[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"i-heroicons:chat-bubble-left-right":3,"categories":8,"i-heroicons:chevron-down":57,"i-heroicons:magnifying-glass":59,"i-lucide:moon":61,"i-lucide:sun":63,"i-heroicons:user-circle":65,"i-heroicons:bars-3":67,"footer-categories":69,"i-heroicons:rss":78,"article-coa-sss-p40-billion-unrealized-equity-losses-no-stop-loss-threshold-october-2026":80,"article-related-coa-sss-p40-billion-unrealized-equity-losses-no-stop-loss-threshold-october-2026":112,"i-heroicons:home":144,"i-heroicons:chevron-right":146,"i-heroicons:calendar":148,"i-heroicons:clock":150,"i-simple-icons:facebook":152,"i-simple-icons:x":154,"i-simple-icons:linkedin":156,"i-simple-icons:whatsapp":159,"i-heroicons:link":161},{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":7},0,24,false,"\u003Cpath fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1.5\" d=\"M20.25 8.511c.884.284 1.5 1.128 1.5 2.097v4.286c0 1.136-.847 2.1-1.98 2.193q-.51.041-1.02.072v3.091l-3-3q-2.031 0-4.02-.163a2.1 2.1 0 0 1-.825-.242m9.345-8.334a2 2 0 0 0-.476-.095a48.6 48.6 0 0 0-8.048 0c-1.131.094-1.976 1.057-1.976 2.192v4.286c0 .837.46 1.58 1.155 1.951m9.345-8.334V6.637c0-1.621-1.152-3.026-2.76-3.235A48.5 48.5 0 0 0 11.25 3c-2.115 0-4.198.137-6.24.402c-1.608.209-2.76 1.614-2.76 3.235v6.226c0 1.621 1.152 3.026 2.76 3.235q.865.113 1.74.194V21l4.155-4.155\"/>",[9,15,21,27,33,39,45,51],{"id":10,"name":11,"slug":12,"description":13,"created_at":14,"updated_at":14},"be6f8ba6-0e47-4541-aebb-6813ccdd2102","Elections","elections","COMELEC updates, campaign coverage, candidate profiles, election results, and voter education for national and local elections","2025-12-10T17:10:42.101972Z",{"id":16,"name":17,"slug":18,"description":19,"created_at":20,"updated_at":20},"755de1e0-0bda-4325-91bc-f5f713874800","Investigations","investigations","In-depth investigative journalism on corruption, anomalies, and accountability in government","2025-12-10T17:10:42.106866Z",{"id":22,"name":23,"slug":24,"description":25,"created_at":26,"updated_at":26},"ec735825-d1b2-4956-af88-07bc895af11b","Judiciary","judiciary","Supreme Court decisions, legal cases involving public officials, and justice system developments","2025-12-10T17:10:42.110026Z",{"id":28,"name":29,"slug":30,"description":31,"created_at":32,"updated_at":32},"e1ed44e2-637c-45ba-b7b8-471653490f41","Legislative","legislative","Bills, laws, committee hearings, and proceedings from the Senate and House of Representatives","2025-12-10T17:10:42.108465Z",{"id":34,"name":35,"slug":36,"description":37,"created_at":38,"updated_at":38},"987d90cc-177c-43bb-86d2-ce61f0968859","Local Government","local-government","News from provinces, cities, municipalities, and barangays including LGU programs, local ordinances, and regional development initiatives","2025-12-10T17:10:42.100342Z",{"id":40,"name":41,"slug":42,"description":43,"created_at":44,"updated_at":44},"36b2ea04-5b7f-4e75-bbf3-6a238e50600c","National Politics","national-politics","Coverage of Malacañang, Congress, and national government affairs including executive orders, legislative proceedings, and inter-agency coordination","2025-12-10T17:10:42.096683Z",{"id":46,"name":47,"slug":48,"description":49,"created_at":50,"updated_at":50},"00d0b27c-faad-413b-ab22-1a345c36b651","Opinion","opinion","Editorial commentary, expert analysis, and diverse perspectives on Philippine