One was telling the other about the commentaries of DZMM’s Ted Failon which she fully agreed. “Bakit nila binigyan ang sarili nila ng bonus na P1 milyon tig-isa kapag Pasko kung wala pa lang pera para sa mga miembro?”
The lady said bonuses are given as reward for good performance but the she cited the report of the Commission on Audit that the SSS owns many assets that are idle that have resulted in losses amounting to over a hundred million pesos yearly.
“Bad management yun. Bakit sila may bonus?” the lady asked to which the other one senior citizen fully agreed.
ABS-CBN reported that among the properties owned by the SSS are 102 condominium units in seven condominium buildings in the National Capital Region; 44,000 square meters of office space, 16 residential houses and 69 parking lots, all valued at P17.956 billion.
The idle status of the assets means that the SSS is “(deprived) of an estimated P198.118 million in a year when occupied/rented, computed based on the lowest rental rate of lessees in the condominium units, office/store spaces, houses or parking lots,” ABS-CBN quoted the COA report.
On top of these, COA also found more idle properties of SSS in Mindanao, particularly the 15 units in Pryce Tower condominium located in Pryce Business Park, J.P Laurel, Bajada, Davao City.
SSS also acquired Pryce Tower’s parking slots, as well as 663 units of memorial lots in various measurements in Mt. Apo Garden Memorial Lots in Barangay Calinan, Davao.
“The idle/unoccupied properties incurred fixed costs such as association dues, electricity and water bills, repairs and maintenance, and manpower without any return on invested capital,” COA said.
After buying their medicines the senior citizens said, “Pinapanalangin ko na lang na matuloy ang ating increase sa pension.”
So what happens then to President Aquino’s statement after criticized heavily for the veto that he ordered a study on a P500 increase instead of the P2, 000.
He was quoted as having said, “May benefits na inaaral. Kaya ba natin ang P500? Pag dinagdagan natin ng, let’s say, P500, babawasan naman natin ‘yung life ng ating pondo. Ngayon, pinapasigurado ko sa kanila ‘yung computation.“
De Quiros said they are studying an increase of a smaller amount but he is concerned that it would be politicized if it is given within the remaining months of the Aquino administration because of the coming election in May.
He said in a press conference:”We are always studying ways and means to improve the benefits. My concern is if we do it now and it’s an election year, what would people think? It’s under study but we need to look at it from that point of view.”
Why would his concern about the issue getting politicized override the welfare of the pensioners? And we are paying him P4.2 million a year plus P1 million bonus to give us this crap!
No wonder Malacanang no longer talks about the P500 peso alternative increase.
Na-gudtime na tayo sa P2,000. Na-gudtime pa rin sa P500.
Wow…dami vice presidents! I wonder what they do there? It seems SSS members are being taken advantage by these people and whoever puts them there! 1200 pesos retirement benefit is pittance compared to what these guys earns! This is unjust! I wonder what pnoy will do about it?? hmm
25 vice presidents, Olan. Grabe, no.
Sinecures ng kanilang tuwid na daan…
So ang solusyon ba ay ibenta ang idle properties at ipamahagi ang tubo o lugi sa mga pensioners?
Kung ang lahat ng properties na yan ay binili sa ilalim ng panunungkulan ni de Quiroz at idle sila magmula nung binili sila hanggang sa ngayon, dapat magpaliwanag si de Quiros kung bakit ganun yun.
Yun number naman ng vice-presidents ay dapat din ipaliwanag ni de quiroz. In the meantime, we cannot assume na good or bad yun until we hear the explanation of de quiroz
Whoa! Kaya pala kahit 500petot walang ma-increase sa SSS pensions, sa katutak na opisyal ay ubos na ang contribution ng SSS members.
Ano gagawin nila sa idle properties, isi-sekreto na ibenta at hahati-hatiin sa kanilang mga bulsa?
Its not 4.2M+1M bonus. Its 7M+1M bonus. Look at the 3rd to the last name on that list.
The banks are the ones making a killing with the members contribution. What the banks give back to the SSS is a mere pittance to what they are making with the money. Who are the owners of the banks?
Relevant din siguro kung itanong:
Ang pera ba ng SSS ay nasa Pilipinas pa, o nasa isang sovereign fund na nasa abroad at nakataya sa stock exchange?
Ito muna ang gusto kong itanong.
