Condemn 10-million peso bonuses for Aquino's SSS officials--CPP

Information Bureau
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 stock market.

"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.