Gold only on paper: IPS exposes controversial multimillion-dollar management of its properties

The Social Security Institute, known as IPS, has opened a troubling review of its real-estate holdings, with millions tied up in properties that generate little return. Its administrative council examined the situation of Villa Santo Domingo, Isla de Francia and the Cantegrill condominium in San Bernardino.

The discussion placed particular emphasis on the Santo Domingo complex, located at Doctor Fleming Street and Santísimo Sacramento Avenue in Asunción. After an earlier bidding process attracted no offers, the council reviewed what should happen to the sought-after site.

Officials recalled that the property could serve a social purpose long postponed: housing doctors and residents from Paraguay's interior who travel to Asunción for training in surgery, internal medicine, pediatrics and gynecology. The IPS president said the pandemic had led to doctors being accepted despite inadequate experience, underscoring the institution's responsibility for continuing education.

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The pandemic led to doctors being accepted because of the needs created by the situation, even without adequate experience.

Fretes said doctors arriving from outside the capital need somewhere to bathe and sleep. He described the facilities as places to stay while young professionals learn, and the council called on health authorities to prepare an immediate formal program for the site's use.

The review also focused on Isla de Francia, acquired in the 1970s, specifically in 1976 and 1977, for an original historical value of 94,810,500 guaraníes. The property covers almost eight hectares divided into two large sections. The article frames the broader portfolio as suffering from historical arrears, legal disputes and urgently low returns.

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The doctor who comes from the interior needs a place to bathe and a place to sleep.