MLAs filed a resolution on Monday demanding a congressional investigation into Government Service Insurance System (GSIS) investments, citing the risk of undermining the long-term stability of pension funds.
Pursuant to House Resolution No. 415, the House is headed by President and General Manager Jose Arnulfo A. Veloso was called to investigate the soundness of investments made by pension funds of government employees.
“We are demanding an investigation because the main job of the GSIS is to protect and grow the pension fund,” said deputy minority leader and party-list Rep. Antonio L. Tinio told reporters after filing the resolution with his co-author, party-list representative Sarah Jane Alago.
In mid-October some members of the GSIS Board of Trustees demanded Mr. Veloso's resignation over what they described as “risky transactions” that reportedly resulted in a loss of P8.8 billion. Investments were made in food, mining and gaming companies.
Undersecretary for Palace Communications Claire A. Castro said last week that President Ferdinand R. Marcos Jr. is currently reviewing claims of alleged mismanagement before making any decision.
Mr. Veloso did not immediately respond to a request for comment via Viber. He said in a statement from GSIS that the pension fund remains in place.fiFinancially sound and well managed.”
“By August 2025, GSIS's total assets are projected to reach P1.92 trillion, while net income is P100 billion,” he said. “These figures clearly show that the fund continues to grow and remains safe.”
He described the reported P8.8 billion loss as “baseless” and inconsistent with GSIS's official audited financial statements.
Mr. Veloso said GSIS also operates within legal boundaries, describing investments as “prudent, lawful and transparent”, with the aim of increasing the fund.
Ms. Elago said pension contributions in the GSIS should not be gambled on questionable investments, urging the fund to invest in companies with “proven track records.” , Kenneth Christian L. basilio
