The House of Representatives should initiate an investigation on Government Service Insurance System (GSIS) chief Jose Arnulfo ‘Wick’ Veloso amid revelations that the state-run insurer has suffered over P8 billion in losses, ACT Teachers party-list Rep. Antonio Tinio said on Tuesday.
Tinio, in a statement, said the House needs to check on GSIS and its actuarial life, noting that the status of government employees’ pension for the coming years is of paramount concern.
‘The House of Representatives must immediately investigate these alarming allegations of financial mismanagement, lack of transparency, and apparent circumvention of proper governance procedures at the GSIS,’ Tinio said.
‘We cannot allow the hard-earned contributions of our teachers, nurses, and other government workers to be gambled away through reckless and dubious investments,’ he added.
According to Tinio, the call from current and former GSIS board members for Veloso to resign only highlights the pressing need to check on the issues in GSIS.
Over the weekend, current and former high-ranking officials of GSIS have called for the ‘immediate and irrevocable’ resignation of Veloso, the state-run insurer’s president and general manager, for alleged ‘poor investment decisions’ that led to the huge losses.
According to the letter dated October 14, 2025, Veloso was accused of pursuing risky investments ‘marked by a disturbing lack of transparency.’
‘Your continued presence at the helm of the GSIS puts the welfare of its 2.6 million members-dedicated public servants who have entrusted their life savings and future security to this institution-in imminent danger,’ they wrote.
‘The primary mandate of the GSIS is to manage its funds with utmost prudence, diligence, and loyalty. Your current trajectory suggests a departure from this sacred mandate, prioritizing transactions that serve interests other than those of the members,’ they added.
The letter was signed by the following officials:
Ma. Merceditas Gutierrez, chair of the legal oversight committee
Emmanuel de Leon Samson, chair of the risk oversight committee
Rita Riddle, chair of the audit committee
board member Evelina Escudero
former board members Jocelyn de Guzman Cabreza and Alan Luga
Gutierrez, Samson, and Riddle eventually submitted their respective resignations to President Ferdinand Marcos Jr., citing deep divisions over Veloso’s investment strategies.
On Monday, Palace press officer and Undersecretary Claire Castro said that Marcos is well aware of calls to remove Veloso and issues hounding GSIS, addign that the Chief Executive is studying allegations against the GSIS head.
‘What we know is that the President wants people who fulfill their responsibilities. He expects proper leadership and good governance in every agency,’ Castro told reporters in a briefing. (with reports from Halle Danelle Yuson, trainee)