State-run Government Service Insurance System (GSIS) defended its investment record and reaffirmed its fiduciary duty to deliver “maximum value and security” to its 1.7 million members, following mounting calls for the resignation of the agency’s general manager.
The Alliance of Concerned Teachers (ACT), along with several current and former GSIS trustees, on Friday urged GSIS General Manager Jose Arnulfo Veloso to step down over what they described as poor investment decisions.
The appeal gained traction after Veloso returned from a six-month preventive suspension tied to alleged questionable placements in Alternergy Holdings Corp. and DigiPlus Interactive Corp.
In a statement issued on Saturday, the pension fund said it “reaffirms the integrity of our governance and the proven, data-driven success of our strategic direction.”
“At the heart of our mandate is a fundamental fiduciary duty: to deliver maximum value and security to our 1.7 million members,” the GSIS said.
Performance and prudence
The GSIS reported total assets of P1.92 trillion as of August, up from P1.83 trillion at end-2024.
Its net income reached P100.02 billion, exceeding the budget by 51 percent and surpassing last year’s results.
Total income climbed to P231.06 billion, driven by strong premium collections and investment returns, extending the fund’s projected life to 2058.
“The current dissent arises from a difference in perspectives on investment strategy and governance philosophy,” the fund said.
“Our leadership operates on a principle of professional, evidence-based fund management. All investment decisions are made within the strictest procedural and legal frameworks mandated by Republic Act 8291,” it said.
Rebuttal to criticism
The GSIS added that all placements are “compliant, prudent and fully aligned with our mission to grow and safeguard the fund,” rejecting any “insinuation of mismanagement or financial loss.”
It maintained that the success of its stewardship “rests on objective, verifiable performance, not on anonymous allegations or personality-driven narratives.”
“Our financial data provides clear evidence of the strength of our management and strategy,” the GSIS said. “These results are the direct outcome of a stability-focused approach and expert asset management—delivered under the very leadership that is now being questioned.”
Legal process and mandate
The fund said it “respects and defers to the legal process” concerning Veloso’s previous suspension but remains “focused, undeterred, and fully committed” to its mission of securing members’ futures.
“Our mandate is to our members. Our guide is verifiable data. Our mission is to secure their future,” it said.
Share post:
Malaya Business Insight comes to you in a very readable package: A fusion of in-depth news, excellent news analyses, the credible prognosis of events, powerful commentaries and balanced updates on what is happening and about to happen in corporate board rooms, in the diverse business and industry sectors, in Philippine regional and global politics and in the exciting world of sports, arts, entertainment, and lifestyle.
© 2025 Malaya Business Insight.
All Rights Reserved.
Developed by Neitiviti Studios
Leave a Comment