Senate Questions GSIS Online Gambling Investment
MANILA, Philippines — Senate Deputy Minority Leader Risa Hontiveros has urgently questioned the Government Service Insurance System’s (GSIS) controversial investment in online gambling. She raised concerns on Tuesday about GSIS investing over P1 billion in the online gambling platform DigiPlus, putting public funds at risk.
Hontiveros pointed out that GSIS bought shares in DigiPlus at a peak price of P65.30, which have since plummeted to P13.68. “That’s a loss! In the first place, what was GSIS thinking, investing funds in online gambling?” she asked, emphasizing the questionable nature of this decision given the volatility and social impact of e-gaming.
Concerns Over Public Funds and Social Impact
The senator criticized GSIS for using the retirement savings of government employees as capital for an industry widely known for its social harms. “As of now, we in the Senate, along with the House of Representatives and even Malacañang, are all taking strong initiatives and firm stands against online gambling because of its harmful social costs,” Hontiveros said.
“So why is GSIS doing the opposite? Why is GSIS investing the retirement money of public servants to seemingly expand the e-gaming industry? We need explanations,” she added, calling for greater transparency and accountability.
Patterns of Reckless Investments Under Scrutiny
Hontiveros also highlighted a pattern of questionable financial decisions under the current GSIS leadership. She cited another risky investment: GSIS’s 0.82% stake in Del Monte Pacific, a company struggling with $2.3 billion in debt and significant write-offs.
“This investment has already incurred an estimated paper loss of P19.1 million for GSIS, representing a 32.5 percent decline in its stake,” she noted, warning that these choices jeopardize the security of public funds.
Calls for Policy Review and Stronger Oversight
In response, Hontiveros urged Senate leaders to take swift action by reviewing GSIS’s investment policies and tightening oversight. “We should strengthen GSIS’s investment policy compliance and oversight. We should increase transparency and accountability in their investments. And we should plug policy gaps and clarify ambiguities,” she said.
Before the 19th Congress adjourned, several senators, including Senate President Juan Miguel Zubiri and Senator Joel Villanueva, joined Hontiveros in calling for a total ban on online gambling in the Philippines. They cited the industry’s harmful effects, especially on the youth.
Government’s Position on Online Gambling
Despite these calls, President Ferdinand Marcos Jr. did not mention online gambling in his recent State of the Nation Address. Malacañang later stated that the president is “closely monitoring the situation” concerning Filipinos affected by online gambling addiction.
Local leaders noted the growing concern over online gambling’s social costs, especially as government funds appear entangled in the industry’s growth. The controversy continues to raise critical questions about protecting public resources and ensuring ethical investments.
For more news and updates on GSIS online gambling investment, visit Filipinokami.com.
