Rizza Saddi
The House of Representatives has filed a resolution seeking an investigation into alleged anomalous investments of the Government Service Insurance System (GSIS), which reportedly exposed the social insurance fund of government employees and pensioners to high financial risks, on Tuesday, October 28.
Filed on Monday, October 27 the House Resolution No. 415 cited a letter from a member of GSIS Board of Trustees urging the President and General Manager Jose Arnulfo “Wick” Veloso to resign over the “high-risk and poorly vetted investments,” that allegedly led to PhP8.8-billion in losses.
“So nananawagan tayo ng imbestigasyon dahil ‘yan ang pangunahing trabaho ng GSIS–pangalagaan at palaguin ang pondo para sa kanyang mga miyembro,” ACT Teachers party-list Representative Antonio Tino said after the resolution was filed.
Tino added that some investments of PGM Velloso violated even the internal rules of GSIS, which resulted in losses.
Gabriela Party-list Representative Sarah Elago, one of the resolution’s authors, said members' contribution should not be gambled on uncertain ventures.
Elago also emphasized that GSIS investments must adhere to the GSIS ACT and be placed only in firms with a “proven track record” to ensure long-term growth.
