Government Service Insurance System (GSIS) said its investments in DigiPlus Interactive Corp. have so far generated a total of ₱139 million in dividends since it injected ₱1 billion worth of funds into the gaming firm in 2023.

“We already made ₱139 million from that [investment],” Jose Arnulfo “Wick” A. Veloso said in response to a concern about modifying its investment strategies to be more palatable to the public during a press briefing on Wednesday, Sept. 24.

Veloso, who just returned to office after the lifting of his two-month suspension, asserted that the state-run insurer’s investment in DigiPlus is “not a gamble.”

“When you are in the investment business, you take calculated risks, you do research, you study. We invested in a legal, listed corporation in the Philippines,” Veloso noted, arguing that GSIS earns from the investment.

“As long as it continues to pay dividends, as long as their business is going to allow them to operate profitably, then we continue to generate money,” Veloso said. 

Veloso said 73 percent of GSIS’ assets under management (AUM) are risk-free, with 40 percent placed in government securities, member and employee loans, and real estate. Approximately 19 percent are invested in equities, five percent in private equity funds, while the remainder is held in cash and non-cash assets to ensure liquidity.

Veloso explained that investing in equities requires an understanding of the risks involved, noting that there is volatility in the market. 

When it comes to GSIS’ investment in Alternergy Holdings Corp. (AHC), Veloso said the return could amount to ₱2.22 billion, or 53.1 percent of the firm’s ₱1.45 billion investment after seven years. 

Veloso stated that GSIS strictly adheres to its investment policy guidelines, which are continually reviewed for improvement. 

Following the lifting of the preventive suspension, Veloso stressed that its mandate remains the same, that is, to seek opportunities to grow the fund while staying within what the law allows. 

To clear up allegations surrounding GSIS’ financial status following a controversial investment, GSIS reported in July that its net income in the first six months of 2025 jumped by more than a quarter to ₱77 billion from ₱61 billion in the same period in 2024.

Over the past three years, the GSIS fund has expanded by approximately 20 percent, from ₱1.54 trillion at the end of 2021 to around ₱1.88 trillion as of June 2025.