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Manila Bulletin devider Philippines devider National devider Makabayan solons seek House probe on Veloso, questionable GSIS investments

Makabayan solons seek House probe on Veloso, questionable GSIS investments

Published Oct 27, 2025 04:14 pm

At A Glance

  • The Makabayan bloc has formally sought an inquiry at the House of Representatives on the reported anomalous investments made by the Government Service Insurance System (GSIS), saying this has exposed the GSIS social insurance fund of government employees and pensioners to high risks.
The House of Representatives (Ellson Quismorio/ MANILA BULLETIN)
The House of Representatives (Ellson Quismorio/ MANILA BULLETIN)


The Makabayan bloc has formally sought an inquiry at the House of Representatives on the reported anomalous investments made by the Government Service Insurance System (GSIS), saying this has exposed the GSIS social insurance fund of government employees and pensioners to high risks.
Filing House Resolution (HR) No.415 for this purpose on Monday, Oct. 27 were ACT Teachers Party-list Rep. Antonio Tinio, Gabriela Party-list Rep. Sarah Elago, and Kabataan Party-list Rep. Renee Co.
Just a few days earlier, Tinio reckoned that GSIS President and General Manager Jose Arnulfo "Wick" Veloso should be investigated by the lower chamber "immediately" over allegations of P8.8 billion in losses and a pattern of questionable investment decisions.
In HR No.415, Makabayan cited the "strongly-worded letter" dated Oct. 14 2025, from current and former nembers of the Board of Trustees (Board) of the Government Service Insurance System (GSIS) -former Ombudsman Ma. Merceditas Gutierrez, Emmanuel De Leon Samson, Rita Riddle, Evelina Escudero, Jocelyn de Guzman Cabreza, and Alan Liga that called for Veloso's immediate resignation.
They claimed that Veloso's actions threatened the stability and integrity of the fund that had been entrusted to the agency by 2.6 million government workers.
Among the specific transactions flagged by the GSIS board members were the following:
- P3.67 billion in losses from dual-tranche investments in Monde Nissin, Nickel Asia, Bloomberry Resorts, and DigiPlus Interactive that allegedly circumvented the P1.5-billion threshold for mandatory board review;
- The P1.45-billion Alternergy investment that led to Veloso's suspension by the Ombudsman;
- The P1.2-billion investment in DigiPlus, an online gambling operator;
- The proposed P456-million investment in Figaro Culinary Group that exceeds allowable exposure by 50 times; and
- Investments in high-risk private equity funds and the alleged "rescue" of Dennis Uy's Clark Global City project through Udenna Land
Pointing the DigiPlus, the filers of HR No.415 said, "While teachers, education support personnel, public health workers, and other government employees sacrifice portions of their already meager salaries for their GSIS contributions, trusting that their money will be invested wisely and ethically so that they can receive their benefits whenever they need them, it turns out that the GSIS is funding an industry that destroys families and communities through gambling addiction."
"The House of Representatives must scrutinize these and many other questionable nvestments made using the fund entrusted by GSIS members and pensioners, weigh these ventures against existing laws and rules, and strive towards greater safeguards against dissipation of funds in favor of high-risk and speculative investments,more conscientious corporate management, and accountability for violations of GSIS executives and officials of their fiduciary trust," the authors said.
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