Here is another way to manage the Pension plan Reserve Fund to keep it Growing to sustain the payout in the Future..Take it out in the Control of Govt and hand it to the Arms Length Investment Board reporting to the Independent Board of Directors of Professionals who in turn accountable to the Legislatures and the Members of the Plan…
Our Pension Plan was going bankrupt in 1997 when it was under the Govt Ministry Control in a “pay as you go” structure…And the Govt called a Study to reform the system…and the current set up was recommended by the Study.Now the plan is healthy is very healthy with tha latest Chief actuary reports that it will remain steady for the Next 75 years with the same Rate of Contribution and the Reserve Fund in Investment is now stand as the one of the Biggest in the World…it is invested in DIRECT Assets and not in speculative shares but in infrastructures…like Hospitals, Tunnels, Bridges, mass transits railroads, banking, telecom and Globally…
This is shocking! Nothing work in our country. Too many anomalies and yet pnoy keeps on placing his friends, relatives, loyalist, etc. in key and juicy positions in our government bureaucracy instead of professionals or qualified managers. Sad part of it is that when things got exposed, he does nothing but protect them and use politics as an excuse or rely on his spokesman who talks garbage as he has done for his many incompetent secretaries and managers. For me it doesn’t matter whether its politics or not, once people loss confidence you have to fix it and protect peoples interest considering that your appointees who mismanage collect millions in the first place! Anyway, why will he care?
To put the blame on the president for not approving the increase is not right. It is a hard decision for the president. Buti hinde sya nagpa epal para sumikat at maybe wala ako makuha pension in my retirement. Kasalanan ng SSS management ang situation we are in right now. At ang isa pang me kasalanan is the epal colmenares. Pinaasa lang ang mga senior sa bill na not yet made into a law. Sino ba ang ayaw ng increase? This guy really knows how to take advantage of the poor people…wala matino sa utak neto imbes na tulong . Ginamit lang nya tayo for his own purpose….
Colmenares fault? It was a bill authored by him and approved by Congress! So its the peoples will now isn’t it? Congress being the representative of the people in our government.
Pnoy as president has the say or influence with regards to SSS because he is the approving authority. President Pnoy approves whatever the SSS does or propose including how the peoples PRIVATE contributions will be invested, etc. because he is the boss. Key decisions including hiring or appointing executives, including VP’s if I may add requires his approval.
Who’s to blame? not the president? Just like the airport tanim bala fiasco headed by his appointee? or the traffic mess LRT/MRT mess headed by his favorites? its politics again? all under his influence and control. What happen to the services the people deserve? Considering that we are the paying public?
His VETO is not the issue but the incompetence in the SSS and its management size under his control and watch wherein SSS members doesn’t seem to get the fair share of the benefits they deserve and yet its management team rake in millions plus expenses. They have to be accountable!
With regards to the reasons behind the VETO Is the calculations correct? With its many VP’s they should be able to do the correct math? if its too difficult for then to do so in spite of the million of pesos of compensation they received then our government should provide the people the means to control their own retirement funds instead of just demanding a mandatory contribution to fund their retirement. There are many ways to do this instead of just giving it to the overpaid executive management of the SSS.
Hindi lahat ng tumatanggap ng SSS ay mahirap. May mga mayaman na tao na may SSS. Nagpaliwanag na ang malakanyang kung bakit hindi inaprubahan ang pagdagdag ng 2,000 pesos. Mahirap bang intindihin iyon.
Arvin, ano naman ang kuneksyun ang kuneksyun kung mayaman ang SSS pensioner at ang karagdagang P2,000 na dapat ibigay sa lahat? karapatan yan ng pensioner na tumanggap ng nararapat sa kanya, may kaya man o mahirap.
olan@ 9, perhaps one of the very best managed Pension Plan is the Teacher’s.. it is the Pension Plan for the Public School system teachers of Ontario with active members of 180000 and retired pensioners of 120000 ( all are members of the Federal Pension plan which is Mandatory) the plan is supported by the teacher monthly contribution Match by the Provincial as per its Collective Bargaining..
it has now the 3rd Largest Investment Fund next Only to the Federal Government And the Province of Quebec plans..
A teacher can retire 5 years early (more if full) and can have a payout from the plan of $60000 including the bridging of govt pensions which percentage will be clawed back when the teacher start receiving the Govt pension payouts, but only part of it( hence the 5 years bridging)
Tt the govt is cutting in half admission to teacher Colleges because for now there is a surplus for teacher.. but neds more early Childhood Educators upon implementation of full day Kindergarten 1 and 2 with in School Day Care..to free the parents and spare them the expense of after school care and to introduce the kids the love of staying a school…with fun and games
at 15, the Teacher Plan is exclusive only for Ontario Teacher and is separate from Federal pension which is supported by Employee/employer and administered by the federal Govt. it is mandatory to all of Canada except Quebec which has its own plan..
the Federal Govt Do Not Contribute to the Plan but pays the cost of the employees administering te plan..
