CALLS MOUNT FOR GSIS CHIEF TO RESIGN AMID BILLIONS IN ALLEGED INVESTMENT LOSSES

Concerns over the financial management of the Government Service Insurance System (GSIS) have erupted into a public rift between President Wick Veloso and former board members who are calling for his resignation over alleged poor and risky investment decisions. Accusations include losses of up to ₱8.8 billion and a lack of transparency, while Veloso defends the agency’s performance, citing a rise in total assets and strong net income as of August 2025. Critics argue that these figures are misleading and not reflective of active investment success, prompting resignations of several top board members who claim working with Veloso is untenable. The controversy has raised alarm within financial markets and triggered calls for a thorough, politics-free review of GSIS investment practices, especially in light of flagged high-risk deals like the ₱1.45-billion investment in Alternergy. Ultimately, stakeholders stress that protecting the pensions of 2.74 million members must be the top priority over internal power struggles.