Former Social Security System (SSS) chairman Thelmo Cunanan defended himself from allegations that he and other SSS executives pocketed millions of pesos over the years and asserted that some of the figures released by the Senate committee on finance were not accurate.

In a letter to Sen. Frank Drilon, chair of the finance committee that has been conducting hearings on bonuses and allowances of officials in government-owned and controlled corporations and government financial institution, Cunanan said some of the figures released by the committee were not accurate.

At recent hearings by the Senate, four SSS executives were questioned on some P127 million they allegedly pocketed over some years, the bulk of which was in the form of stock options in Philex Mining Corporation, where these executives represented the SSS. There are allegations raised in various quarters that SSS funds were used in these transactions and therefore the stocks "should be returned" to the pension fund.

In the case of Cunanan, he asserted that he availed of the stock option offered by Philex to all twelve members of its Board of Directors, including himself, over a four year period. He stressed that in exercising his option, he paid for a total of 4.5 million shares with his own funds, not SSS funds (through a loan from HSBC), at market prices varying from P1.09 per stock up to P3.08 per. He paid a total of P9.25 million for the shares.