OPINION
Ed Javier
Veloso Returns, Trust Lost, Why Is Malacanang Still Protecting Him?
Photo credit: Jose Arnulfo Veloso
Two months after being suspended by the Ombudsman over alleged irregularities in the Alternergy deal, GSIS President and General Manager Jose Arnulfo “Wick” Veloso is back in his chair, as if nothing happened.
But this time, the outrage isn’t coming from critics outside. It’s coming from within the GSIS Board itself.
The controversy deepened last week after three trustees, former Ombudsman Ma. Merceditas Gutierrez, finance executive Emmanuel Samson, and veteran GSIS official Rita Riddle, resigned from the Board, citing a total breakdown in trust and what they described as “untenable” working relations with Veloso.
In their resignation letters to President Marcos, they revealed that major investment decisions had been made without board consultation, exposing the fund to “serious risk.”
Their resignations followed an earlier letter they co-signed with other trustees, Evelina Escudero, Jocelyn de Guzman Cabreza, and Alan Luga.
The letter called for Veloso’s immediate and irrevocable resignation over alleged high-risk, speculative transactions that “violated fiduciary duties” and “threatened the integrity of the fund.”
According to media reports, the letter cited 8.8 billion pesos in losses from Veloso’s investment decisions, including placements in Monde Nissin Corp., Nickel Asia Corp., Bloomberry Resorts Corp., DigiPlus Interactive Corp., Alternergy Holdings Corp., and Figaro Culinary Group Inc.
They also warned that more questionable deals were in the pipeline, such as a 456 million peso Figaro investment despite the company’s 3.28 billion peso market capitalization, below the 15 billion peso GSIS minimum requirement, and the overvalued acquisition of The Centrium property in Parañaque.
In any serious financial institution, that kind of letter and mass resignation would have been the end.
A president whose own board says they no longer trust him would step down out of delicadeza. But Veloso’s answer?
“I serve at the pleasure of the President.”
Only in the Philippines could someone say that after a suspension, after being flagged by the Commission on Audit, after losing the confidence of his own board, and still report to work like he owns the place.
Wala na ba kayong hiya?
Let’s be clear. This is not complicated. We don’t need a PhD in finance, nor a so-called genius like Finance Secretary Ralph Recto, who pulled PhilHealth funds away from the sick while letting GSIS, SSS, and other government corporations gamble billions in risky investments.
That is not genius. That is financial irresponsibility.
The question is simple, and it’s the same one every GSIS member, from the retired teacher to the police officer, deserves to know: how much did Veloso invest, and how much are those investments worth now?
Show us the numbers. Stop hiding behind lump sum statements about GSIS’s “record income” or “strong portfolio performance.”
Even if you put a dog as GSIS president, the fund will still earn money because it sits on nearly 2 trillion pesos in assets that automatically generate returns from interests, bonds, equities, and government investment instruments. That’s not management genius. That’s arithmetic.
What we are asking for is accountability for the speculative, risky bets that, according to media reports, the COA itself flagged as imprudent and non compliant with GSIS investment policies.
These aren’t harmless errors. They are gambles using the life savings of soldiers, teachers, nurses, and clerks who worked decades for their pensions.
Veloso walks back into office, smiling for the cameras, declaring that he will “continue to serve with transparency.” The word sounds noble, but empty.
If he truly believes in transparency, then he should start with the basics, show us the portfolio.
Show us what happened to DigiPlus, which reportedly plunged from 65 pesos to around 13 pesos per share after GSIS invested about 1.2 billion pesos.
Show us how much Alternergy lost before the Ombudsman stepped in over the 1.45 billion peso investment.
Show us what became of Monde Nissin, Nickel Asia, and Bloomberry, where dual tranche transactions were allegedly split to avoid board review.
According to media reports, these four alone have already incurred combined losses of 3.67 billion pesos.
What makes this worse is the silence from Malacañang.
Why is Veloso being coddled? Who in the Palace keeps shielding him? Is the administration waiting until GSIS loses more before acting?
When that day comes, when retirees start wondering why their fund is suddenly short, what will Veloso say? “Sorry, bad management decision. I resign”?
Then what? Who answers to the millions of government employees who entrusted their pensions to this institution?
This is no longer just about financial prudence. It’s about political will.
The Palace has to decide whether it stands with Veloso or with the pensioners. Protecting him now means endorsing impunity.
GSIS is not a playground for market experiments. It is not a sandbox for speculative trades. It is the safety net for millions who built this country, the very people government is sworn to protect.
Mr. President, your silence speaks volumes. Every day Veloso remains in office after losing his board’s trust chips away at your administration’s credibility.
You cannot preach Bagong Pilipinas while keeping someone who treats public trust like a personal hedge fund.
If Veloso had any sense of honor left, he would resign. If the Palace had any sense of urgency, it would remove him.
The longer this farce continues, the more it tells us that in this country, accountability has a price tag, and Veloso can afford it.
Hanggang kailan magbubulag-bulagan ang Palasyo habang nilalaro ang pondo ng mga kawani ng gobyerno?
Kailan titindig ang Pangulo para sa mga guro, sundalo, at empleyado ng estado na tapat na nagsilbi sa bayan?
Pangulong Marcos, ipakita mong ang Bagong Pilipinas ay hindi proteksyon para sa may koneksyon, kundi hustisya para sa mga nagsilbi nang matagal at marangal sa bayan.
Pakiusap lang po, pag pahingahin niyo na po itong si Veloso.
Pamasko niyo na po sa mga kasalukuyan at retiradong kawani ng gobyerno na matagal nang nagtitiis at umaasang maririnig din ninyo ang kanilang tinig.
