Metro Manila (CNN Philippines, May 28) – Senator Francis Tolentino wants to investigate the reported ₱843.9 billion net loss of the Social Security System (SSS) in 2021, as indicated in its unaudited financial statements.
The lawmaker recently filed Senate Resolution No. 1006, which urges the Senate Committee on Government Corporations and Public Enterprises to assess the financial standing of the state-run insurer in light of the significant loss.
“Although SSS ensured that its cash flows and funding situation remain secured, there is a need to study the effects of its net losses to ensure it remains financially viable for paying out benefits to covered members,” read the resolution released to the media on Saturday.
Tolentino also said the findings of the probe could help Congress in crafting policies that would provide additional financial security to the institution.
Earlier, SSS president and CEO Michael Regino explained that the increase in net loss resulted from a change in accounting standards in line with Philippine Financial Reporting Standards.
He assured, however, that it does not impact the institution’s capability to give social security benefits.
As of April 2021, SSS has over 40 million members who may avail of benefits in the event of disability, sickness, maternity, old age, death and other contingencies resulting in loss of income or financial burden.
Tolentino said with the increasing membership base, there is also a need to revisit the Social Security Act of 2018 to further assist Filipino pensioners and beneficiaries.
