House panel to look into finances of SSS

MANILA, Philippines — The House committee on public accounts will look into the financial condition of the Social Security System (SSS) after the passage of a bill deferring the scheduled hike in member contribution this year.

Rep. Jose “Bonito” Singson Jr., the committee chair, said the inquiry would start on Feb. 15.

Singson earlier filed House Resolution No. 1563, calling for a congressional inquiry to determine the “weaknesses or excesses” in the country’s social security program.

On Feb. 1, the House of Representatives passed House Bill No. 8512, which would allow President Duterte to suspend the scheduled increase in SSS contributions “in times of national emergencies.”

The SSS earlier warned that the suspension would result in a P41.37 billion loss for the agency. But Singson cited the Commission on Audit’s “adverse audit observations on the way the SSS has been managing the members’ contribution.”

—Nestor Corrales