NATIONAL
Advocates Philippines
Silence Or Accountability? Open Letter Calls Out GSIS Leadership Over Risky Investments And Resignations
PNA FILE
An open letter circulating among government workers and concerned citizens is raising serious questions about transparency and leadership at the Government Service Insurance System (GSIS) — the agency tasked with protecting the pensions of millions of public servants.
In the letter titled “A Call for Truth and Accountability at the GSIS,” the writers expressed “deep concern for the integrity of an institution that safeguards the future of millions of government workers,” following the resignation of three members of the GSIS Board of Trustees.
According to the letter, the trustees stepped down not due to personal disputes, but out of principle. They had reportedly called for the resignation of GSIS President and General Manager (PGM) Jose Arnulfo “Wick” Veloso, citing what they described as high-risk investment decisions, billions in paper losses, and alleged breaches of internal fund management rules.
Instead of addressing these concerns, Veloso allegedly branded the trustees as “obstructionist” and “uncooperative.”
The letter argued that this response “betrays a troubling view — that legitimate oversight is an inconvenience rather than an obligation.”
“These trustees were simply fulfilling their duty — to question, review, and protect the fund,” the letter stated.
The authors also criticized President Ferdinand Marcos Jr. for accepting the resignations of the three trustees without acting on their call for Veloso’s resignation. They noted that the vacated board seats were quickly filled by individuals reportedly endorsed by Veloso himself, effectively giving him unchecked control over the GSIS.
“This sequence of events leaves the GSIS in a precarious position — governed by a leadership shielded from scrutiny and reinforced by handpicked allies,” the letter warned.
The group is now urging Congress to step in and launch a full, independent investigation into the issue — to summon the former trustees, review the investments in question, and determine if proper safeguards were followed.
“Only a transparent legislative inquiry can restore public faith in an institution as vital as the GSIS,” the letter said.
In a pointed appeal to President Marcos, the letter emphasized that continued silence on the matter would only “deepen the perception of complicity through inaction.”
“We appeal to your conscience and courage. Use your voice to bring this issue into the light — for the teachers, clerks, nurses, and countless public servants who depend on the GSIS for their future security,” the letter concluded.
The message is clear: amid growing unease, the public wants transparency — not silence — in the handling of the people’s pension fund.
In the letter titled “A Call for Truth and Accountability at the GSIS,” the writers expressed “deep concern for the integrity of an institution that safeguards the future of millions of government workers,” following the resignation of three members of the GSIS Board of Trustees.
According to the letter, the trustees stepped down not due to personal disputes, but out of principle. They had reportedly called for the resignation of GSIS President and General Manager (PGM) Jose Arnulfo “Wick” Veloso, citing what they described as high-risk investment decisions, billions in paper losses, and alleged breaches of internal fund management rules.
Instead of addressing these concerns, Veloso allegedly branded the trustees as “obstructionist” and “uncooperative.”
The letter argued that this response “betrays a troubling view — that legitimate oversight is an inconvenience rather than an obligation.”
“These trustees were simply fulfilling their duty — to question, review, and protect the fund,” the letter stated.
The authors also criticized President Ferdinand Marcos Jr. for accepting the resignations of the three trustees without acting on their call for Veloso’s resignation. They noted that the vacated board seats were quickly filled by individuals reportedly endorsed by Veloso himself, effectively giving him unchecked control over the GSIS.
“This sequence of events leaves the GSIS in a precarious position — governed by a leadership shielded from scrutiny and reinforced by handpicked allies,” the letter warned.
The group is now urging Congress to step in and launch a full, independent investigation into the issue — to summon the former trustees, review the investments in question, and determine if proper safeguards were followed.
“Only a transparent legislative inquiry can restore public faith in an institution as vital as the GSIS,” the letter said.
In a pointed appeal to President Marcos, the letter emphasized that continued silence on the matter would only “deepen the perception of complicity through inaction.”
“We appeal to your conscience and courage. Use your voice to bring this issue into the light — for the teachers, clerks, nurses, and countless public servants who depend on the GSIS for their future security,” the letter concluded.
The message is clear: amid growing unease, the public wants transparency — not silence — in the handling of the people’s pension fund.
Oct 23, 2025
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