The Social Security System (SSS) Building on East Avenue, Quezon City. (Photo by RAFFY LERMA/Philippine Daily Inquirer)
The National Bureau of Investigation (NBI) and the Office of the Ombudsman should get involved in the investigation into the alleged profiteering scheme by several Social Security System (SSS) officials, a Makati City lawmaker said on Wednesday.
“We are astounded at the manner in which (some) SSS’s ranking officers allegedly took advantage of their positions in transactions and acted for their own interests, rather than for the interests of the pension fund,” House deputy minority leader and Makati City Rep. Luis Campos Jr. said in a statement.
The allegation came from SSS commissioner himself Jose Gabriel “Pompee” La Viña who alleged that there are four ranking SSS executives who took advantage of their positions to gain profit for themselves.
Campos said the SSS officials might have “committed prohibited dealings under the Code of Conduct and Ethical Standards for Public Officials and Employees and the Ant-Graft and Corrupt Practices Act.”
Rep. Ben Evardone, chair of the House committee on banks and financial intermediaries, is poised to file on Thursday a House resolution initiating an inquiry into the matter.
READ: House panel to probe alleged ‘profiteering’ at SSS
“They may have been front-running and tailgating. It is possible they bought shares for their personal accounts at a lower price before they sent out large buy orders for the SSS’s portfolio. And then they may have sold their shares once prices were driven up by the buy orders for the pension fund’s account,” Campos said.
The lawmaker added that the Capital Markets Integrity Corp. (CMIC) should also investigate the allegations. /jpv