The association of government employees on Friday expressed doubts on reported losses of the Government Service Insurance System (GSIS) under its General Manager Jose Arnulfo ‘Wick’ Veloso.
The Philippine Government Employees Association (PGEA) believes that the GSIS remains afloat as current and former high-ranking officials of the state-owned insurance company have called for Veloso’s ‘immediate and irrevocable’ resignation due to what they said ‘poor investment decisions’ that resulted in losses amounting to P8.8 billion.
‘The reports of ‘losses’ are not being seen by us in the actual situation,’ PGEA president Esperanza Ocampo said in a statement in Filipino. ‘The GSIS has proper funds and is still earning.’
Past and present members of the GSIS’s board of trustees alleged that the fund’s top executive had pursued risky investments ‘marked by a disturbing lack of transparency.’
The letter was signed by 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; and former board members Jocelyn de Guzman Cabreza and Alan Luga.
But Ocampo believes Veloso’s moves are being done to bolster the funds of members and government pensioners.
‘We believe that Wick Veloso is doing his duty in an honest and responsible manner,’ Ocampo said.
She also noted that the GSIS, under Veloso, is conducting a regular dialogue with its members.
‘He listens to the grievances, responds to complaints and is making sure to remain open to all matters concerning its members,’ she said.
Veloso addressed the calls for his resignation, saying: ‘I categorically state that the allegations against me are baseless. I am addressing them squarely and transparently in the proper legal forum, where they rightfully belong,’ he said. ‘I appeal to everyone to spare GSIS from politics.’ The GSIS chief also pointed to GSIS’s total assets climbing to P1.92 trillion and a total income of P231.06 billion, with net income reaching P100.02 billion.
To date, the GSIS has over 2.6 million active members and pensioners nationwide.