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GSIS President Jose Arnulfo “Wick” Veloso. Mark Demayo, ABS-CBN News

Article (news)

Job Manahan

Jekki Pascual

ABS-CBN News

<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/175868875408320230110-gsis-chair-veloso-2MD_8139_1-MD.jpg" style="width:960px" class="fr-fic fr-dib"/>GSIS President Jose Arnulfo “Wick” Veloso. Mark Demayo, ABS-CBN News</div>MANILA — The Office of the Ombudsman has lifted the preventive suspension of Government Service Insurance System (GSIS) President Jose Arnulfo “Wick” Veloso following questions on the P1.4-billion transaction with Alternergy Holdings Corp, a document showed.The Ombudsman last July 11 imposed a 6-month preventive suspension on Veloso and 6 others, including Michael Praxedes Jason Teng, Aaron Samuel Chan, Mary Abigail Cruz-Francisco, Jaime Leon Warren, and Alfredo Pablo.“There appears insufficient ground to believe that their continued stay in office may prejudice the investigation of the case filed against the respondents,” the Ombudsman said in an order dated Sept. 18, 2025.“The continued imposition of preventive suspension of the above-named respondents, except Michael M. Praxedes and Aaron Samuel C. Chan, is no longer necessary,” the document added.Praxedes and Chan are no longer connected with the GSIS, according to the Ombudsman.  In a statement, Veloso welcomed the order, saying this showed there was no sufficient reason that their continued service would prejudice the probe.“I welcome this as a recognition of the professionalism and integrity with which I have conducted myself throughout my tenure,” Veloso said.“From the beginning, I have always acted in good faith and in accordance with the policies, procedures, and legal limits governing GSIS. I look forward to returning to the institution, not to dwell on past distractions, but to continue the work of protecting and growing the GSIS fund for the future of all government workers,” he added.The Ombudsman earlier said the transaction &quot;breached&quot; the 2022 GSIS Investment Policy Guidelines.<div><a href="https://www.abs-cbn.com/news/nation/2025/7/22/ombudsman-suspends-gsis-president-veloso-over-p1-4-b-deal-1441">Ombudsman suspends GSIS president Veloso over P1.4-B deal</a></div>The anti-graft body noted that in November, 2023, the GSIS subscribed to 100 million preferred shares of Alternergy at P14.50 per share without endorsement from crucial committees and approval from the Board of Trustees.The Ombudsman added that the shares were not listed with the  Philippine Stock Exchange during the payment of the subscription.Veloso previously said his 6-month suspension was &quot;based solely on an anonymous and unverified complaint.&quot; He added that the Ombudsman suspended him without considering his counter-affidavit. <div><a href="https://www.abs-cbn.com/news/nation/2025/7/25/gsis-chief-veloso-questions-suspension-says-p1-4-b-share-deal-legal-1348">GSIS chief Veloso questions suspension, says P1.4-B share deal legal</a></div>He said the share deal “underwent rigorous evaluation and endorsement by the GSIS investment team, whose technical expertise in financial instruments and risk assessment confirmed that the Alternergy investment fell squarely within established parameters.”“Certainly, the professional judgment of these experts holds significantly greater credibility than the unverified assertions of an anonymous source,” he said in a statement.He said that board approval is required only for investments exceeding P1.5 billion, which meant that the Alternergy deal &quot;was well within the authority delegated to the President and General Manager.&quot;He said the law allows GSIS to invest in preferred or common shares of listed corporations, even if the share was not listed at the time of purchase.<div> </div>INVESTMENTS<div> </div>Speaking at the Kapihan sa Manila Bay forum, Veloso said GSIS investments in online gambling firm DigiPlus and renewable energy firm Alternergy have earned money for the pension fund.“DigiPlus alone we already made P139 million on that… Yung Alternergy, P1.45 billion invest namin diyan, matapos ang pitong taon- P2.22 billion or 56 percent return,” he said. “Ang atin pong liderato ay sumusunod sa patakaran. We assure that we invest within our approved mandate with our approved guidelines,” said Veloso.Veloso announced that as of June 2025, GSIS has total assets worth P1.88 trillion and net operating income of P76.8 billion. The actuarial fund life remains at 2058.

The Office of the Ombudsman has lifted the preventive suspension of Government Service Insurance System (GSIS) President Jose Arnulfo “Wick” Veloso following questions on the P1.4-billion transaction with Alternergy Holdings Corp, a document showed.

The Office of the Ombudsman has lifted the preventive suspension of Government Service Insurance System (GSIS) President Jose Arnulfo “Wick” Veloso following questions on the P1.4-billion transaction with Alternergy Holdings Corp, a document showed.

Ombudsman lifts suspension vs GSIS chief, other officials over P1.4-B share deal

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Ombudsman lifts suspension vs GSIS chief, other officials over P1.4-B share deal

Job Manahan,

Jekki Pascual,

ABS-CBN News

Published September 24, 2025 12:42 PM PHT

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Updated September 29, 2025 01:36 PM PHT

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GSIS

Altenergy

Ombudsman

Wick Veloso

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