LEGISLATORS filed a resolution on Monday seeking a congressional investigation into the Government Service Insurance System’s (GSIS) investments, citing the risk of undermining the pension fund’s long-term stability.
The House was called on to examine the soundness of investments made by the government employees’ pension fund under President and General Manager Jose Arnulfo A. Veloso, according to House Resolution No. 415.
“We are calling for an investigation because the main job of GSIS is to protect and grow the pension fund,” Deputy Minority Leader and Party-list Rep. Antonio L. Tinio told reporters after the resolution filing, alongside his co-author, Party-list Rep. Sarah Jane Elago.
Some members of the GSIS Board of Trustees in mid-October called for the resignation of Mr. Veloso over what they described as “risky transactions” that allegedly resulted in losses amounting to P8.8 billion. The investments were made in food, mining, and gaming companies.
President Ferdinand R. Marcos, Jr. is currently reviewing the claims of alleged mismanagement before making a decision, the Palace Communications Undersecretary, Claire A. Castro, said last week.
Mr. Veloso did not immediately respond to a request for comment via Viber. He said in a GSIS statement that the pension fund remains “financially sound and well-managed.”
“As of August 2025, GSIS total assets have reached P1.92 trillion, with a net income of P100 billion,” he said. “These figures clearly show that the fund continues to grow and remains secure.”
He called the reported P8.8 billion loss “baseless” and inconsistent with GSIS’ official audited financial statements.
The GSIS also operates within legal bounds, Mr. Veloso added, with investments described as “prudent, lawful and transparent,” aimed at growing the fund.
Ms. Elago said pension contributions to GSIS should not be gambled on questionable investments, urging the fund to invest in companies with “proven track records.” — Kenneth Christiane L. Basilio