political issues and governance","2025-12-10T17:10:42.105211Z",{"id":52,"name":53,"slug":54,"description":55,"created_at":56,"updated_at":56},"27e70b57-ded6-4da9-a494-78d8a4d600e1","Policy","policy","Analysis of government policies, programs, and reforms including economic measures, social welfare initiatives, and regulatory 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stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\">\u003Ccircle cx=\"12\" cy=\"12\" r=\"4\"/>\u003Cpath d=\"M12 2v2m0 16v2M4.93 4.93l1.41 1.41m11.32 11.32l1.41 1.41M2 12h2m16 0h2M6.34 17.66l-1.41 1.41M19.07 4.93l-1.41 1.41\"/>\u003C/g>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":66},"\u003Cpath fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1.5\" d=\"M17.982 18.725A7.49 7.49 0 0 0 12 15.75a7.49 7.49 0 0 0-5.982 2.975m11.964 0a9 9 0 1 0-11.963 0m11.962 0A8.97 8.97 0 0 1 12 21a8.97 8.97 0 0 1-5.982-2.275M15 9.75a3 3 0 1 1-6 0a3 3 0 0 1 6 0\"/>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":68},"\u003Cpath fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1.5\" d=\"M3.75 6.75h16.5M3.75 12h16.5m-16.5 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0a.75.75 0 0 1 1.5 0\"/>",{"id":81,"slug":82,"title":83,"summary":84,"content":85,"category_id":52,"status":86,"view_count":4,"published_at":87,"created_at":88,"updated_at":88,"category":89,"tags":91},"e08b4bf7-900c-4e37-b33a-64fc003580bd","coa-sss-p40-billion-unrealized-equity-losses-no-stop-loss-threshold-october-2026","COA: SSS Is Sitting on ₱40 Billion in Equity Paper Losses, Up 245% Since 2021, With No Formal Stop-Loss Limit — SSS Says Relax, It's 'Non-Cash'","Auditors tie the ₱39.994-billion unrealized loss on the pension fund's stock holdings to the absence of formal stop-loss thresholds; SSS calls it a market-driven accounting adjustment and says members' contributions are unaffected.","\u003Cp>\u003Cstrong>The Social Security System's stock portfolio is down ₱39.994 billion on paper, and the Commission on Audit says one reason is that nobody set a limit on how much loss was too much.\u003C/strong> In its 2025 annual audit of the SSS, COA attributed the unrealized equity losses to "a lack of formal stop-loss thresholds" that would trigger corrective action to protect the Investment Reserve Fund (IRF), according to Ted Cordero of GMA News (Oct. 16).\u003C/p>\n\n\u003Ch2>The numbers\u003C/h2>\n\u003Cp>Per GMA's account of the audit, unrealized equity losses on the SSS's financial assets reached ₱39.994 billion, up from ₱11.6 billion in 2021, a 245% increase. That equals a 32.93% decline from the original acquisition cost of ₱121.467 billion. COA noted the rise happened despite SSC Resolution No. 553-s.2022 and international social security frameworks, which the auditors cited as guidance on managing such risk.\u003C/p>\n\u003Cp>A stop-loss threshold is a pre-set point at which an investor must review, cut or otherwise act on a losing position. According to COA's reported finding, the SSS had none formally in place, so the losses grew without a built-in trigger for anyone to act.