Wick Veloso: Free GSIS from politicking

Government Service Insurance System (GSIS) president and general manager Jose Arnulfo “Wick” Veloso on Thursday appealed to be freed from “politicking,” as he again denounced reports claiming that the agency incurred losses of P8.8 billion.

According to Veloso, GSIS funds remain safe, and a review of its financials did not find an P8.8 billion loss which has been claimed in some reports.

“Your GSIS is making money. There is no truth to that amount that we’ve lost money, and alam po ninyo, isa lang ang hiling ko (you know, I have only one wish) — you free us from politicking. Hindi ho kami mga politiko dito. Kami po ay mga professionals (We are not politicians. We are professionals),” Veloso said.

This comes as Makabayan lawmakers earlier this week called for a congressional inquiry into the supposed high-risk investments of GSIS that allegedly led to P8.8 billion in losses.

Under its charter, the GSIS is mandated to ensure that its members are insured against the occurrence of certain contingencies in exchange for their monthly premium contributions. They are entitled to benefits such as life insurance, separation or retirement benefits, and disability benefits.

Veloso said some 19% of GSIS investments are in equities, which go through a screening committee that ensures that all decisions are financially sound.

“Kahit ako po’y PGM (president and general manager), ni singkong kusing hindi ho dito ma-approve na hindi po dumadaan sa tamang proseso,” he said.

(Even if I am the president and general manager, not a single centavo gets approved without going through the proper process.)

“Inside the board of any corporation is the policy-setting body, different from us in management which is the management or the one implementing the policies, and never shall these two intertwine,” he added.

While Veloso said the portfolio is not released to the public due to sensitivity, it is submitted to Congress on a yearly basis. Its portfolio was not included in the annual reports and audited financial reports uploaded on its website.

“I’ve been in investments all my life. Why is it confidential? It’s confidential because others who find out where you invested can play around with you. ‘Pag nalaman nila dito pala naka-invest, pwede ka nilang i-front run, pwede ka nilang gipitin,” he said.

“Maraming pwedeng magawa sa’yo ‘pag nalalaman kung saan nakalagay ang pera mo. Kaya ‘yan po naman ang essence ng confidential. It’s not meant to stop you from knowing what we do, it is meant to safeguard us from potential bad actors in the investment field,” he added.

(I’ve been in investments all my life. Why is it confidential? It’s confidential because if others find out where you’ve invested, they can manipulate the situation. If they learn where the investment is placed, they can front-run you or put you at a disadvantage.

A lot can be done against you if people know where your money is placed. That’s the essence of confidentiality. It’s not meant to keep you from knowing what we do — it’s meant to protect us from potential bad actors in the investment field.)

GSIS earlier this week reported a P12 billion increase in its net income for the first nine months of the year to hit P112 billion, P35.4 billion higher than its P76.6-billion targets. Revenues increased to P260 billion, or P18.2 billion higher than the P241.8-billion target.