SENATOR Cynthia Villar has raised the need to pass a law that would specify where the Social Security System (SSS) must invest its stocks to prevent officers from mishandling the pension fund.
The SSS currently manages P500 billion in assets, accumulated through the mandatory monthly contributions of its 35 million members who are employees in the private sector.
The House of Representatives will investigate the alleged anomalies in SSS, specifically on the trading of its stocks by four of its officers.
“There are issues against SSS on how they are investing their fund,” Villar said in a media forum on Wednesday.
“In my personal capacity, why don’t we have a legislation on where to invest the (SSS) fund,” she said.
Villar added: “I want to indicate in the proposed legislation how it could be invested.” BERNADETTE E. TAMAYO