The crown Corp which is an Arms Lenght Agency established in 1997 to manage and invest the Fund of the Pension Plan not currently needed for payout is paid from the Investment Investment Income of the Reserve Fund which bring in the Average Return of 7.3 % nominal net with a total of $126.5 billions cumulative Investment Income for the last Ten Years which is not touch for PaYout as of yet but Wil be used in 2023 but only a small portion of the INCOME..
THE investment Board do not report to the govt but to its Professional Board of Directors Appointed by Minister of FINANCE AND IS ACCOUNTABLE to the Parliament..Now the structure is clear defined and the Chief Actuary I his latest report affirmed that the plan Will BE SAILING steady for the next 75 next years with the same Rate of Contribution and maximum amount of contribution indexed to inflation and will update the Parliament in 3 years..
By the way the PLAN investment Board has agencies located globally and now has an investment fortfolio invested in direct assets like infras, banks, bridges, tunnels, mass transit and has the Pension Fund reserve fund assets at $272.9 bilions as of Sept 2015..It does invest in speculative stock exchanges…very risky..
Correction @ the Investment Board Does not GAMBLE in Speculative Stock Stock Exchanges..the officers and staff of the Board are paid in commissions like any successful business..in $ millions
ano ba yan? yung isa dispalinghado na ang argumento. eh, kaya nga nagpamiyembro sa SSS para merong aasahan kapag tumanda at walang pakialam ang sino man kung pobre o mayaman yung tao. ang pinag-uusapan PENSIYON!
saka bakit laging nakasingit kahit ano’ng paksa ang canada? ‘anlayo naman ng pagkakaiba, eh. saka hindi maia-adopt ng pilipinas kung ano’ng meron sa canada. mas maigeng maglektyur siya doon sa malakanyang. hindi dito.
susmaryopes, hoho!
madali para sa board ng SSS ang bigyan ang sarili nila ng milyon dahil maraming mabibili o madali silang yayaman kesa barya barya laang na suweldo at bonus. hindi din mahirap para kay panot na apruban ang ganito kalaking incentives ng kanyang mga tagasuporta na kaya niya inilagay doon ay para hindi mapag-iwanan ng iba.
since the edsa 1, kung kailan pinatalsik nila ang dating pangulong FM, nagmistulang rigodon ng mga magkakaalyado, magkakaibigan at lalo’t higit ng magkakapamilya ang sila ay magpalitpalitan sa poder upang huwag nang makasingit ang iba sa pagpapasasa nila sa salapi ng bayan.
ito ang uri ng pagbabagong ipinagsisigawan nila noon. pagbabagong nagpapakita ng kanilang makasariling layon kaya nila pinatalsik ang dating pangulo. 30 taong pamamayagpag sa puwesto SUBALIT walang kahit isang matatawag na MATINONG proyekto para sa mga karaniwang tao. ipinagmamalaki pa nila ang CCT program para sa mga maralita. meron bang umunlad sa karampot na LIMOS na kung minsan pa ay mga multo ang beneficiaries?
@ 20 the discussion about pension is here and just like the SSS our pension plan went kaput in l997…so it is just proper to spread the words that there are solutions…and if those solution can be of help why not? now also try to find some solution from anywhere to help instead of just criticising to NO END…
#21. why don’t you direct your solutions to the house of the representatives or to the senate? or, to malakanyang? or, much better send it to the concerned agency, the SSS.
how would remind your goivernment TO COLLECT BACK your garbage in the philippines?
did you find the philippines the right place to dispose your toxic waste? your dumping site?
“why don’t you remind your government……..”
@23 that issue been taken to highest level and been addressed with…and we can not repeat and repeat it until forever…like we are doing here….and not moving forward…and it was been concluded that it was not TOXIC WASTE BUT COMMON HOUSEHOLD WASTE that private parties contracted to import without the tacit approval of the Canadian govt. but may have the by your own Custom Agency…
# 22 and the Idea of this forum is have discussion on the subject that may get to the attention of the proper authorities if they are open to suggestion and fresh ideas that may work in situation…you too can bring some fresh idea in this forum instead of non-stop critiques which is divisive and just the cause of more problems in general…
Vic, the problem in our country is nothing different in any other country’s retirement program. The disconnect is that the appointed managers implies that they don’t want to change anything! It seems it’s not to their and their sponsors benefit to do so. no matter how many complains about it…people needs to wake up to effect change!
Former Bayan Muna Rep. Teddy Casino penned an op-ed in PDI, 1/26/2016, explaining surprise on PNoy’s veto, and Malacanang’s bloated actuarial figures to justify its non-endorsement of House bill increasing SSS pension from 1200 to 2000 PhP (if I were a pensioner, even at 2000 pesos, the amount can’t buy me a sack of rice).
