New SSS chief to pursue delinquent employers

State-run Social Security System (SSS) said it would file cases against delinquent employers who failed to participate in the pension fund’s recently concluded condonation program. Emilio de Quiros, the newly appointed SSS president, said after his leadership would strengthen the pension fund’s viability before looking into more long-term goals like improving social security.

“I am looking into the collection efficiency, whether we have been collecting enough. We will also look into the soundness of our financial investments and what type of risks the SSS has taken prior to my appointment. On the delivery of benefits, it must be timely and efficient,” said de Quiros, who is the brother of a newspaper columnist who campaigned for President Benigno Aquino 3rd during the last elections.

“I am looking at the review of the whole investment strategy. Look at the horizon for investment opportunities and see if there is a need for us to allocate more for equities or go for government securities,” de Quiros said.

He said that guidelines and regulations must be strictly adhered to in the fund’s investment functions to ensure that the interests of government and the fund’s members are well-protected.

“I have asked for a list of pending issues and look at which ones should be prioritized,” he said.

Horacio Templo, chief actuary and executive vice president of SSS, said the pension fund’s new management would likewise pursue the filing of cases against employers who failed to take part in the condonation program, which ended August 2.

“Although the delinquent rate has substantially [gone] down, we are now in the process of preparing new cases to be filed against delinquent employers who failed to take advantage of the rare opportunity for them to come forward and avail [of] our condonation program,” Templo said.

“Small and medium enterprises account for the bulk of the non-compliant employers,” he said, adding that the condonation program only takes place every 10 years. –Katrina Mennen A. Valdez Reporter, Manila Times