Roque says admin won’t tolerate “foul play” in management of SSS funds

November 2, 2017

The Duterte administration would not tolerate any "foul play" in the management of fund of the state-run Social Security System, Acting Presidential Spokesperson Harry Roque said on Thursday. In a press briefing, Roque clarified that what happened in the SSS was not insider trading. "And as you know, it was the chairman himself who made this public. So it shows that the SSS, in line with the administration’s goal of eradicating corruption, will not tolerate foul play, particularly in the management of the SSS funds. I think that was very clear," Roque said. Four key SSS officials were accused of buying shares with the help of a stockbroker accredited to manage the state fund. They allegedly improperly benefited from their positions by trading personal stock market accounts. Roque said SSS chairman Amado Valdez has ordered an investigation. "There will be prosecutions, there will be people who will be fired and criminal charges filed, if warranted," Roque said. Those being investigated were executive vice president for investments Rizaldy Capulong, equities investment division chief Reginald Candelaria, equities product development head Ernesto Francisco Jr. and chief actuary George Ongkeko Jr. Candelaria and Ongkeko have tendered their resignation, Valdez has said. Celerina Monte/DMS