SSS rebuts workers group over plunder allegation

Dear editor,

This is to clarify the report, "Group uses COA report on SSS status to back demand to cut workers' tax" that appeared in The Freeman on September 28, 2015.

SSS has already addressed the audit observations by the Commission on Audit as cited in its 2014 report. For your information, our SSS assets for the most part have not remained idle and are bringing in income for the agency. About 70% of the P17.9 billion investment properties have already been leased, while some are put on sale and others including select prime properties in Taguig and Quezon City are retained. Though there are properties that are not rented out, these continue to register gains for the SSS due to their appreciating value.

Likewise, we have received an unqualified opinion from COA for 2014 concerning this matter. It is a confirmation that COA was satisfied with our financial report and that we have complied with all the statutory requirements and relevant regulations for that period.

It is not true that SSS funds are being mismanaged and plundered, as alleged by the Bukluran ng Manggagawang Pilipino. For the record, SSS has posted an income of P274.5 million from January to June 2015 from the lease and sale of our real estate properties alone. We also expect to generate additional earnings of P289 million in the remaining months of 2015 from the continuing lease of these assets, and P696.5 million more from the sale of SSS investment properties scheduled in the second half of this year, for a year-end total income of at least P1.2 billion.

We thank you for the opportunity to present our side on the issue and to clarify any misconception caused by the MBP statement and last year's audit report.

Sincerely,

Marissu G. Bugante

Vice President

SSS Public Affairs and Special Events Division