Press Release
July 9, 2008

STATEMENT ON APPOINTMENT OF ROMULO NERI AS NEW SSS PRESIDENT

"It is unwise. I would not have made that appointment. These are turbulent times for the country. The stock market is volatile. The peso is losing steam. We are beset with global uncertainties.

"It is not the time to appoint someone with minimal, real life work experience in the marketplace to sit atop the SSS which has nearly 30 million members. Besides, this appointment will just drive unneeded political controversy."

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