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Manila Bulletin devider Business devider The Stock Market devider GSIS weighs plan to revive stock investment loans

GSIS weighs plan to revive stock investment loans

Published Jan 13, 2026 05:13 pm
State-run Government Service Insurance System (GSIS) is weighing a proposal by the Philippine Stock Exchange (PSE) to allow state pension fund members to borrow money for equity investments, a move that could provide fresh liquidity injection into the local bourse.
In a statement on Tuesday, Jan. 13, GSIS President and General Manager Wick Veloso said the pension fund is reviewing the initiative to ensure it balances market development with the protection of its 2.5 million members and pensioners.
Veloso said the proposal aims to revive programs that allow members to take out loans specifically to purchase stocks and other financial products.
“The PSE’s call comes at a time when our markets need institutional support and our members deserve broader investment opportunities for their retirement,” Veloso said. 

“Our responsibility is to ensure that any program we implement protects retirement security while genuinely contributing to market health,” he added.
The pension fund is advocating for a phased pilot approach rather than an immediate large-scale rollout.
Under the proposed framework, the GSIS would delegate specific technical responsibilities to accredited, licensed stockbrokers. These firms would be tasked with assessing member suitability, evaluating risk appetite, providing investment advice, and executing trades.
Veloso noted that the division of labor is essential to maintaining the fund’s operational integrity.
While the GSIS manages pooled investments and benefits, brokers are better positioned to handle individual client accounts and capital market transactions. This structure allows the GSIS to focus on governance and loan structuring while members receive professional guidance.
To mitigate risk, the GSIS plans to implement strict accreditation standards for participating brokers, including requirements for Securities and Exchange Commission compliance and a proven track record.
Loan limits would be calibrated based on a member’s salary, length of service, and existing retirement savings to prevent over-leveraging.
The initiative also includes mandatory disclosures to ensure members understand that financial product prices fluctuate and that borrowed funds are subject to market volatility.
The framework further explores integration with the Personal Equity and Retirement Account and other tax-advantaged programs under Republic Act 9505.
The GSIS said it will collaborate with the PSE and market regulators to refine the program elements before presenting a formal proposal to its Board of Trustees.
“We are not opposed to innovation. We are insisting on precision,” Veloso said.

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Government Service Insurance System (GSIS) Philippine Stock Exchange (PSE)
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