Palace studying next steps on GSIS investment

President Ferdinand ''Bongbong'' Marcos Jr. is still studying the next steps regarding the controversial Government Service Insurance System (GSIS) P1.4 billion investment in listed renewable energy firm Alternergy Holdings Corporation.

''Kanina lamang po ay tinanong natin ang opinyon dito at ayon sa Pangulo ay inaaral pa po ito ng mas malaliman. Most probably by next week ay mayroon po tayong maibibigay na update patungkol po diyan,'' Palace Press Officer Undersecretary Atty. Claire Castro said in a Thursday's briefing.

(We asked his opinion about this and the President said the matter is being studied thoroughly. Most probably by next week, we can provide an update.)

The Office of the Ombudsman had placed GSIS President Jose Arnulfo “Wick” Veloso and six other officials under preventive suspension without pay for six months amid its probe into the P1.4 billion deal with Alternergy. 

In an Order dated July 11, the Ombudsman said it “found sufficient grounds” to place Veloso and six other GSIS officials under a six-month preventive suspension “considering that there is strong evidence showing their guilt” of possible grave misconduct, gross neglect of duty, and violation of reasonable office rules and regulations over the P1.4 billion stock purchase from AlterEnergy Holdings Corporation.

Veloso said that GSIS acknowledges the Ombudsman’s inquiry into the pension fund’s Alternergy investment and "cooperating fully with the investigation."

Veloso added that the Alternergy investment had resulted in P117 million in dividend earnings in the first year. —LDF, GMA Integrated News