Three GSIS board members who previously called for the resignation of GSIS President Jose Arnulfo “Wick” Veloso have tendered their resignations, citing deep divisions over investment decisions that allegedly caused P8.8 billion in losses. The resigning trustees accused Veloso of risky and non-transparent investment practices, including splitting transactions to avoid board scrutiny, while Veloso denied these claims and defended the fund’s financial performance. Veloso’s tenure was also marked by a six-month suspension by the Ombudsman over a controversial P1.45-billion investment, which was later lifted due to insufficient grounds. The resignations highlight ongoing governance challenges within the GSIS, which manages nearly P2 trillion in assets for government workers. Veloso remains in his position, emphasizing his trust from President Marcos Jr. and commitment to transparent management.
GSIS BOARD MEMBERS RESIGN AMID RIFT OVER PRESIDENT VELOSO’S INVESTMENT STRATEGIES
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