2 SSS execs linked to profiteering quit


Posted at Nov 01 2017 10:31 AM | Updated as of Nov 01 2017 05:02 PM

MANILA - Two Social Security System officials linked to a stock investment controversy have resigned, the pension fund's chairman Amado Valdez said Wednesday.

The SSS officials are Vice President for Equities Investment Division Reginald Candelaria and Senior Vice President and Chief actuary George Ongkeko Jr.

Candelaria filed his resignation last week while Ongkeko filed his last month. The SSS commission has already accepted the former's resignation, while the latter's is still on hold pending clearance.

Valdez said the resignation is somehow connected with the ongoing investigation but refused to explain further. Asked for the main reason, he said: "Perhaps they want to pursue other opportunities."

Candelaria, along with Ernesto Francisco, are facing allegations of withholding from the SSS information on stock investment prospects and then buying the stock for themselves.

Ongkeko, meanwhile, was named in the complaint for allegedly failing to "ensure strict compliance" to SSS policies as head of the risk management group.

SSS Executive Vice President Rizaldy Capulong was included in the complaint for alleged "gross neglect of duty."

Despite their resignation, the two officials will still have to face the probe, which has been ongoing internally before it was brought to the attention of the media.

All the other officials in named in the controversy will be put on floating status as the investigation proceeds.