SSS vows fair probe on stock trading

MANILA, Philippines — State-run Social Security System (SSS) yesterday confirmed the reassignment of its top officials who were allegedly involved in a stock trading controversy.

In a statement, the SSS said it has reassigned four executives involved in an administrative complaint on the alleged trading of stocks using information from an accredited stockbroker.

The SSS said the action would “pave way for an objective, transparent and fair investigation of the ongoing administrative complaint.”

“Likewise, the reassignments will avoid any suspicion that the ongoing investigation will be whitewashed,” it added.

The SSS assured the accused of due process that would be strictly observed in the investigation.

The officials involved in the scandal are equities investment division chief Reginald Candelaria, equities product development head Ernesto Francisco Jr., chief actuary George Ongkeko Jr. and executive vice president Rizaldy Capulong.

Earlier, Social Security Commission chairman Amado Valdez revealed it has assigned on “floating status” the officials under probe for the alleged illegal profiteering.

Valdez said they have been reassigned to the office of SSS president and chief executive officer Emmanuel Dooc.

Valdez, however, said Candelaria filed his resignation last week, which has already been approved by the commission.

He said Ongkeko had also tendered his resignation a month ago, but it was held in abeyance due to pending duties.

Asked for the reason they resigned, Valdez said, “I don’t know, but perhaps they want to pursue other opportunities.”

Meanwhile, the SSS reiterated that it has institutionalized procedures to address administrative complaints within the agency to ensure that all parties involved are given due process.