Monday, October 06, 2008 GSIS told to disclose investments
THE Government Service Insurance System (GSIS) was urged to make public its foreign spending and investments, up to the extent possible, in light of the financial turmoil in the US.
Press Secretary Jesus Dureza said while there is a confidentiality clause to be observed, the GSIS should also understand the concerns of the public, especially its members.
He said while there may be no irregularity involved or no losses as the GSIS claims, some sectors may continue to suspect otherwise unless the agency proves it.
The GSIS, without being prodded, should make public the needed information on its own, added Dureza.
During a budget hearing, GSIS revealed that of the US$1 billion it allocated for its global investment program, only US$600 million had been invested in the world market with the help of the ING Investment Management and Credit Agricole Asset Management (Singapore) Ltd.
Senator Francis Escudero said the GSIS should make public where it invested some US$600 million in the US and prove that it has not been dissolve in light of the financial crisis.
Escudero, chairman of the Senate committee on Ways and Means, said GSIS needs to do this to assure its 1.5-million members in light of the bankruptcy of the Lehman Brothers, Merrill Lynch and Washington Mutual Corporation (JMR/Sunnex)
