Condemn 10-million peso bonuses for
Aquino’s SSS officials—CPP
Communist Party of the Philippines
October 09, 2013
The Communist Party of the Philippines (CPP) joins the Filipino people in
condemning the awarding of fat bonuses amounting to P10 million to
officials of the Social Security System appointed under the Aquino regime.
“The Filipino people are utterly indignant that officials of the SSS
received so-called ‘performance bonuses’ of a million peso each, while
ordinary SSS members continue to be fleeced with monthly contributions and
suffer from insufficient monthly pensions,” pointed out the CPP. “That the
bonuses were granted amidst plans to further burden SSS members with an an
increase in their contributions make it doubly nauseating.”
The decision to grant so-called “performance bonuses” for 2012 was
self-servingly made by the commissioners of the SSS. They received the
following bonuses: Juan Santos, chairman, P1.17 million; Emilio de Quiros
Jr., SSS president and SSS vice chairman, P1.04 million; Diana Pardo-Aguilar,
P1.33 million; Daniel Edralin, P1.12 million, Eliza Antonino, P968,000;
Marianita Mendoza, P1.02 million; Ibarra Malonzo, P1.41 million; and
Bienvenido Laguesma, P1.30 million.
Aside from the 2012 year-end bonus, SSS officials also receive P80,000 a
month for attending two meetings and additional P20,000 for every
committee meeting they attend.
“The granting of fat bonuses and compensation to Aquino’s appointees to
the SSS, clearly show the hypocrisy of the Aquino regime’s so-called ‘daang-matwid’,”
said the CPP. “While in power, the Aquino regime is bound to reveal itself
more and more to be not much different from the previous Arroyo regime and
other past regimes in terms of rottenness and corruption,” said the CPP.
“The anomalous granting of P10 million in bonuses to Aquino’s officers in
the SSS are further stirs up the Filipino people’s indignation at the
Aquino regime and its good governance publicity,” said the CPP. “Aquino’s
unceasing styling of himself as an anti-corruption advocate is turning out
to be nothing but a stunt to conceal the corruption of his rule.”
The CPP noted that the SSS maintains a hefty reserve fund of P350 billion
which is placed under the discretion and control of the officials
appointed by Aquino to the SSS. “It has been revealed that over the past
three years, the SSS has increased its equity investments in such big
comprador companies as Philex Mining Corp., Philippine Long Distance
Telephone Co., First Holdings Corp., Manila Electric Co. and Union Bank.”
As much as 30% of the P105 billion in pension funds are risked in the
“By investing the money of the SSS members in these corporations, these
corrupt SSS officials are made to sit as board members and can also
receive compensation in these companies,” pointed out the CPP. There is no
clear accounting of the numerous investments being made by the SSS.
8 October 2013
SSS ‘gambles’ P350B pork from workers’ pension funds in
biz ventures – EILER
Aside from spending on hefty bonuses for its executives, the Social
Security System (SSS) is also “gambling” workers’ contributions as equity
investments in business ventures of the country’s tycoons, according to a
labor think tank.
Quezon City-based Ecumenical Institute for Labor Education and Research (EILER)
said that the SSS’ P350-billion investment reserve fund as of 2012, which
is discretionary in nature, should be rechanneled to workers’ benefits,
instead of using to finance speculative activities which only benefit big
The huge investment reserve fund is spent based on the discretion of SSS
board of directors.
“The P350 billion SSS reserve fund is a huge sum that could have been used
to upgrade the benefits being provided by the government to workers. Such
huge fund also proves that the planned SSS premium hike is unnecessary and
unjust,” EILER executive director Anna Leah Escresa said.
“Even if there are immense earnings from SSS investments, this does not
translate to greater pension coverage and better benefits for workers. The
sole benefactors of SSS profits are the corporate stockholders and SSS
executives who reward themselves with multi-million bonuses,” Escresa
The labor research group noted that SSS under Emilio de Quiros has
significant equity investments in Philex Mining Corporation (20.58
percent), in Philippine Long Distance Telephone (PLDT) Co., First Holdings
Corp., Manila Electric Co. (Meralco), Union Bank, among others. SSS also
channels at least P105 billion of pension funds, or 30 percent of the
investment reserve fund, to the stock market.
SSS’ income from its corporate investments amounted to P18 billion during
the first half of the year. No clear accounting has been made so far on
SSS’ numerous investments and investment incomes.
“What is clear right now is that SSS investments only benefit the big
businesses and the SSS executives which reward themselves a P1-million
bonus each for their pro-business job, instead of supporting social
protection programs for workers who are the main contributors to the SSS
fund,” Escresa said.
