers for their own benefit are 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.
The serious dishonesty and grave misconduct charges stemmed from the complaint filed by SSS Commissioner Jose Gabriel La Vina.
La Vina 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.
