HOUSE Deputy Minority Leader and Mamamayang Liberal (ML) Party-list Representative Leila M. de Lima has filed a resolution seeking an investigation into the alleged risky transactions and questionable investment decisions made by the Government Service Insurance System (GSIS), which reportedly resulted in losses amounting to ₱8.8 billion.
In filing House Resolution No. 414, De Lima stressed that “These are the hard-earned money of Filipinos who have dedicated their productive years to serving the government and our people. Isn’t it a disservice to past, current, and future government employees if their money is being placed in risky and questionable investments that could jeopardize their benefits?”
“Ngayon pa nga lang, nariyan na ang agam-agam ng mga kawani ng gobyerno kung may sapat bang pondo para masuportahan sila sa kanilang pagreretiro, tapos may mga ganito pang kaduda-dudang transaksyon ang GSIS?”
“Para bang isinusugal ng GSIS ang hindi nila pera sa kwestyonableng mga transaksyon—kung lumago, magpasalamat na lang ang mga taga-gobyerno dahil may balatong pang-benepisyo. Eh paano sa mga nalugi? Hindi naman sila ang talo. Talo ang milyon-milyong Pilipino,” she added.
The Resolution cited a letter dated October 14, 2025 where a group of current and former members of the Board of Trustees of the GSIS called for the immediate resignation of President and General Manager Jose Arnulfo “Wick” Veloso, alleging that his poor investment decisions led to losses amounting to ₱8.8 billion.
Questionable dealings mentioned in the said letter include those with Monde Nissin Corporation, Nickel Asia Corporation, Bloomberry Resorts Corporation, DigiPlus Interactive Corp., Alternergy Holdings Corporation, Figaro Culinary Group, Inc., Private Equity Investments, Udenna Land, Inc., 8990 Housing Development Corporation, and Acquisition of The Centrium.
HR 414 also noted reports that certain GSIS investment transactions were deliberately divided into smaller tranches to evade board oversight exceeding ₱1.5 billion, as well as allegations that Veloso bypassed governance procedures and falsified records to conceal irregular transactions.
“We need to delve into these serious accusations, as well as the transactions made by the GSIS, to determine whether these comply with the fundamental requirements of liquidity, safety, and yield necessary to maintain the actuarial solvency of the fund. We must assess if these actions were carried out in the proper exercise of the agency’s fiduciary duties and within the bounds of the law,” De Lima said.
“These are the issues that must be urgently addressed in this probe to genuinely observe prudence and ensure checks and balances in investing and safeguarding public funds,” the Bicolano lawmaker added
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