(Eagle News) — The Social Security System on Wednesday assured its members the Investment Reserve Fund was “intact and well-protected” even after four former and current SSS officials were charged over alleged anomalous stock trading.
In a statement, the SSS added that executive vice president Rizaldy Capulong, equities product development head Ernesto Francisco Jr., then-equities investment division chief Reginald Candelaria and then-chief actuary George Ongkeko Jr. would be accorded “due process” as the investigation into the accusations they used their positions to benefit from the trading of their own stocks goes underway.
It was SSS commissioner Jose Gabriel La Viña who filed the administrative complaint against the four, whom he accused of utilizing the same stockbrokers who manage the SSS portfolio to trade their own stocks.
SSS Chair Amado Valdez has said Candelaria and Ongkeko have resigned, while Capulong and Francisco have been suspended.
“The (SSS) assures its members that it has institutionalized procedures to address administrative complaints,” the SSS said.