GSIS chief Veloso placed under preventive suspension by Ombudsman
In an Order dated July 11, the Ombudsman said it 'found sufficient grounds' to place Veloso and six other GSIS officials under a six-month preventive suspension 'considering that there is strong evidence showing their guilt' of possible grave misconduct, gross neglect of duty, and violation of reasonable office rules and regulations over the P1.4 billion stock purchase from AlterEnergy Holdings Corporation.
'The [Ombudsman's Results of Investigation] expounded that the provisions [of the GSIS Investment Policy Guidelines] were contravened by the respondents because: the Perpetual Preferred Shares were not listed with the PSE (Philippine Stock Exchange) on the dates of the execution of the agreement and the payment of the subscription, the investment was non-compliant with the Minimum Market Capitalization and exceeded the Free Float Market Capitalization Cap,' the Ombudsman said.
Likewise, the Ombudsman said that the P1.4 billion worth of preferred shares were purchased by GSIS without the necessary endorsement from the Assets and Liabilities Committee (ALCO) and the Risk Oversight Committee (ROC) for the approval of the Board of Trustees (BOT).
'Their continued stay in office may prejudice the investigation of the case filed against them. [The suspension order is being issued] in order to preserve documents and evidence pertaining to this case which they have control and custody; and in order to avoid respondents' commission of further malfeasance and/or misfeasance in office,' the Ombudsman said.
GMA News Online has reached out to Veloso for comment but he has yet to reply as of posting time.
Meanwhile, the Ombudsman said the GSIS officials can appeal the suspension, although its immediate implementation cannot be interrupted. —VAL, GMA Integrated News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
4 days ago
- GMA Network
GSIS: Emergency loan now open calamity areas in Metro Manila, Luzon
The Government Service Insurance System (GSIS) announced Thursday that its emergency loan can now be tapped by members and pensioners in four calamity-declared areas in Metro Manila and Luzon, namely Cavite, Quezon City, Pangasinan (Umingan), and Calumpit, Bulacan. In a statement, GSIS said the emergency loan 'aims to provide immediate financial relief to members and pensioners affected by Severe Tropical Storm Crising and the enhanced Southwest Monsoon (Habagat).' 'Eligible members and pensioners in these areas may now apply for the emergency loan,' the pension fund said. The availment period runs until August 23, 2025 for Umingan, Pangasinan and Calumpit, Bulacan; and until October 23, 2025 for Cavite and Quezon City. GSIS said it expects the list of covered areas to increase in the coming days as more local government units (LGUs) submit their official declarations. Qualified members with existing emergency loans may borrow up to P40,000, while first-time borrowers may avail up to P20,000. The loan is payable in three years, with a low 6% annual interest and no processing fee. GSIS said to qualify, active members must be working or residing in the declared calamity area, be in active service and not on unpaid leave, have no pending administrative or legal case, and have paid at least six monthly premiums. They must also have a net take-home pay of at least P5,000. Old-age and disability pensioners may also apply, provided their net monthly pension after loan amortization is at least 25% of their gross pension. Members and pensioners are encouraged to apply through the GSIS Touch mobile app for faster and more convenient processing. 'For those not yet registered in the app, they may apply through any GWAPS kiosk located in GSIS branches, select government offices, or over the counter,' it said. — RSJ, GMA Integrated News
GMA Network
6 days ago
- GMA Network
GSIS chief Veloso placed under preventive suspension by Ombudsman
The Office of the Ombudsman has placed Government Service Insurance System (GSIS) President Jose Arnulfo 'Wick' Veloso and six other officials under preventive suspension without pay for six months amid its probe on the P1.4 billion deal with Alternergy. In an Order dated July 11, the Ombudsman said it 'found sufficient grounds' to place Veloso and six other GSIS officials under a six-month preventive suspension 'considering that there is strong evidence showing their guilt' of possible grave misconduct, gross neglect of duty, and violation of reasonable office rules and regulations over the P1.4 billion stock purchase from AlterEnergy Holdings Corporation. 'The [Ombudsman's Results of Investigation] expounded that the provisions [of the GSIS Investment Policy Guidelines] were contravened by the respondents because: the Perpetual Preferred Shares were not listed with the PSE (Philippine Stock Exchange) on the dates of the execution of the agreement and the payment of the subscription, the investment was non-compliant with the Minimum Market Capitalization and exceeded the Free Float Market Capitalization Cap,' the Ombudsman said. Likewise, the Ombudsman said that the P1.4 billion worth of preferred shares were purchased by GSIS without the necessary endorsement from the Assets and Liabilities Committee (ALCO) and the Risk Oversight Committee (ROC) for the approval of the Board of Trustees (BOT). 'Their continued stay in office may prejudice the investigation of the case filed against them. [The suspension order is being issued] in order to preserve documents and evidence pertaining to this case which they have control and custody; and in order to avoid respondents' commission of further malfeasance and/or misfeasance in office,' the Ombudsman said. GMA News Online has reached out to Veloso for comment but he has yet to reply as of posting time. Meanwhile, the Ombudsman said the GSIS officials can appeal the suspension, although its immediate implementation cannot be interrupted. —VAL, GMA Integrated News
GMA Network
17-07-2025
- GMA Network
GSIS taps Dragonpay to expand payment options for members
State workers' pension fund Government Service Insurance System (GSIS) has partnered with payment solutions provider Dragonpay to expand digital payment channels for its members and pensioners. In a statement on Thursday, GSIS said it signed a memorandum of agreement (MOA) with Dragonpay on July 16, 2025. Under the agreement, Dragonpay will provide electronic payment channels for the collection of GSIS loan repayments, which can be accessed by members and pensioners as a new option through the GSIS Touch app. 'What we have just signed is proof of GSIS's commitment to provide ease of doing business for our members and pensioners. Ito ang totoong pangarap na kailangan nating maipadama sa kanila, bahagi ng ginhawa na ipinangako natin,' said GSIS president and General Manager Wick Veloso. Dragonpay joins the roster of GSIS' payment partners, including Bayad Center, MLhuillier, Maya, UnionBank of the Philippines, and Land Bank of the Philippines. 'This marks a shared commitment between GSIS and Dragonpay to make government transactions more accessible, more convenient, and more responsive to the evolving needs of every Filipino,' said Dragonpay founder and CEO Robertson Chiang. Also part of their partnership, GSIS and Dragonpay will integrate their systems, including the establishment of technical specifications, reporting protocols, and regular testing to ensure accountability. Dragonpay is also required to submit daily reports and proof of transactions, which GSIS will verify against settlement records. Both parties have committed to fully comply with the Data Privacy Act of 2012, and relevant regulations of the Bangko Sentral ng Pilipinas and the Commission on Audit 'to protect the confidentiality and integrity of all personal and financial data.' —VAL, GMA Integrated News
