HOUSE of Representatives Deputy Minority Leader Leila M. de Lima has joined the call for a congressional inquiry into the alleged risky and questionable investment decisions of the Government Service Insurance System (GSIS), which reportedly led to P8.8 billion in losses.
Through House Resolution 414, de Lima urged the House to investigate the matter, stressing that the funds managed by the GSIS represent the hard-earned savings of government employees.
‘This is 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?’ de Lima, the nominee to the House of the party-list group Mamamayang Liberal, said.
She said many government workers are already anxious about whether the fund will be sufficient to sustain their retirement, and reports of dubious transactions only deepen those fears.
The resolution cited a letter dated October 14, 2025, signed by a group of current and former GSIS Board of Trustees members, calling for the resignation of GSIS President and General Manager Jose Arnulfo Veloso. The letter alleged that Veloso’s investment decisions resulted in multi-billion peso losses.
Among the questionable transactions mentioned were investments involving 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 the acquisition of The Centrium.
HR 414 also noted reports that certain GSIS transactions were allegedly split into smaller tranches to bypass board scrutiny for deals exceeding P1.5 billion. There were also claims that Veloso sidestepped internal governance rules and falsified records to hide irregular transactions.
De Lima emphasized the need for transparency and accountability in managing public funds.
‘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.
Earlier, the Makabayan bloc filed House Resolution 415, urging the House of Representatives to launch an investigation into the alleged anomalous and high-risk investments made by the GSIS, which they said may have already resulted in billions of pesos in losses and exposed the social insurance fund of government employees and pensioners to serious financial risks.