By Ruby Bernardo
Chairperson | Alliance of Concerned Teachers Philippines
The Alliance of Concerned Teachers Philippines supports the move by the Government Service Insurance System (GSIS) trustees to oust GSIS President and General Manager Wick Veloso due to reported losses amounting to P8.8 billion and his controversial P1.45-billion investment in gambling-related companies.
The GSIS trustees are absolutely correct in demanding Veloso’s resignation. His continued stay in office is an outright insult to all government employees, including public school teachers, whose retirement security depends on the sound management of GSIS funds.
Public school teachers make up the biggest share of GSIS members. Nearly a million educators regularly contribute a portion of their meager salaries to this fund, hoping it will secure their future after decades of service. But under Veloso’s watch, billions of our pesos have been squandered. This is not just financial loss but also a robbery of our hopes, our sacrifices, and our hard-won retirement benefits.
Massive losses come on top of Veloso’s already questionable decision-making.
Prior to these staggering losses, Veloso already showed poor judgment by investing P1.45 billion of our pension funds in gambling-related companies. This is morally reprehensible and financially reckless. Our hard-earned contributions should not be used to prop up an industry that destroys families and communities.
As the largest group of GSIS contributors, we teachers have every right to demand accountability. We work tirelessly educating the nation’s children, often with inadequate resources and support. The least we deserve is competent and ethical management of our pension funds.
We call on the GSIS Board of Trustees to ensure transparency and accountability in the investigation of the losses.
We demand a comprehensive accounting of how these massive losses occurred, a thorough review of all questionable investments — including those involving gambling companies — and immediate steps to recover the funds. Furthermore, we call for concrete safeguards to prevent future mismanagement. GSIS must fulfill its mandate to serve its members, not engage in dubious investments that put our future at risk.