MANILA, Philippines – The initiative to override President Aquino’s veto of the bill increasing the monthly pension from the Social Security System (SSS) by P2,000 fizzled out last night at the House of Representatives.
Override proponents led by the Makabayan bloc of seven party-list representatives came up way short of the number of votes required to overturn the presidential veto.
The House adjourned session at 7:40 p.m. without calling the roll of members.
The group claimed to have a resolution signed by 50 House members. An override requires a two-thirds vote of the entire membership, or 192 of 287 members.
Reporters asked for a copy of the resolution to check the signatories, but no copy was released.
A large number of senior citizen-pensioners trooped to the Batasan complex and occupied the House gallery in anticipation of an override vote that was not expected to take place.
Majority Leader Neptali Gonzales II said overturning Aquino’s rejection of the SSS pension increase bill was just wishful thinking on the part of Makabayan members.
Speaker Feliciano Belmonte Jr. earlier doused cold water on the Makabayan group’s move, saying the House was not likely to reverse the presidential veto.
Isabela Rep. Rodolfo Albano III said he did not think the House or the Senate would overturn Aquino’s rejection of Bill 5842.
“The President still enjoys wide support in Congress and among our people. An override would embarrass him and you don’t do that to a popular President,” he said.
In vetoing the bill, Aquino said the proposed P2,000 pension increase “will result in substantial negative income for the SSS.”
He said the adjustment, “multiplied by the present number of more than two million pensioners, will result in a total payout of P56 billion annually.”
“Compared against annual investment income of P30 billion-P40 billion, such total payment for pensioners will yield a deficit of P16 billion-P26 billion annually,” he said.
He added that with such a large deficit, the SSS would be forced to draw from its investment reserve fund (IRF).
“Consequently, the IRF will diminish over the years, eventually reaching zero by the year 2029. The stability of the entire benefit system, whose present membership comprises about 31 million individuals, will be seriously compromised in favor of two million pensioners and their dependents,” he stressed. – With Mayen Jaymalin, Prinz Magtulis