Bonuses for SSS officials justified: oversight body

MANILA -- The Governance Commission for Government-owned and controlled corporations (GCG) said the bonuses and incentives given to officers of the Social Security System (SSS) are all aboveboard. In an interview with ANC's "Dateline Philippines" on Saturday, GCG spokesperson Atty. Paolo Salvosa said bonuses are based on the size of assets and revenues of GOCCs. He added compensation given to officers are rationalized based on rates in companies in the private sector to make the bonuses competitive. Salvosa clarified that the bonuses for SSS officials were sourced from income and not contributions. He said many problems of GOCCs were left over from previous administrations, but noted that the SSS performed well the past year and met its target based on the scorecard of the GOCC's performance. Salvosa also admitted, however, that the timing of giving out the bonuses is far from ideal. Meanwhile, he believes the controversy will ensure a higher standard for all GOCCs in terms of their targets and services. He said the public can scrutinize the GOCCs once their scorecards are published. The SSS earlier drew flak for the hefty bonuses it pays out to its executives, amounting to as much as P1 million each, as the pension fund raises the premium contributions it collects from members in a bid to keep paying pensions and lengthen the life of the fund. -- ANC