MANILA, Philippines - The head of state-run pension fund Social Security System (SSS) has resigned from the board of gold and copper producer Philex Mining Corp.

In a disclosure to the stock exchange on December 20, Philex said its board received a resignation letter from SSS president and CEO Emilio S. de Quiros Jr.

"His resignation is in line with the policy of the Governance Council for GOCC (government-owned and -controlled corporations) limiting the memberships of commissioners/presidents of GOCCs in the boards of investee companies to two," Philex said.

SSS chair Juan B. Santos and SSS commissioner Eliza Antonino stay on as Philex board members.

SSS invests the pension funds it collects from employees and employers of private firms in various assets, including minority stakes in listed firms.

Previously, SSS president Romulo Neri, who also sat on Philex's board representing the pension fund, found himself in hot water after questions were raised over, and a tax case was filed for, the dividends he received from Philex and other investee companies of SSS.

De Quiros assumed the post in 2010. - Rappler.com