\u003C/p>\n\n\u003Ch2>SSS: 'Not mismanagement'\u003C/h2>\n\u003Cp>The SSS responded, as reported by GMA, that the ₱39.994 billion is a "non-cash, market-driven accounting adjustment" reflecting temporary price swings, "not mismanagement or policy deviation." It explained that a paper loss is an unrealized drop in value, and no cash is lost unless an asset is sold below cost. Member contributions are not affected, it said, and prices may recover over time. The agency added that it invests only in firms with strong earnings and stable performance, that its portfolio is diversified, and that dividends add an estimated ₱9 billion to its net income yearly. Equity dividends and realized gains totaled ₱30.132 billion from 2018 to 2025, per the GMA article's account of COA data.\u003C/p>\n\u003Cp>The SSS also pointed to payouts: benefit payments from January to June 2026 rose 19% to ₱173.45 billion from ₱145.73 billion a year earlier, and it released ₱7.4 billion in additional benefits to 4.1 million pensioners under the second tranche of its Pension Reform Program.\u003C/p>\n\n\u003Ch2>Analysis: what the answer doesn't answer\u003C/h2>\n\u003Cp>\u003Cem>This section is analysis, not reporting.\u003C/em> The SSS's defense is technically sound: paper losses are not realized losses. But COA's point was not that money has vanished; it was that the fund had no formal rule for when a paper loss becomes a problem. "Prices may recover" is a hope, not a threshold. An unrealized loss of nearly a third of cost, on a fund that pays pensions, is the kind of number a stop-loss policy exists to catch, and the SSS's response as reported does not say whether it will adopt one. The reported response also does not say which holdings account for the losses; GMA's article names no specific investments.\u003C/p>\n\n\u003Ch2>Context\u003C/h2>\n\u003Cp>The SSS is a government-owned and -controlled corporation that invests member contributions through the IRF to fund future benefits. Pulpulitiko has been tracking COA's 2025 audit season, which has produced findings across agencies from the Philippine Sports Commission to the peace office. Unlike those, the SSS finding concerns not missing paperwork but investment risk governance.\u003C/p>\n\n\u003Ch2>Sources\u003C/h2>\n\u003Cul>\n\u003Cli>Ted Cordero, "COA flags SSS P40-B 'paper loss' in equity investments," GMA News, Oct. 16, 2026 — https://www.gmanetwork.com/news/money/companies/1006110/coa-flags-sss-p40-b-paper-loss-in-equity-investments/story/\u003C/li>\n\u003Cli>"CoA flags P40-B SSS paper losses," BusinessWorld (headline only) — https://www.magzter.com/stories/newspaper/Business-World-Philippines/COA-FLAGS-P40B-SSS-PAPER-LOSSES\u003C/li>\n\u003C/ul>","published","2026-10-16T22:07:23.431135Z","2026-10-16T22:07:23.431409Z",{"id":52,"name":53,"slug":54,"description":55,"created_at":90,"updated_at":90},"0001-01-01T00:00:00Z",[92,96,100,104,108],{"id":93,"name":94,"slug":95,"created_at":90,"updated_at":90},"3879f7fa-8cac-4184-be49-928fc982b0db","Commission on Audit","coa",{"id":97,"name":98,"slug":99,"created_at":90,"updated_at":90},"5ae4877f-7d5d-43b0-a204-13ccc674561c","Economy","economy",{"id":101,"name":102,"slug":103,"created_at":90,"updated_at":90},"d1e021af-d8ad-4655-9f37-b2cadeb98eac","Investment","investment",{"id":105,"name":106,"slug":107,"created_at":90,"updated_at":90},"d99719be-29b8-4f82-bc60-925ae7ffcb78","GOCC","gocc",{"id":109,"name":110,"slug":111,"created_at":90,"updated_at":90},"827b6ff7-1e11-49ab-91cf-3cd29e243b7c","SSS","sss",[113,121,129,136],{"id":114,"slug":115,"title":116,"summary":117,"status":86,"view_count":118,"published_at":119,"created_at":120,"category_name":53,"category_slug":54},"a3248ea1-2b8a-46dd-a0aa-3f50d997ee13","psei-peso-decline-us-iran-strikes-june-10-2026","Philippine