Makabayan, de Lima seek probe into GSIS P8.8B losses

Makabayan lawmakers filed House Resolution 415 and Rep. Leila de Lima filed House Resolution 414, both seeking a congressional investigation into the Government Service Insurance System's (GSIS) alleged P8.8 billion in losses from risky transactions.

The transactions reportedly involved investments in companies such as Monde Nissin Corp., Nickel Asia Corp., and Bloomberry Resorts Corp.

Lawmakers expressed concern that these investments may have violated GSIS's internal rules and compromised the benefits of government employees and retirees.

Despite the allegations, the GSIS maintains that the pension fund is financially sound, managing P1.6 trillion in assets for 2.7 million members.

De Lima also cited reports suggesting the GSIS may have intentionally split investments to obscure their true size.