GROUP URGES GSIS CHIEF VELOSO TO RESIGN OVER P8.8-B LOSSES AND GAMBLING INVESTMENTS

A group of education workers led by the Alliance of Concerned Teachers (ACT) has called for the resignation of GSIS President Jose Arnulfo “Wick” Veloso over reported losses of P8.8 billion and questionable gambling-related investments.

ACT supports the GSIS Board of Trustees’ move to remove Veloso, accusing him of betraying the trust of government workers who rely on the pension fund for retirement security.

Public school teachers, who make up the largest group of GSIS members, have been hit hardest by the losses and high loan interest rates.

ACT criticized Veloso’s P1.45 billion investment in gambling companies as morally wrong and financially reckless.

The group demands a full audit, accountability, and steps to recover lost funds to protect the hard-earned money of government employees.

Source: PhilNews24 | October 19, 2025