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PIA Press Release
2007/09/04

SSS shining example of fight vs corruption - PGMA

by ES Subong

Iloilo City (4 September) -- President Gloria Arroyo said the accomplishments of agencies like the Social Security System (SSS) is one shining example of the fact that government has undertaken strong and steady effort to curb graft and corruption through criminal justice, administrative controls and procedural reforms.

The President lauded the performance of the SSS, through a radical reform program, after it faced financial collapse six years ago and its funds were in danger of running dry by 2015.

"Now SSS is back on its feet, stronger and more resilient than ever, with its credibility regained ranking 3rd in the polls of institutions effectively fighting corruption," the president said.

Arroyo also said the reform of SSS was part of the hard-fought economic reform battles through which the Philippine economy has finally broken loose from its historic legacy of lethargy.

She added that with SSS assets having risen to P248 billion and it investment income P15.58 billion in the last six months, the peso is strong enough to allow the government to invest in job creation, better health care and more educational opportunities.

Arroyo further said this financial strength of the SSS has allowed government to increase the SSS pension twice in a year, the latest the 10% effected August this year, which is SSS 50th anniversary gift to the Filipino people.

Added to this is the condoned penalties and restructured housing loans which allowed 6,000 SSS members to keep their homes, as well as enabling the speedy grant of housing loans to calamity victims and various loans for sickness and other personnel emergencies.

Meanwhile, SSS Iloilo Branch Manager Raul Casiano said the SSS financial health is brought about by the fact that SSS fiscal analysts are always focusing on sound investments, quality service and fiscal discipline. (PIA 6) [top]

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