SSS assures its members that reserve fund is "intact and well protected" amid issues, NBI and Ombudsman sought to probe

After the Social Security Services (SSS) scandal went to public, that some of its officials were involved in questionable stock trade, SSS however, assured its members that their investment reserve fund is well-protected and intact.

On Wednesday, SSS issued a statement assuring the public of security of their reserved fund.

According to its statement, SSS has “institutionalized procedures” doing the investigation on its top four officials who were allegedly involved in the said issue.

“The Social Security System (SSS) on Tuesday assured its members that it has institutionalized procedures to address administrative complaints. Such mechanisms ensure all parties are given due process,” the pension fund for the private sector employees said.

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

SSS Commissioner Jose Gabriel “Pompei” La Vinas suspects four SSS officials of using their position to gain profit out of the reserve fund that totaled around P482.94 billion (amount as of June 2017).

According to Lavina, the employees involved made unauthorized use of the services of the stockbroker of SSS for their own stocks trade.

Meanwhile, two among the involved officials have already resigned, says SSS Chairman Amado Valdez.

Furthermore, on the same day, Makati City Rep. Luis Campos Jr. encouraged the National Bureau of Investigation (NBI), Ombudsman and a private company to investigate the alleged self-dealing by four SSS executives.

“We are astounded at the manner in which the SSS’s second-highest ranking executive officer and three subordinates allegedly took advantage of their positions in transactions and acted for their own interests, rather than for the interests of the pension fund,” Campos said.

Campos also said that the employees have committed illegal dealings under Code of Conduct and Ethical Standards for Public Officials and Employees the Anti-graft and corruption Practices Act. Thus, NBI and Ombudsman should really be involved.

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