Politics · Philippines Bureau
Ex-lawmaker calls for inquiry into SSS paper stock losses worth billions
Former Bayan Muna Representative Carlos Isagani Zarate has demanded a congressional investigation into alleged paper stock losses at the Social Security System valued at nearly P40 billion. The call raises fresh questions about the pension fund's investment risk management protocols.
LSN Philippines ·
MANILA — Zarate on Wednesday urged Congress to launch a comprehensive probe into the Social Security System's paper stock portfolio losses, which are estimated at close to P40 billion. The former legislator expressed alarm over the magnitude of the losses and their implications for the state-run pension fund's financial health.
Beyond the immediate losses, Zarate highlighted systemic weaknesses in the SSS's investment risk controls and portfolio management framework. He contended that inadequate safeguards and oversight mechanisms may have contributed to the substantial erosion of asset value, potentially jeopardizing the fund's ability to meet its pension obligations.
The SSS, which manages retirement benefits for millions of Filipino workers, has faced mounting scrutiny over its investment decisions and internal controls in recent years. A congressional inquiry would examine not only how the paper stock losses occurred but also what corrective measures the fund has implemented to prevent similar incidents.
Zarate's call comes amid growing concern among pensioners and contributors regarding the stewardship of their retirement savings. The investigation would likely focus on the decision-making processes behind the problematic investments and the timeliness of management's response to emerging risks.