THE Senate is set to investigate the Government Service Insurance System (GSIS) after Senator Risa Hontiveros alleged that the agency invested P1 billion of members’ savings in an online gambling platform.
Hontiveros made the disclosure during a privilege speech on Tuesday, pointing to a potential conflict of interest and raising concerns about the safety of public employees’ pension funds. Senator Erwin Tulfo, chair of the Senate Committee on Games and Amusement, pledged to launch an inquiry into the matter.
Hontiveros stated that the GSIS, under the leadership of its suspended president Jose Arnulfo “Wick” Veloso, invested in DigiPlus when its shares were trading at a high of P65.30, but the shares have since plummeted to P13.68.
She questioned the prudence of investing public funds in online gambling, especially given restrictions on government employees’ participation in such activities. Hontiveros also suggested a pattern of questionable investment decisions by the GSIS leadership, prompting calls for a review of the agency’s investment policies and oversight mechanisms.
