SSS president defends giving ₱1 million bonus to executives in 2012, says it was "moral" to do so
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Michelle Remo of the Philippine Daily Inquirer reports that Social Security System (SSS) chief executive officer and president Emilio de Quiros Jr. has defended granting a P1 million bonus to each of the government-owned company’s executives in 2012, saying it was "moral" to do so.
According to the report, de Quiros sees nothing wrong with giving hefty bonuses to SSS board members because they need to be compensated well and have salary rates that are at par with other executives from private companies. The SSS president defended giving a performance bonus of about P1 million each to eight executives last year amid criticisms "that although the granting of huge bonuses to the SSS board members was legal, it was immoral."
De Quiros noted that the executives were instrumental in raising the agency’s investment reserve fund, "which determines the ability to pay for pension and other benefits," to close to P390 billion now compared to just P290 billion at the start of President Benigno Aquino III’s term in 2010.
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