A worthy read.
#25. toxic or not if that is what you want us to believe, NO country has the right to make the philippines their DUMPING site of whatever kind of garbage.
#26. the discussions here are issues happening in the philippines and not in your country WHICH i suppose and believe that whenever or if ever you want to insert and passed lines at SHOULD be used as references ONLY and NOT like what you are doing directly stressing them out.
i repeat: REFERENCE only.
thank you and good day!
https://www.sss.gov.ph/sss/DownloadContent?fileName=Mar2015_FactsandFigures.pdf
Noynoy said
Look at the link above. Note that Malacañang is basing the increase solely on present Investment income which is 7% of Total investments. The total income of SSS is Members’ contribution plus Investment Income. As the population increases and the number of workers increase, so will invest-able funds ergo Investment Income. The total amount invested is almost half a Trillion at P447B. The other Assets is almost the same at P427B.
If the P447B earns 7% annually and the pension is increased by P2000 they claim that the fund will go bankrupt in 2029.
Let’s check.
P447B x (1.07)^14 = P1,152.6B -> Amount of investments and income therefrom up to 2029
P1,152.5B ÷ P56B (annual increase) = 20 years before Investment account is wiped out assuming they do not make new investments (which is foolish).
So it is not true that the SSS will go bankrupt because of the additional P2000, not in 2029 but 2035.
But the SSS fund will still survive because the Assets are almost the same amount so let’s say another 19 years.
But that is assuming further that these assets are liquid by the end of 20 years. I don’t believe so. The condos will deplete its value in about 15 years unless they are sold earlier and the product of the sale are used to buy new condos.
Clearly, the problem is not the P2,000 increase but making efficient investments. If they cannot guarantee a safe investments portfolio, what are they in that agency for? The ratio of contributors to retirees is 18 to 1. Compare that to the US of 3 to 1. It may be the low amount of contribution, the low income on investments, or simple incompetence. So which is it? The biggest funders of the third world are the pension funds of North America and Europe.
The bankruptcy scarecrow has always been planted to fend off any clamor for increase that will benefit the members who have been forced to adjust their lifestyles for so many years in order to accumulate money for a “comfortable” pension after they retire. Is this what is happening? SSS is a failure by any measure. I can’t imagine a senior living on a mere P1,000 pension. Even the maximum P17,480 doesn’t guarantee a decent living.
Teka, meron palang data yung 2014. P46B ang Annual Investment and Other Income. If they claim that without the P2000 increase, SSS will go dry in 2042 according to De Quiroz, so what the Additional pension will do is accelerate the bankruptcy from 2042 to 2027. So maso-shorten pala by Fifteen years daw kung P10B ang deficit.
Looking at the chart in the link I provided, their Investment and other income is only P8.8B for the first quarter of 2015 so spread that for the whole year equals P35B which is a very big jump from the P46B the previous year. What happened to our money? They can lose P11B just like that and can’t handle the P10B deficit which will benefit the contributors?
WHAT THE FUCK???
Slip of the TonGuE:
“…very big drop…”
not “…very big jump…”
OT:
Ellen,
I suggest someone in your staff at Vera Files or wherever take account of all Bills passed by the Senate or HR thereafter vetoed by BS AquinoIII. Take note of the incompetent legislative – executive liaison offices we are paying with our taxes who apparently are screwing our legislative acts big time. There’s an effin’ lot! including this SSS pension adjustment which was vetoed at the last minute. These can be found at the Official Gazette website. There are about 27 such veto messages by BS AquinoIII alone.
And while you’re at it, please get an explanation from the offices of Manolo Quezon and/or Sonny Coloma why the links under “Budget Messages” of the Official Gazette has been censored. I linked the budget messages of Makoy and Cory in one of the popular political blogs and compared the amount of money spent during both administrations just last week. Today, those links have been removed.
What is left are the complete budget messages of Noynoy and the next president that can be found in the list is Pres. Quirino (budget message of 1952). Did I just strike a sensitive chord in Malacañang? Why did they have to hide those starting from Marcos to Arroyo? So that we cannot compare anymore?
So much for this government’s much-vaunted transparency.
And Malacanang is proud to have signed into law the Freedom of Information (FOI) act? clap! clap!
Tongue, as to who might have been the culprit,i’m guessing yes, but it must be PNoy’s image chief curator and propagandist, MQIII.
Cannot imagine,Sonny to go such barren length as pulling down public domain records. But then, who knows some people do change at mere sight of few sliver of silver.
Thanks, thank, everybody for your input. We will follow up.