Palace: Aquino received correct data on SSS pension

Malacañang on Monday said President Benigno Aquino III received correct government figures that affected his unpopular decision to veto a bill seeking a P2,000 across-the-board increase for pensioners of the Social Security System (SSS).

Reacting to statements of critics, Communications Secretary Herminio Coloma said he was confident that Aquino’s decision was based on factual data.

“Sa lahat naman ng pagkakataon ay naging transparent ‘yung lahat ng pagbibigay ng datos at ito naman ay open to public scrutiny,” Coloma told reporters in a press briefing.

Coloma maintained that the President’s decision to veto the pension hike would save the fund from bankruptcy.

“Simple lang naman ‘yung batayan ng pamahalaan. Unang-una, ‘yung pagbigay ‘nung P2,000 increase in monthly pension to 2.1 million pensioners for 13 months a year—13 months ang binibigay na pension—ang total cash outflow ‘non ay P56 billion. Tapos kapag kinumpara doon sa regular na kinikita ng SSS from investment income ay magkakaroon ng deficit o kakulangan na P16 (billion) to P26 billion a year. Iyong P16 billion based doon sa P40 billion na investment income in 2014 na pinakahuling datos na available,” Coloma said.

“Kaya’t iyon ‘yung batayan sa pagsasabi na kapag hinayaan ito, iikli ‘yung buhay ng pondo from 2042 to 2029, or by 13 years. At pansinin din natin hindi lang naman ‘yung mga pensioners ang tumatanggap ng benepisyo sa SSS. The rest of the 30 million members are also entitled to benefits on a continuing basis—sickness benefits, death benefits… Kaya’t mahalaga na maunawaan ‘yung malaking larawan at ‘yung dynamics ng iba’t ibang elemento ng financial operations ng SSS,” he added.

Citing a contribution surplus of almost P10 billion from 2010 to 2014, Coloma also defended the SSS from criticisms that it should improve its collection efforts to maintain the stability of the fund.

“Kung titingnan naman natin ‘yung net revenue ng SSS, from 2010 to 2014, nag-average ng P33 billion kumpara sa average na P8 billion lamang or four times increase. Iyong P8 billion, again, period from 2000 to 2010. Kaya’t hindi naman siguro matatawaran ‘yung performance ng SSS management na sinikap, pinag-ibayo ‘yung efficiency ng koleksyon nila, inayos ‘yung operating expenses nila, kaya naiayos din ‘yung financial condition ng SSS,” he added.

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