Shares and Peso Slide Anew as US-Iran Strikes Reignite Oil Fears; PSEi Holds Below 6,000","The Philippine Stock Exchange index closed at 5,941.36 on June 10 and the peso weakened anew as the United States and Iran traded their heaviest blows since an April ceasefire, sending crude near $90 a barrel and pushing the mining and oil sub-index down almost 6% in a single session.",4,"2026-06-10T22:14:20.702845Z","2026-06-10T22:14:20.703089Z",{"id":122,"slug":123,"title":124,"summary":125,"status":86,"view_count":126,"published_at":127,"created_at":128,"category_name":53,"category_slug":54},"210a75d6-7891-4a64-bd92-15040db7afb6","philippines-fdi-net-inflows-rise-26-percent-march-2026","Foreign Direct Investment Net Inflows Rise 26% to $611 Million in March, but Still Trail February as Annual Trend Stays Weak","Foreign direct investment net inflows climbed 26% year-on-year to $611 million in March, BSP data show, lifted by equity, reinvested earnings and debt instruments from Japan, the US and Singapore — but the figure was the lowest in two months and follows a year in which FDI slumped to a five-year low, underscoring how fragile investor confidence remains amid geopolitical and domestic political turmoil.",2,"2026-06-10T22:15:54.163515Z","2026-06-10T22:15:54.163768Z",{"id":130,"slug":131,"title":132,"summary":133,"status":86,"view_count":4,"published_at":134,"created_at":135,"category_name":53,"category_slug":54},"29106e0b-58fc-42bd-bbe9-40da6bda565f","bsp-foreign-direct-investment-plunges-44-percent-july-2026-flood-control-scandal-confidence-october-2026","Foreign Direct Investment Plunges 44.1% in July as Marcos Courts Investors in Singapore","BSP data show net FDI inflows of $689 million in July, down from $1.23 billion a year earlier, and $4.07 billion for January to July, down 23.9%.","2026-10-15T22:07:23.003951Z","2026-10-15T22:07:23.004246Z",{"id":137,"slug":138,"title":139,"summary":140,"status":86,"view_count":141,"published_at":142,"created_at":143,"category_name":41,"category_slug":42},"665109cd-d1e2-48df-b8aa-95c33afb6dd5","marcos-vietnam-to-lam-state-visit-malacañang-agreements-june-2026","Marcos Hosts Vietnamese President Tô Lâm at Malacañang; Two Countries Sign Trade and Security Agreements","Vietnamese President and Communist Party General Secretary Tô Lâm arrived in Manila on Sunday for a two-day state visit, holding a bilateral summit with President Ferdinand Marcos Jr. at Malacañang on June 1 — the first Vietnamese head of state to visit the Philippines in nearly a decade — with both sides signing agreements on trade, agriculture, and maritime cooperation even as their overlapping South China Sea claims remain an unresolved backdrop.",1,"2026-06-01T07:10:05.276599Z","2026-06-01T07:10:05.276902Z",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":145},"\u003Cpath fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1.5\" d=\"m2.25 12l8.955-8.955a1.124 1.124 0 0 1 1.59 0L21.75 12M4.5 9.75v10.125c0 .621.504 1.125 1.125 1.125H9.75v-4.875c0-.621.504-1.125 1.125-1.125h2.25c.621 0 1.125.504 1.125 1.125V21h4.125c.621 0 1.125-.504 1.125-1.125V9.75M8.25 21h8.25\"/>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":147},"\u003Cpath fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1.5\" d=\"m8.25 4.5l7.5 7.5l-7.5 