MANILA, Philippines - Social Security System officials should tell SSS members where and how they are using the members’ contributions, senatorial aspirant Francis Tolentino said yesterday.
“I am pushing for transparency. What is SSS doing with the contributions? If they have investments, they should publish it on the SSS website for all the people to see and scrutinize,” he said.
“The problem is that the millions of SSS members do not see that. It is their right to be informed about where their money is being used,” Tolentino added.
He said SSS should emulate its US counterpart, the California Public Employees’ Retirement System (CalPERS), which publishes its investments each year.
“Every move by the California pension fund is seen by members,” he said.
SSS drew criticism from the public after President Aquino vetoed a bill increasing the monthly pension of SSS members by P2,000.
“I respect President Aquino being my former boss, but Congress also has the prerogative to override the veto. The important thing is to give more benefits to retirees so they can fully enjoy the money that they put in the pension fund. I favor giving them an increase in their monthly pension,” Tolentino said.
He proposed that it was about time to implement the Personal Equity and Retirement Account (PERA) Act of 2008, a law that he said will give just gratuities and retirement benefits for retirees but has not been implemented up to now.
The law establishes a PERA for the exclusive use and benefit of a contributor, defined by the law as anyone who has the capacity to have a tax identification number, with the purpose of being invested solely in PERA investment products in the Philippines.
Tolentino said each contributor would retain the ownership of all funds placed in investment products.
“It’s about time that we implement the PERA law to maximize the benefits a retiree can get,” he said.