MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – In 2015, Philippine Congress approved a P2,000  (about $42) pension hike for retirees. It’s not going to happen because President NoyNoy Aquino, upon successful lobbying by the board of directors and officers of the Social Security System (SSS), vetoed the bill.

Now we know why SSS directors argued that the agency has no financial capacity to fund the proposed pension hike: they needed the money to pay themselves their “performance bonuses.”

Ilocos Norte Gov. Imee Marcos has dared President Benigno Aquino III to block the performance bonuses being sought for by board directors and officers of the SSS. Marcos said that she also could not understand why these SSS directors and officers still have the gall to ask for bonuses after claiming that the pension fund for private individuals has no financial capacity to finance the pension hike for retirees.

Bayan Muna Rep. Neri Colmenares said the the SSS officers gifted themselves with more than P10 million in “performance-based bonus” in 2012 on top of their salaries and other benefits and perks, which amounted to tens of millions of pesos.

Kilusang Mayo Uno Vice Chair Roger Soluta claimed that SSS executives led by president Emilio de Quiros received P117 million in salaries, allowances and bonuses in 2014. De Quiros said the performance bonus was justified because it earned P35 billion in profits in 2015 or more than four times its earnings of P8 billion in 2010.

That’s $35 billion that will go towards ensuring the secure future of the SSS directors and officers!