Makabayan bloc files House resolution to probe GSIS P8.8B investment losses

House resolutions have been filed to investigate alleged anomalous investments by the Government Service Insurance System (GSIS).

Makabayan lawmakers filed House Resolution 415, citing GSIS investments made under its president and general manager Jose Arnulfo 'Wick' Veloso.

The resolution cites a letter from GSIS Board of Trustees members demanding Veloso's resignation due to these investments, which allegedly resulted in P8.8 billion in losses.

Lawmakers expressed concern that these investments violated GSIS's internal rules and gambled with members' contributions, funding an industry that reportedly destroys families through gambling addiction.

They emphasized that GSIS should invest members' funds only in companies with a proven track record to ensure growth and benefits for members, as mandated by the GSIS Act.

Despite the allegations, the GSIS defended its investments, stating these moves increased its total assets to P1.92 trillion, hiked its net income to P100.2 billion, and extended the fund life of the pension fund to 2058.