economic stimulus fund

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 »

"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 »

"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 »

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 »