Macasaet is of course not new to social insurance and to running a state-run pension fund. He also has more than two decades of professional experience in financial services, banking, and public-private partnerships, and the private sector, having worked with the Philippine National Bank, Bank of Commerce, San Miguel Corp., PCI Bank, and the Private Infrastructure and Development Corp. Beginning last Jan. 1, SSS members’ contributions were increased to 14 percent from the previous 13 percent. Why are members’ benefits being expanded only to make them pay for these later on in terms of additional contributions? But as has been pointed out earlier, SSS pension funds are being depleted because of increases in benefits without a corresponding funding source.
