GSIS vows cooperation in probe on online gambling investment

Metro Manila, Philippines - The Government Service Insurance System (GSIS) assured the public that it will cooperate with oversight institutions and regulatory bodies regarding its investment with an online gambling firm.

“We welcome the scrutiny and call for public disclosure from various sectors, and we are prepared to present all relevant documents and data to the appropriate authorities,” the GSIS said in a statement Wednesday, Aug. 6.

“As stewards of public trust, we affirm our unwavering commitment to act in the best interests of our members and pensioners,” it said.

In a privilege speech on Tuesday, Sen. Risa Hontiveros hit the GSIS under the leadership of Jose Arnulfo Veloso for investing P1 billion in DigiPlus Interactive Corporation

Hontiveros said the GSIS was doing the opposite from lawmakers who have filed resolutions seeking either to regulate or ban online gambling in the country.

“Tayo nga po, mga kasamang nagtatrabaho sa gobyerno, ni hindi puwedeng tumuntong sa casino, lalo na hindi pwedeng magsugal doon,” she said.

“Kaya bakit ang GSIS naman todo taya at ginawang puhunan ang pera ng public employees sa sugalan?” she asked.

[Translation: Us, government employees, are not allowed to enter casinos, especially to gamble there. But why is the GSIS enthusiastically betting and making the money of public employees an investment to gambling?]

Sen. Erwin Tulfo, who chairs the committee on games and amusement, vowed to investigate the controversial investment.

Hontiveros also called on the Senate to strengthen the GSIS investment policy compliance and oversight, increase transparency and accountability, and plug policy gaps, as she flagged the current GSIS leadership of having a “pattern of reckless and questionable investment decisions.”

Veloso and six other GSIS officials have been preventively suspended by the Ombudsman over a controversial P1.45 billion investment in Alternergy Holdings Corp. in 2023. 

For its part, the GSIS assured a comprehensive review of its charter, investment policies, risk exposure thresholds, and sectoral guidelines, especially those involving sensitive or high-risk industries.

It also said its social insurance fund remained strong, secure, and actuarially sound.

“As of June 2025, GSIS has total assets of ₱1.88 trillion and recorded a Net Operating Income of ₱76.82 billion, representing a 31% increase compared to the same period last year,” the GSIS said. “We have consistently enjoyed a 5 year average return on investments at 6.75%.”