Tuesday, May 5, 2009

SSS Income Rises?

It was reported that SSS net income rises:
Its net revenues reached P22.8 billion in 2008, up by 88% from P12.1 billion in the previous year.

Horacio T. Templo, SSS executive vice-president and chief actuary, said this was the largest surplus that the fund has notched so far.

The growth was on the back of the 60% rise in its investment income after it disposed its holdings in the Manila Electric Co. and Banco de Oro Unibank, Inc.

“The major blocks that we sold were Meralco and BDO,” Mr. Templo told BusinessWorld last week. (source)
But this news made me ask: is this increase of net income the advantage to the members of the SSS? This question was raised due to the report that the personnel of the SSS are willing to give the money of the SSS to the government not in the terms of credit or debt or investment but in terms of financial support to the projects of the President.

I am really worried that members of the SSS will be deprived of their right to enjoy the benefits from SSS just because of this kind of financial management that the authorities in the SSS have.

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