SENATOR Risa Hontiveros revealed on Friday, August 8, that the Government Service Insurance System’s (GSIS) ₱1 billion investment in an online gambling platform was not registered with the Securities and Exchange Commission (SEC).
In an interview with GMA News, Hontiveros stated, “We found out that those shares were not registered with the SEC on the date the agreement was made and the purchase took place.” This statement directly contradicts the GSIS’s recent explanation of its online gambling investment.
On Monday, GSIS claimed that its social insurance fund “remains strong, secure, and actuarially sound,” citing total assets of ₱1.88 trillion and a net operating income of ₱76.82 billion in June – a 31% increase compared to the same period last year. The agency also reported a five-year average return on investments of 6.75%.
Despite these claims, Hontiveros expressed serious concerns, citing warnings from the Commission on Audit (COA) regarding such investments. She stated that these investments jeopardize the actuarial life of the GSIS and the pension funds of government employees. Hontiveros further alleged that the GSIS failed to exercise its fiduciary responsibility in managing the funds of government employees.
The Senator expressed her expectation of full cooperation from GSIS in the Senate’s planned investigation into the matter. As of press time, GSIS has yet to respond to Hontiveros’s allegations.
