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Duterte rants on Manila Water hurting pension funds

With the rapid decline of Manila Water Corp. in nearly two weeks, state pension funds are getting socked.

With the rapid decline of Manila Water Corp. in nearly two weeks, state pension funds are getting socked.

Based on regulatory filings, Social Security System and SSS Provident Fund own a combined 137 million shares or about 6.6% of Manila Water.

For 11 days, the Ayala-led utility firm Manila Water lost much of its value, plunging to a record low in 14 years Tuesday.

SSS members and retirees stood by helplessly as a portion of their retirement savings evaporated.

SSS seeks to help Filipino workers build a decent nest egg when they retire.

The sharp selloff came after President Duterte ordered the filing of economic sabotage against the utility firms and nullified the extension of the water supply contracts.

Manila Water and Maynilad Services Inc.caught the ire of Duterte after an international arbitration court ordered the Philippine government to pay P7.4 billion in arrears.

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