SSS on ‘idle assets, underpaid pensioners’

This refers to the two articles entitled “SSS has P18 B in idle assets – COA” and “SSS underpaid 171 pensioners by P3.4 M in 2014” published in the Philippine Star on Sept. 26, 2015. 

We regret that the audit observations last year became the focus of these news reports when we have already received the Commission on Audit’s (COA) unqualified opinion for 2014 concerning these matters. 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.  Your stories could have presented current data on how we have complied with the audit observations last year. 

For your information, SSS assets for the most part have not remained idle, for about 70 percent of the agency’s P17.9-billion investment properties have been on lease and are bringing in regular income for the SSS. The rest of SSS assets are either for sale, or are retained as SSS property due to their expected increase in value. 

On the underpayment of 171 pensioners in 2014, we have consistently discussed with our members and pensioners that the reposting of all 1985-1989 records, which comprises about 81 million lines or contribution records, will be completed by December 2015. Crediting of retroactive payments to all affected pensioners will start in January 2016. 

We hope that you will publish this letter to correct any misimpression your readers might have from the said stories. Thank you. – MARISSU G. BUGANTE, Vice President, Public Affairs and Special Events Division, SSS