菲律宾审计署：社保基金股票账面亏损升至约400亿比索 另有4.9亿比索养老金误发已故领取人
马尼拉——菲律宾审计署（COA）在其2025年度审计报告中指出，社会保障系统（SSS）股票投资组合的未实现亏损升至约400亿比索，较2021年的116亿比索增长245%。相关股票买入成本为1,214.67亿比索，2025年底市值降至814.73亿比索。
审计署表示，SSS缺乏正式的止损门槛，未能在投资下跌时触发纠正行动，建议设立可执行的止损限额、组合再平衡程序并定期进行压力测试，以保护投资储备基金。报告还质疑SSS持有一家国内博彩公司4.75%的股权，称其可能带来监管与声誉风险；并指出SSS向已故领取人多付养老金4.9021亿比索，建议检讨领取人年度确认政策。
SSS回应称，账面亏损是市场价格的暂时下跌，资产未出售就不构成实际现金损失，并称其主要持仓 PLDT、Universal Robina 与 Security Bank 等公司基本面稳健，长期带来股息与已实现收益。另据《菲律宾星报》10月17日报道，资深金融业人士 Victor Limlingan 已出任 SSS 新任负责人。
信息来源：菲律宾审计署2025年度审计报告、BusinessWorld、BusinessMirror、《菲律宾星报》
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
来源：GSM·美国（原文链接）
图片来源：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.
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