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Manila Bulletin devider Philippines devider National devider Makabayan seeks probe into GSIS irregular investments, high interest rates

Makabayan seeks probe into GSIS irregular investments, high interest rates

Published May 7, 2024 03:37 am

At A Glance

  • Members of the Makabayan bloc have filed two resolutions urging the House of Representatives to investigate, in aid of legislation, the Government Service Insurance System (GSIS) over its alleged inefficiencies and irregular investments.

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(GSIS)

Members of the Makabayan bloc have filed two resolutions urging the House of Representatives to investigate, in aid of legislation, the Government Service Insurance System (GSIS) over its alleged inefficiencies and irregular investments.

The group led by House Deputy Minority leader and ACT Teachers Party-list Rep. France Castro filed House Resolution (HR) No. 1705 and HR No. 1706 on Monday, May 6, as she cited the need to protect the contributions and pension funds of government employees.

Under HR No. 1705, Makabayan is seeking an investigation into investments made by GSIS that are allegedly “attended with irregularities and procedural lapses”.

The resolution cited Audit Observation Memorandum No. GSIS-2024-17 by the Commission on Audit’s Office of the Supervising Auditor (COA-OSA), which found that the GSIS invested a total of P2.308 billion in the stocks of Alterenergy Holdings Corporation, SP New Energy Corporation, and Bank of Commerce. Apparently, these have no proven track record of profitability over the last three years.

COA-OSA said this exposed the significant amount of members’ contributions to high risk that the actual solvency of the fund may not be ensured.

ACT Teachers Party-list said it has also received reports of other investments by the GSIS, which include the purchase of shares in Security Bank that were above the board-approved purchase limit resulting in a higher purchase price.

Castro expressed concern over these investments since it may result in the GSIS being unable to pay all the benefits of its members.

She said the GSIS Board and its responsible officials must be held accountable.

“We need to investigate these investments and ensure that the GSIS is transparent and accountable in its dealings. We must protect the pension funds of our government employees and workers from inefficient and/or corrupt practices,” said Castro in a statement.

Meanwhile, under HR No. 1706, the lower chamber is urged to look into the exorbitant interest and penalties imposed by the GSIS to the loans of its members.

According to Makabayan, the reported huge interest rates eat up most, if the not the entirety, of retirement benefits of retired government employees.

“The GSIS must immediately junk its policies that impose usurious interests and penalties on the loans of its members," stressed Castro.

The resolution directs the Committees on Civil Service and Professional Regulation and on Government Enterprises and Privatization to oversee the probe.

"We will continue to fight for the welfare and rights of our government employees and workers. We will not stop until we ensure that they receive the benefits they deserve," the lawmaker said.

Related Tags

Government Service Insurance System (GSIS) Makabayan FRANCE CASTRO
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