MANILA, Philippines — Sen. Francis Tolentino has called for a congressional inquiry into the reported massive net losses in the finances of the Social Security System (SSS) amounting to P843.9
Tolentino expressed concern over the reported “huge” net loss of the SSS after filing Senate Resolution No. 1006, which urged thecommittee on government corporations and public enterprises to investigate the state-run pension fund “to ensure its financial viability and capacity to carry out its fiduciary responsibilities to the general public.”
Tolentino cited the SSS unaudited financial statement which quoted SSS president and chief executive officer Michael Regino that the multi-billion net loss shown in 2021 unaudited financial statements is due to a change in accounting standards brought by Philippine Financial Reporting Standards 4. In the 19th Congress, the Senate committee on government corporations and public enterprises will be headed by a new senator, replacing the outgoing chair Sen. Richard Gordon.
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