Insider Spotlight:
Driving the news:
Veloso, in a July 24 statement, said he was surprised by the Ombudsman’s order dated July 11, 2025—signed just days before the official’s term ended—that placed him under a six-month preventive suspension over the state fund’s P1.45-billion investment in Alternergy Holdings Corp.
“My preventive suspension is based solely on an anonymous and unverified complaint purportedly filed against me,” Veloso said, noting that the order was issued before his counter-affidavit—filed on July 21—could be considered.
Why it matters:
The suspension is linked to GSIS’s purchase of 100 million non-traded preferred shares in Alternergy in 2024. Veloso emphasized that the investment:
Yes, but:
Critics raised concerns about market cap and float thresholds, but Veloso argued these were not applicable since the Alternergy shares were not publicly traded. He added that GSIS earned P117.9 million in cash dividends from the deal in 2024, indicating a solid return.
By the numbers:
Veloso highlighted GSIS’s strong performance under his leadership:
What’s next:
Veloso expressed confidence that the Ombudsman would eventually validate the investment’s compliance with GSIS policies and fiduciary standards.
“I remain confident that a full and fair review of the facts will affirm the integrity of the Alternergy investment,” he said.
