- About Us
Neri Has No Moral Authority to Gamble with SSS Funds; Let SSS Members Decide - Maza
Press Release Posted on January 27th, 2009.
REP. LIZA LARGOZA MAZA 0920-9134540
Francis Uyanguren (Public Information Officer) 0929-4511305
"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."
Thus said Assistant Minority Leader and Gabriela Rep. Liza Maza in response to Neri's statement that the infusion of SSS funds into the economic stimulus package would be a good investment.
"If indeed Neri thinks the P12.5 billion SSS funds are good investment, he should subject his decision to a vote of confidence among SSS members. The fund is from the private workers' pockets and they have all the right to decide on what should be done with their funds."
Maza said that Neri himself has no credibility in assuring the SSS members that the said investment would redound to more benefits for them.
"With Neri's role in the anomalies behind the ZTE-NBN deal, his moral authority to give such commitments and pronouncements is very questionable," the solon added. ###