Tovic Salvador

Wick Veloso rejects resign call, says GSIS fund life up to 2058

Article (news)

David Dizon

ABS-CBN News

Jose Arnulfo ‘Wick’ Veloso, president and general manager of the Government Service Insurance System, rejected Monday calls for his resignation, saying the life of the state pension fund has been extended to 2058. Speaking to DZMM, Veloso denied that he is going solo in making decisions on GSIS investments, saying he has always used proper governance and transparency in following regulations and instructions during his close to 40-year career as a banker and CEO.&quot;Hindi ho ito galawang mag-isa. Ako ay coach lamang dito. Nililipon ko ang mga tao na namumuo sa pagma-manage ng GSIS to enhance or bring the best of who they are, para maibigay namin ang tamang ginhawa para sa aming mga miyembro...This is not a one-man team. All of the processes here is within management&#x27;s either or the board&#x27;s approval...lahat ng investments dito alam ng buong board. Hindi ito act of one. It is the act of whole GSIS management,&quot; he said. Asked about the resign calls, he said he will continue with his work as long as he has the trust and confidence of the President. He rejected insinuations that the GSIS fund&#x27;s life is in jeopardy, saying the fund&#x27;s assets rose from P1.53 trillon in July 2022 to P1.92 trillion as of August 2025. &quot;Sa ating mga kawani ng gobyerno, gusto kong iparating ang bagay na parati kong binabahagi sa inyo tuwing tayo’y nagkikita kita...Your funds in the GSIS are safe. Since I assumed office in July of 2022, the fund which used to be at P1.53 trillion is now at P1.92 trillion or close to 400 billion. Since the start of the year, the net income of GSIS at August year-to-date is at P100 billion,&quot; he said.He added: &quot;Please take note: ang inyo pong pondo, the fund life is up to 2058. It means we can continue providing all the pension responsibilities we have until that period of time.&quot; Several current and former GSIS trustees earlier called for Veloso&#x27;s resignation, citing alleged poor investment decisions that they claim caused P8.8 billion in losses.The group, which includes Ma. Merceditas Gutierrez, Emmanuel de Leon Samson, Rita Riddle, Evelina Escudero, Joclyn de Guzman Cabreza and Alan Lucas, questioned multi-billion investments in <a href="https://www.abs-cbn.com/news/business/2025/9/30/gsis-defends-p1-billion-investment-in-digiplus-1806">Digiplus Interactive Corp</a>., Alternergy Holdings Corp., Nickel Asia Corp., Bloomberry Resorts Corp. and Monde Nissin Corp.<div><a href="https://www.abs-cbn.com/news/business/2025/8/7/gsis-defends-investment-in-online-gambling-says-fund-remains-strong-1205">GSIS defends investment in online gambling platform, says fund &#x27;remains strong&#x27;</a></div>In the interview, Veloso said he is open to sit down and talk to critics including the Alliance of Concerned Teachers to explain management&#x27;s investment decisions. &quot;Kung hindi ninyo naiintindihan ang pag-i-invest, lahat po &#x27;yan magkakaroon po tayo ng issues.&quot;

Jose Arnulfo ‘Wick’ Veloso, president and general manager of the Government Service Insurance System, rejected Monday calls for his resignation, saying the life of the state pension fund has been extended to 2058.

Jose Arnulfo ‘Wick’ Veloso, president and general manager of the Government Service Insurance System, rejected Monday calls for his resignation, saying the life of the state pension fund has been extended to 2058.