House panel to probe SSS controversy

MANILA, Philippines — The House committee on banks and financial intermediaries will expand its inquiry into the reported questionable purchase of shares of stock in the open market by at least four high-ranking officers of the Social Security System (SSS).

Eastern Samar Rep. Ben Evardone, committee chairman, said yesterday his panel is interested to find out how long the four, who were in charge of SSS stock transactions, have been trading in stocks not for the SSS but for themselves. 

He said his committee would determine whether the questionable deals happened not only under the current leadership of former law dean and SSS chairman Amado Valdez but under his predecessors as well.

“We would also like to learn if there were other officers who benefitted from inside information by buying stocks and selling them for a profit,” Evardone said.

He added his panel would find out who were the stockbrokers involved and the details of transactions made by SSS officers.

The committee will hold its hearings shortly after Congress resumes its session on Nov. 20.

On Friday, Bayan Muna Rep. Carlos Zarate urged President Duterte to order a lifestyle check on SSS board members and officers to expose those who have enriched themselves using their positions.

Anakpawis Rep. Ariel Casino said the Evardone panel should inquire into other investment deals of SSS executives.

He said if SSS funds were invested property, there might be no need for the plan to increase members’ contributions to support pensions.

Casino said the profits made by SSS officers using information provided to them by accredited stockbrokers should have accrued to the SSS.

“Those officers were supposed to buy stocks for the pension fund, not for themselves,” he added.

One of the four officials has admitted to buying shares in a company that supposedly did not meet SSS standards for investment.

Independent probe

A labor group prefers Congresss to conduct the investigation into the SSS controversy.

International League of People’s Struggle (ILPS) chairman Elmer Labog said in a news forum in Quezon City yesterday that it is important to have an independent rather than an internal investigation.

“What we want is a full blast, open and transparent investigation,” Labog said.

He said an internal probe as announced by SSS is “open to a whitewash and the main point here is that it should be transparent.” – With Emmanuel Tupas