Veloso rejects resigned GSIS directors’ claims, vows to stay and serve

Insider Spotlight

• GSIS chief Jose Arnulfo Veloso rejects calls for his resignation
• Four board members and two ex-trustees accused him of risky deals
• Veloso says claims are baseless, vows to continue serving members
• GSIS assets rose to P1.92T, net income to P100B as of August 2025

Government Service Insurance System (GSIS) president and general manager Jose Arnulfo Veloso dismissed the allegations raised by several current and former trustees who called for his immediate resignation, asserting that the accusations were “baseless” and politically motivated.

“I categorically state that the allegations against me are baseless. I am addressing them squarely and transparently in the proper legal forum,” Veloso said.

The statement came after four sitting members and two former members of the GSIS Board of Trustees accused Veloso of approving a string of “risky transactions” and bypassing the board in investment decisions.

Their October 14 letter cited alleged losses totaling P8.8 billion from dealings involving companies such as Monde Nissin, Nickel Asia, and Bloomberry Resorts.

Veloso: I serve at the President’s pleasure

Veloso, who returned to office last month after the Ombudsman lifted his preventive suspension, said he would continue to perform his duties “for as long as I have the President’s trust and confidence.”

Wick Veloso

The GSIS chief stressed that the pension fund remains sound.

“My two-month absence has only strengthened my resolve. I have returned with renewed energy and determination to advance our mission and ensure that our members truly experience the ginhawa that GSIS is committed to deliver,” he said.

He urged all stakeholders to “spare GSIS from politics,” emphasizing that the fund’s performance remains solid despite market volatility.

Board rift widens

The controversy escalated after three trustees—Ma. Merceditas Gutierrez, Emmanuel Samson, and Rita Riddle—resigned this week, citing a breakdown in trust and what they described as “untenable” working relations with Veloso.

In their resignation letters addressed to President Marcos, the trustees said major investment decisions had been made without board consultation, exposing the fund to “serious risk.”

GSIS remains profitable

Veloso countered that GSIS remains financially sound, reporting P1.92 trillion in assets and P100.02 billion in net income as of August 2025.

“Our performance speaks for itself,” he said. “Despite market headwinds, GSIS remains financially strong, resilient, and highly profitable.”

Veloso said he would not be “distracted” from his mandate to protect members’ funds, adding, “I am here to work. I am here to serve.”

— Edited by Daxim L. Lucas