Lawmakers have asked the GSIS to explain why it invested P1 billion in an online gambling firm. During a recent Senate hearing, Senator Sherwin Gatchalian pressed GSIS president Wick Veloso for answers. Gatchalian questioned why a government pension fund backed a risky and controversial sector like online gambling.
Veloso defended the decision by saying the investment passed all internal evaluations. He also noted that the GSIS board approved it after a thorough review. However, Gatchalian stressed that gambling carries major regulatory and ethical concerns. He emphasized that investing in it might hurt the GSIS’s reputation.
As the discussion continued, Veloso insisted the investment met all risk and return requirements. He added that the online gambling firm was registered and licensed by PAGCOR. Still, the senator warned that licensing doesn’t erase public trust issues.
Moreover, Gatchalian highlighted that many Filipinos rely on the GSIS for retirement security. He argued that their funds deserve safer placements. Although the GSIS believes in the firm’s profitability, the senator urged caution. He also suggested the agency rethink its investment strategy to avoid potential backlash.
In closing, the Senate committee said it will continue to monitor the GSIS’s investment decisions. Meanwhile, lawmakers remain concerned about the pension fund’s involvement in the gambling industry.
