Marcos Jr. reviews calls to oust GSIS chief over alleged P8.8B investment losses

President Ferdinand Marcos Jr. is reviewing calls for the removal of Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo "Wick" Veloso, who is accused of gross mismanagement.

Presidential Communications Office Undersecretary Claire Castro stated that the President expects agency heads to show proper leadership and that complaints must be studied thoroughly.

Calls for Veloso's resignation stem from allegations by past and present GSIS officials who claim his actions led to P8.8 billion in investment losses.

The officials question multi-billion investments in companies such as Digiplus Interactive Corp., Alternergy Holdings Corp., Nickel Asia Corp., Bloomberry Resorts Corp. and Monde Nissin Corp.

They allege that Veloso has engaged in a pattern of actions, such as splitting investment transactions, to bypass the GSIS Board's approval for managing the investment fund.

Veloso stated he would continue his work as long as he has the President's trust and confidence.