“Workers are the ones who should benefit from it, not the SSS executives
and the board members of big firms who are currently pigging out on
gigantic bonuses and dividends,” Escresa concluded.
The research group said it is planning to ask Congress to probe the P350
SSS investment reserve funds.
Reference: Anna Leah Escresa, EILER executive director, 0908-819-6319
Ecumenical Institute for Labor Education and Research (EILER)
15 Anonas St., Unit D-24 Cellar Mansions
Barangay Quirino 3-A, Project 3, Quezon City,
Tel. No. (+632) 4339287 (telefax);
SEC. Reg. No. A200100111
25 Sept. 2013
KMU hits Aquino’s go for SSS premium hike
National labor center Kilusang Mayo Uno condemned Pres. Noynoy Aquino
today for approving a 0.6 per cent increase in members’ contributions to
the Social Security System, claiming the increase is an added burden for
workers suffering from low wages and is not necessary to increase members’
The labor center also said that the increase will go to the pockets of
capitalists in the form of funds for the government’s Public-Private
Partnership program, citing the agency’s P23.4 Billion share in Philex
Mining Corporation as an example.
KMU said that amidst the pork barrel scam, workers resent the idea of
giving more of their hard-earned income to the government, suspecting that
their money will be pocketed by big politicians.
“The SSS leadership has consistently claimed that the workers’ fund is in
a healthy condition. We therefore see no legitimate reason for increasing
members’ contribution,” said Jerome Adonis, SSS campaigns officer of the
Data from the SSS show that it had P343.67 Billion in assets in March 2012
and that its net income increased by P25.55 Billion in 2011 and by P36.20
Billion in 2012, showing a 42 per cent increase.
The SSS still has to collect some P8.52 Billion in premiums unremitted by
employers as of December 2010, aside from the P14.6 Billion fine for
employers who did not avail of amnesty.
“This move by the SSS leadership is not motivated by a concern for members
of the SSS who are suffering from meager wages and contractual employment.
The premium hike is an added burden for SSS members,” Adonis said.
The labor leader said the increase in members’ benefits can be done
without increasing members’ contributions and is now being used to make
the premium hike acceptable to members.
“Members are continuously remitting their contributions to the SSS and its
active members far outnumber its pensioners. The SSS leadership still has
to come up with a credible explanation as to how a premium hike is needed
to extend the fund’s life,” he added.
The SSS has at present 10 million members and 1.6 million pensioners. The
SSS leadership said that it pushed for a premium hike so as to comply with
international standards pertaining to the life of social funds but has
refused to fully disclose its investments in private corporations.
KMU vowed to hold protests in the coming weeks and months to stall the
hike’s implementation scheduled on January 2014.
Reference: Jerome Adonis, KMU’s SSS campaigns officer, 0999-4499794
Ansaya lang maging SSS board member:
- may 2 board meetings per month,
- may 2 committee meetings per month.
Hardworking talaga, hard at work in meetings.
Tapos, end of the year, may P1M bonus.
Buti na lang compulsory ang membership sa mga workers/employees ng private
companies. Otherwise, baka walang magbayad ng monthly premium.
See the video here:
The SSS directors who gave
themselves more than P1M in bonus from the fund contributed by workers and
employees who have to labor hard and long to earn their upkeep..
The faces look familiar, the names too.
Heto ang ilang mukha. Ang isa ay kapatid ng columnist. Yung dalawa naman
ay Akbayan/Akbayan related. The chair has been a corporate man all his
Mr. Juan B. Santos has been a director of PLDT since January 25, 2011. He
is the Chairman of Social Security Commission, a member of the Board of
Directors of Alaska Milk Corporation, First Philippine Holdings
Corporation, Sun life Grepa Financials, Inc. Philex Mining Corporation and
Zuellig Group, Inc., a member of the Board of Advisors of Coca Cola
Bottlers Phils., Inc. and East-West Seeds Co., Inc., a trustee of St.
Luke's Medical Center and Ramon Magsaysay Award Foundation, and a
consultant of the Marsman-Drysdale Group of Companies.
Mr. Santos retired as CEO of Nestle Philippines, Inc., or NPI, in 2003 and
continued to serve as Chairman of NPI until 2005. Prior to his appointment
as President and CEO of NPI, he was CEO of the Nestle Group of Companies
in Thailand and Singapore. He served as Secretary of Trade and Industry
from February to July 2005 and was designated as a member of the
Governance Advisory Council, and Private Sector Representative for the
Public-Private Sector Task Force for the Development of Globally
Competitive Philippine Service Industries.
The P1M is probably barya to the chair and he is serving in a government
corporation at great sacrifice to his earning potential.