MANILA, Philippines– Several current and former trustees of the Government Service Insurance System (GSIS) called for the resignation of President and General Manager Jose Arnulfo Veloso over alleged poor investment decisions.
These trustees claim that Veloso’s decisions resulted in P8.8 billion in losses and exposed the pension fund to financial and legal risks.
The allegations have raised concerns about the management and oversight of the GSIS. The trustees are urging for immediate action to address the situation and to prevent further losses.
The GSIS has cited record growth in defense of its current management and investment strategies. The controversy has sparked discussions within the organization regarding leadership and financial accountability.
The call for Veloso’s resignation highlights tensions within the GSIS over its financial strategies and leadership direction.