But this time, the outrage isn’t coming from critics outside. It’s coming from within the GSIS Board itself.
The controversy deepened last week after three trustees, former Ombudsman Ma. Merceditas Gutierrez, finance executive Emmanuel Samson, and veteran GSIS official Rita Riddle, resigned from the Board, citing a total breakdown in trust and what they described as “untenable” working relations with Veloso.
In their resignation letters to President Marcos, they revealed that major investment decisions had been made without board consultation, exposing the fund to “serious risk.”
Their resignations followed an earlier letter they co-signed with other trustees, Evelina Escudero, Jocelyn de Guzman Cabreza, and Alan Luga.
The letter called for Veloso’s immediate and irrevocable resignation over alleged high-risk, speculative transactions that “violated fiduciary duties” and “threatened the integrity of the fund.”
According to media reports, the letter cited 8.8 billion pesos in losses from Veloso’s investment decisions, including placements in Monde Nissin Corp., Nickel Asia Corp., Bloomberry Resorts Corp., DigiPlus Interactive Corp., Alternergy Holdings Corp., and Figaro Culinary Group Inc.
They also warned that more questionable deals were in the pipeline, such as a 456 million peso Figaro investment despite the company’s 3.28 billion peso market capitalization, below the 15 billion peso GSIS minimum requirement, and the overvalued acquisition of The Centrium property in Parañaque.
In any serious financial institution, that kind of letter and mass resignation would have been the end.
A president whose own board says they no longer trust him would step down out of delicadeza. But Veloso’s answer?
“I serve at the pleasure of the President.”
Only in the Philippines could someone say that after a suspension, after being flagged by the Commission on Audit, after losing the confidence of his own board, and still report to work like he owns the place.
Wala na ba kayong hiya?
Let’s be clear. This is not complicated. We don’t need a PhD in finance, nor a so-called genius like Finance Secretary Ralph Recto, who pulled PhilHealth funds away from the sick while letting GSIS, SSS, and other government corporations gamble billions in risky investments.
That is not genius. That is financial irresponsibility.
The question is simple, and it’s the same one every GSIS member, from the retired teacher to the police officer, deserves to know: how much did Veloso invest, and how much are those investments worth now?
Show us the numbers. Stop hiding behind lump sum statements about GSIS’s “record income” or “strong portfolio performance.”
Even if you put a dog as GSIS president, the fund will still earn money because it sits on nearly 2 trillion pesos in assets that automatically generate returns from interests, bonds, equities, and government investment instruments. That’s not management genius. That’s arithmetic.
What we are asking for is accountability for the speculative, risky bets that, according to media reports, the COA itself flagged as imprudent and non compliant with GSIS investment policies.
These aren’t harmless errors. They are gambles using the life savings of soldiers, teachers, nurses, and clerks who worked decades for their pensions.
Veloso walks back into office, smiling for the cameras, declaring that he will “continue to serve with transparency.” The word sounds noble, but empty.
If he truly believes in transparency, then he should start with the basics, show us the portfolio.
Show us what happened to DigiPlus, which reportedly plunged from 65 pesos to around 13 pesos per share after GSIS invested about 1.2 billion pesos.
Show us how much Alternergy lost before the Ombudsman stepped in over the 1.45 billion peso investment.
Show us what became of Monde Nissin, Nickel Asia, and Bloomberry, where dual tranche transactions were allegedly split to avoid board review.
According to media reports, these four alone have already incurred combined losses of 3.67 billion pesos.
What makes this worse is the silence from Malacañang.
Why is Veloso being coddled? Who in the Palace keeps shielding him? Is the administration waiting until GSIS loses more before acting?
When that day comes, when retirees start wondering why their fund is suddenly short, what will Veloso say? “Sorry, bad management decision. I resign”?
Then what? Who answers to the millions of government employees who entrusted their pensions to this institution?
This is no longer just about financial prudence. It’s about political will.
The Palace has to decide whether it stands with Veloso or with the pensioners. Protecting him now means endorsing impunity.
GSIS is not a playground for market experiments. It is not a sandbox for speculative trades. It is the safety net for millions who built this country, the very people government is sworn to protect.
Mr. President, your silence speaks volumes. Every day Veloso remains in office after losing his board’s trust chips away at your administration’s credibility.
You cannot preach Bagong Pilipinas while keeping someone who treats public trust like a personal hedge fund.
If Veloso had any sense of honor left, he would resign. If the Palace had any sense of urgency, it would remove him.
The longer this farce continues, the more it tells us that in this country, accountability has a price tag, and Veloso can afford it.
Hanggang kailan magbubulag-bulagan ang Palasyo habang nilalaro ang pondo ng mga kawani ng gobyerno?
Kailan titindig ang Pangulo para sa mga guro, sundalo, at empleyado ng estado na tapat na nagsilbi sa bayan?
Pangulong Marcos, ipakita mong ang Bagong Pilipinas ay hindi proteksyon para sa may koneksyon, kundi hustisya para sa mga nagsilbi nang matagal at marangal sa bayan.
Pakiusap lang po, pag pahingahin niyo na po itong si Veloso.
Pamasko niyo na po sa mga kasalukuyan at retiradong kawani ng gobyerno na matagal nang nagtitiis at umaasang maririnig din ninyo ang kanilang tinig.
Ed Javier
Ed Javier is a veteran communicator with over 35 years of experience in corporate, government, and advocacy communications, spanning the terms of seven Philippine presidents. He is also a political analyst, entrepreneur, and media professional. Drawing on this experience, he delivers clear, accessible analysis of political, governance, and business issues.
Oct 20, 2025
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