Protect Our Funds

Feature Posted on February 2nd, 2009.

PROTECT OUR FUNDS! Do not meddle with workers' funds.

PROFUND or Protect our Funds is a nationwide campaign to block SSS President Romulo Neri's pledge of P12.5 billion worth of pensioners' fund to Arroyo's P330 billion economic stimulus package. This is the collective response of the Filipino people against Neri's hideous plan to gamble SSS funds to the detriment of its 27 million SSS members.

Arroyo's P330-billion package will include P160 billion in incremental government allocations, P100 billion from government financial institutions (GFIs), social security institutions (SSIs) and the private sector, P40 billion in the form of tax breaks for corporate and individual taxpayers, and P30 billion in temporary additional benefits from the SSS, the Government Service Insurance System (GSIS) and Philippine Health Corp. Of the P100 billion, half will be from private commercial banks. The other half is to come from the SSS, GSIS, Land Bank of the Philippines and the Development Bank of the Philippines, each of which will contribute P12.5 billion.

Assistant Minority Leader and Gabriela Representative Liza Maza, Gabriela Representative Luz Ilagan and Anakpawis Representative Rafael Mariano earlier filed House Resolution 956 seeking to probe the implications of such move to the benefits of private sector workers. The legislators also want to push for a review of the SSS charter. The probe also seeks to look into the implications of the move to the private sector workers, and to recommend measures, including a review and possible amendments to the SSS charter to safeguard its members’ funds.

Workers' funds are not for the government to meddle with or subject to undue financial risks like the economic stimulus fund with no assurance of pumping up the economy for the benefit of poor workers.

The ongoing petition against the use of SSS funds can be accessed online at www.petitiononline.com/profund. The nationwide petition signing has also been launched last February 13 at SSS offices.

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News

Maza to Neri: Channel SSS Funds to Loans not to an Empty Stimulus Bag

Press Release Posted on March 9th, 2009.

Assistant Minority Leader and Gabriela Women’s Party Rep. Liza Maza today denounced SSS Administrator Neri’s pronouncement that he can no longer grant much needed loans to SSS members who lost their jobs due to the global financial crisis. read more »

Gabriela Women's Party Heightens the Campaign Against Use of SSS Funds, Holds Nationally Coordinated Petition Signing

Press Release Posted on February 12th, 2009.

It's the lonely hearts day, a day before Valentine's Day, for Gabriela Women's Party and Profund when they conducted the nationally coordinated petition signing and pickets at offices of the Social Security System in major cities and provinces today to heighten the campaign to stop the use of the P12.5B SSS funds for the P330B economic stimulus package. read more »

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Neri Has No Moral Authority to Gamble with SSS Funds; Let SSS Members Decide - Maza

Press Release Posted on January 27th, 2009.

"Social Security System Chief Romulo Neri is gambling away the hard-earned money of the SSS members by committing to invest P12.5B of its reserve funds. Clearly, the SSS Charter states that the SSS reserve funds should be invested with more care, prudence and diligence in line with the principles of safety, good yield and liquidity. Thus, it is all the more crucial that they adhere to these strict criteria before SSS funds are committed, given the intensity of the impact of the financial crisis." read more »

Gabriela Solons Push For Probe into the SSS Funds in Economic Stimulus Package, Review of SSS Charter

Press Release Posted on January 25th, 2009.

With members of the Social Security System (SSS) and Government Social Insurance System(GSIS), Assistant Minority Leader and Gabriela Rep. Liza Maza together with Gabriela Rep. Luz Ilagan and Anakpawis Rep.Rafael Mariano today filed a resolution for the House of Representatives to investigate the implications to the benefits of private sector workers of SSS President Romulo Neri’s move to commit the P12.5 B of SSS funds to the Arroyo administration’s “economic stimulus fund” and to recommend measures including the review and possible amendments to the SSS charter. read more »

Do Not Meddle with Workers' Funds; Use SSS, GSIS Reserve Funds to Help Workers Brace for Job Losses - Maza

Press Release Posted on January 23rd, 2009.

"Workers' funds and are not for the government to use, meddle with or subject to undue financial risks by investing them in vague concepts such as an economic stimulus fund that has no assurance of pumping up the economy for the benefit of our poor workers." read more »

Neri Summoned to Face House Probe; Neri should explain the P12B SSS share to stimulus fund - Maza

Press Release Posted on January 19th, 2009.

At the hearing on the impact of the global financial crisis at the House Committees on Economic Affairs and Banks today, Gabriela Women's Party Representative Liza Maza said Social Security System chief Romulo Neri should explain the use of the P12.5B funds of the SSS for the economic stimulus package prescribed to cushion the impact of the crisis, as this "may be tantamount to cheating off funds from the workers and SSS beneficiaries." read more »

Legislation

HR 956 - P12.5 B Proposed Counterpart of SSS to the "Economic Resiliency Plan"

Legislation Posted on January 25th, 2009.

Resolution directing the House of Representatives Committee on Government Enterprises and Privatization to conduct an inquiry, in aid of legislation, on the mave of Social Security System (SSS) President Romulo Neri to channel P12.5 Billion as SSS proposed counterpart to the administration's "Economic Resiliency Plan" , as well as its implications to the benefits of private sector workers who are the rightful fund beneficiaries, and recommend measures including the review of possible amendments to the SSS Charter on order to safeguard the social security funds for the benefit of its members

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