đ·: GSIS President and General Manager Jose Arnulfo “Wick” Veloso
ACT Teachers Representative and Deputy Minority Leader Antonio Tinio today called for a congressional investigation into GSIS President and General Manager Jose Arnulfo “Wick” Veloso following revelations of P8.8 billion in losses and a pattern of questionable investment decisions that have put the retirement security of 2.6 million government employees at risk.
“The House of Representatives must immediately investigate these alarming allegations of financial mismanagement, lack of transparency, and apparent circumvention of proper governance procedures at the GSIS,” Tinio said. “We cannot allow the hard-earned contributions of our teachers, nurses, and other government workers to be gambled away through reckless and dubious investments.”
Tinio noted that the call for Veloso’s resignation by current and former GSIS board membersâincluding the chairs of the legal oversight, risk oversight, and audit committeesâis unprecedented and reflects the gravity of the situation.
“Kapag ang sariling board members na mismo ng GSIS, kasama na ang mga namumuno sa legal, risk, at audit oversight, ay humihingi na ng resignation ng kanilang presidente, alam nating malubha ang problema,” Tinio said. “This is not just about poor investment performanceâthe allegations point to systematic bypass of governance safeguards, splitting of transactions to evade board review, and investments that serve interests other than those of GSIS members.”
The lawmaker emphasized that public school teachers, who constitute the largest group of GSIS contributors, stand to lose the most from any fund mismanagement.
“Nearly a million teachers contribute a portion of their already meager salaries to GSIS every month, trusting that their retirement will be secure. Instead, they hear that billions may have been lost through risky investmentsâincluding P1.2 billion in an online gambling company and questionable ‘rescue’ operations for politically connected businessmen,” Tinio said. âAre GSIS funds being used by Veloso as the de facto Maharlika fund to support crony businesses? Whoâs cronies?â
The Maharlika Investment Fund is the Marcos Jr. administrationâs self-styled âsovereign wealth fundâ originally intended to centralize capital from Government Financial Institutions like the LandBank and DBP, as well as Government -Owned and -Controlled Corporations like the GSIS and SSS. Malacañang and Congress excluded the latter from the Maharlika fund after strong pushback from members.
Tinio noted the specific transactions highlighted by the GSIS board members that require congressional scrutiny, including:
– 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
– Investments in high-risk private equity funds and the alleged “rescue” of Dennis Uy’s Clark Global City project through Udenna Land
“These are not ordinary investment lossesâthey represent a pattern of recklessness, lack of due diligence, and possible conflicts of interest that must be fully investigated,” Tinio said.
The congressman also dismissed Veloso’s defense that GSIS remains “financially strong and profitable” despite the losses.
“Kung ang negosyo mo ay kumita ng P100 billion pero nawala mo ang P8.8 billion dahil sa maling desisyon at kawalan ng transparency, hindi yan tagumpayâyan ay kapabayaan at posibleng katiwalian,” he added.
Tinio called on President Marcos to hold Veloso accountable rather than continue to express confidence in the embattled GSIS chief.
The lawmaker intends to file a resolution on the matter to ensure that those responsible for losses are held accountable and that safeguards are put in place to prevent future mismanagement of government workers’ pension funds. #