7.5\"/>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":149},"\u003Cpath fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1.5\" d=\"M6.75 3v2.25M17.25 3v2.25M3 18.75V7.5a2.25 2.25 0 0 1 2.25-2.25h13.5A2.25 2.25 0 0 1 21 7.5v11.25m-18 0A2.25 2.25 0 0 0 5.25 21h13.5A2.25 2.25 0 0 0 21 18.75m-18 0v-7.5A2.25 2.25 0 0 1 5.25 9h13.5A2.25 2.25 0 0 1 21 11.25v7.5\"/>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":151},"\u003Cpath fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1.5\" d=\"M12 6v6h4.5m4.5 0a9 9 0 1 1-18 0a9 9 0 0 1 18 0\"/>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":153},"\u003Cpath fill=\"currentColor\" d=\"M9.101 23.691v-7.98H6.627v-3.667h2.474v-1.58c0-4.085 1.848-5.978 5.858-5.978c.401 0 .955.042 1.468.103a9 9 0 0 1 1.141.195v3.325a9 9 0 0 0-.653-.036a27 27 0 0 0-.733-.009c-.707 0-1.259.096-1.675.309a1.7 1.7 0 0 0-.679.622c-.258.42-.374.995-.374 1.752v1.297h3.919l-.386 2.103l-.287 1.564h-3.246v8.245C19.396 23.238 24 18.179 24 12.044c0-6.627-5.373-12-12-12s-12 5.373-12 12c0 5.628 3.874 10.35 9.101 11.647\"/>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":155},"\u003Cpath fill=\"currentColor\" d=\"M14.234 10.162L22.977 0h-2.072l-7.591 8.824L7.251 0H.258l9.168 13.343L.258 24H2.33l8.016-9.318L16.749 24h6.993zm-2.837 3.299l-.929-1.329L3.076 1.56h3.182l5.965 8.532l.929 1.329l7.754 11.09h-3.182z\"/>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":157,"hidden":158},"\u003Cpath fill=\"currentColor\" d=\"M20.447 20.452h-3.554v-5.569c0-1.328-.027-3.037-1.852-3.037c-1.853 0-2.136 1.445-2.136 2.939v5.667H9.351V9h3.414v1.561h.046c.477-.9 1.637-1.85 3.37-1.85c3.601 0 4.267 2.37 4.267 5.455v6.286zM5.337 7.433a2.06 2.06 0 0 1-2.063-2.065a2.064 2.064 0 1 1 2.063 2.065m1.782 13.019H3.555V9h3.564zM22.225 0H1.771C.792 0 0 .774 0 1.729v20.542C0 23.227.792 24 1.771 24h20.451C23.2 24 24 23.227 24 22.271V1.729C24 .774 23.2 0 22.222 0z\"/>",true,{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":160},"\u003Cpath fill=\"currentColor\" d=\"M17.472 14.382c-.297-.149-1.758-.867-2.03-.967c-.273-.099-.471-.148-.67.15c-.197.297-.767.966-.94 1.164c-.173.199-.347.223-.644.075c-.297-.15-1.255-.463-2.39-1.475c-.883-.788-1.48-1.761-1.653-2.059c-.173-.297-.018-.458.13-.606c.134-.133.298-.347.446-.52s.198-.298.298-.497c.099-.198.05-.371-.025-.52s-.669-1.612-.916-2.207c-.242-.579-.487-.5-.669-.51a13 13 0 0 0-.57-.01c-.198 0-.52.074-.792.372c-.272.297-1.04 1.016-1.04 2.479c0 1.462 1.065 2.875 1.213 3.074s2.096 3.2 5.077 4.487c.709.306 1.262.489 1.694.625c.712.227 1.36.195 1.871.118c.571-.085 1.758-.719 2.006-1.413s.248-1.289.173-1.413c-.074-.124-.272-.198-.57-.347m-5.421 7.403h-.004a9.87 9.87 0 0 1-5.031-1.378l-.361-.214l-3.741.982l.998-3.648l-.235-.374a9.86 9.86 0 0 1-1.51-5.26c.001-5.45 4.436-9.884 9.888-9.884c2.64 0 5.122 1.03 6.988 2.898a9.82 9.82 0 0 1 2.893 6.994c-.003 5.45-4.437 9.884-9.885 9.884m8.413-18.297A11.82 11.82 0 0 0 12.05 0C5.495 0 .16 5.335.157 11.892c0 2.096.547 4.142 1.588 5.945L.057 24l6.305-1.654a11.9 11.9 0 0 0 5.683 1.448h.005c6.554 0 11.89-5.335 11.893-11.893a11.82 11.82 0 0 0-3.48-8.413\"/>",{"left":4,"top":4,"width":5,"height":5,"rotate":4,"vFlip":6,"hFlip":6,"body":162},"\u003Cpath fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1.5\" d=\"M13.19 8.688a4.5 4.5 0 0 1 1.242 7.244l-4.5 4.5a4.5 4.5 0 0 1-6.364-6.364l1.757-1.757m13.35-.622l1.757-1.757a4.5 4.5 0 0 0-6.364-6.364l-4.5 4.5a4.5 4.5 0 0 0 1.242 7.244\"/>"]