GSIS Under Fire for P1 Billion Investment in Online Gambling

Manila, Philippines – Senator Risa Hontiveros has raised alarm over a controversial investment decision by the Government Service Insurance System (GSIS), claiming that P1 billion of its members’ savings was funneled into an online gambling platform.

In a privilege speech delivered Tuesday, Hontiveros criticized the state-run pension fund for public sector workers, saying that it invested in DigiPlus, a company operating an online gambling business, during a period when its stock prices were at a high of P65.30 per share. Since then, the value of DigiPlus shares has plummeted to P13.68, representing a significant financial loss.

“Lugi na. Those shares have dropped sharply. Our public workers’ hard-earned money is now at risk,” Hontiveros said.

She also questioned the prudence and ethics behind investing public funds in a gambling enterprise, noting that government employees themselves are strictly prohibited from gambling in casinos.

“What was GSIS thinking? Public employees can’t even step inside a casino, yet GSIS is making high-stakes bets using their retirement funds,” she added.

The senator further expressed concern over what she described as a "pattern of reckless and questionable investment decisions" under the leadership of suspended GSIS President Jose Arnulfo “Wick” Veloso. She called for greater transparency and accountability within the pension fund.

“The guardrails meant to protect GSIS investments are being ignored. This is not just mismanagement—it is a betrayal of trust,” Hontiveros warned.

As calls mount for an investigation, the Senate is expected to probe the matter further to determine the legality and propriety of the GSIS’s investment strategy.

MORE GOOD NEWS FOR TEACHERS (READ HERE)