Philippine Auditors Flag About P40 Billion in SSS Paper Losses, P490 Million in Pensions Paid to Deceased Beneficiaries
MANILA — The Commission on Audit (COA), in its 2025 annual audit report, said unrealized investment losses in the Social Security System's (SSS) equity portfolio rose to nearly P40 billion (P39.994 billion), up 245% from P11.6 billion in 2021. The shares were acquired for P121.467 billion and were worth P81.473 billion at the end of 2025.
State auditors said the SSS lacked formal stop-loss thresholds to trigger corrective action when investments fell, and recommended enforceable stop-loss limits, portfolio rebalancing procedures and regular stress tests to protect the Investment Reserve Fund. The report also questioned the SSS's 4.75% stake in a domestic gaming company, citing regulatory and reputational risks, and flagged P490.21 million in pension overpayments to deceased beneficiaries, urging a review of the pensioner confirmation policy.
The SSS responded that paper losses reflect temporary market declines and that no cash is lost unless assets are sold, adding that major holdings such as PLDT, Universal Robina and Security Bank have sound fundamentals and have delivered dividends and realized gains over time. Separately, the Philippine Star reported on October 17 that finance veteran Victor Limlingan has been named the new SSS chief.
Sources: Commission on Audit 2025 annual audit report; BusinessWorld; BusinessMirror; The Philippine Star
Source: GSM · USA (original Chinese edition)
Photo: 位于 Quezon City East Avenue 的菲律宾社会保障系统（SSS）总部大楼。Photo by PatrickRoque01, Wikimedia Commons, CC BY-SA 4.0.
