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Manila Bulletin devider Philippines devider National devider 'Protect GSIS members' interests at all cost,' Gatchalian appeals to gov't

'Protect GSIS members' interests at all cost,' Gatchalian appeals to gov't

Published Jul 23, 2025 01:37 pm

At A Glance

  • Sen. Sherwin Gatchalian said he fully supports the Department of Finance's (DOF) decision to conduct a parallel investigation into the GSIS's stock investments, as this shows the government's commitment to accountability and transparency in all public institutions, especially those managing workers' funds.


Senator Sherwin Gatchalian on Wednesday, July 23 called on the government to protect Government Service Insurance System (GSIS) members’ interests at all cost in light of authorities’ investigation into its stock investment decisions.

Gatchalian is referring to the Department of Finance (DOF) plan to launch its own investigation into GSIS’ stock investments following the Ombudsman’s order to suspend its president and general manager, Jose Arnulfo “Wick” Veloso, and six other executives for six months.

“I fully support the DOF's decision to conduct a parallel investigation into the GSIS's stock investments, as this shows the government's commitment to accountability and transparency in all public institutions, especially those managing workers' funds,” Gatchalian said.

“For GSIS members, this serves as a guarantee that their investments are shielded by the highest standards of prudence, transparency, and accountability,” he said.

Gatchalian said it is imperative for the government to ensure that GSIS members’ contributions are untouched and are well cared for.

“Mahalaga na mapangalagaan ang interes ng mga GSIS members dahil ang kanilang kontribusyon ay perang kanilang pinaghirapan at nakalaan para sa kanilang kinabukasan at ng kanilang pamilya (It is important to protect the interests of GSIS members because their contributions are money they have worked hard for and are earmarked for their future and that of their families),” he said.

DOF Secretary Ralph Recto on Tuesday said the agency will check if Veloso and the others violated “any rule imposed by law or board resolution” when they made certain investment decisions.

Some of these investment decisions were earlier flagged by the Commission on Audit (COA) prompting Ombudsman Samuel Martires to order the preventive suspension of the GSIS officials over the state pension fund’s P1.45-billion investment in Alternergy Holdings Corp.

The order also covers Executive Vice Presidents Michael Praxedes and Jason Teng; Vice Presidents Aaron Samuel Chan and Mary Abigail Cruz-Francisco; officer Jaime Leon Warren and acting officer Alfredo Pablo, aside from Veloso.

In the order that Martires signed on July 11, the GSIS officials were suspended without pay pending the outcome of the administrative charges they face for grave misconduct, gross neglect of duty, and violation of reasonable office rules and regulations.

Aside from Alternergy Holdings Corp., the DOF will also look into the pension fund’s exposure with DigiPlus Interactive Corp., an online gaming firm.

Related Tags

Government Service Insurance System (GSIS) Sherwin Gatchalian DOF Ombudsman
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