The Philippines’ Government Service Insurance System (GSIS) pledged to review investment policies in “sensitive or high risk” industries after a lawmaker criticised the civil service pension fund’s 1 billion peso (US$17.52 million) investment in online gambling firm DigiPlus Interactive Corp.
“As stewards of public trust, we affirm our unwavering commitment to act in the best interests of our members and pensioners,” the GSIS says in a statement on August 9, adding that it remains “strong, secure and actuarially sound”.
The statement was released a day after Risa Hontiveros, the senate deputy minority leader, called on the fund to explain its decision to invest public funds in DigiPlus.
Last month, Jose Arnulfo “Wick” Veloso, president and general manager of GSIS, and six other officials were suspended for six months by the Office of the Ombudsman for purchasing shares in Alternergy Holdings Corp, a renewable energy firm, without board approval.
“In light of recent developments, GSIS will continue to comprehensively review its charter, investment policies, risk exposure thresholds, and sectoral guidelines, particularly those involving sensitive or high-risk industries,” the pension fund says. “This will ensure alignment with our members’ evolving expectations and the highest standards of ethical and fiduciary responsibility.”
The GSIS pointed out that it has “consistently enjoyed” a five-year average return on investment of 6.75%, that it had 1.88 trillion pesos of assets as of June 2025, and that net operating income in the first half of the year jumped 31% to 76.82 billion pesos compared to the same period of 2024.
Nevertheless, “we recognise that public trust must be continuously earned” and “we remain guided by our mandate to protect and grow the hard-earned contributions of government workers”.
