Malacañang to Release GSIS Billion-Peso Online Gambling Investigation Update
Malacañang is expected to disclose the initial findings of the investigation into the Government Service Insurance System’s billion-peso online gambling investment by next week. Officials reported that the matter remains under thorough review to ensure an accurate assessment.
Palace Press Officer Claire Castro shared during a briefing, “Just earlier, we asked the President for his opinion on this, and he said it is still being studied in greater depth. Most likely by next week, we will be able to provide an update on the matter.” This confirms the ongoing scrutiny into the GSIS billion-peso online gambling controversy.
Senate Questions GSIS’s Risky Investment in Gambling Platform
Earlier, Senate Deputy Minority Leader Risa Hontiveros raised concerns about the GSIS’s P1-billion investment in DigiPlus, an online gambling platform. She highlighted that the funds used for this investment came directly from the agency’s reserves, which are meant to secure government employees’ benefits.
Hontiveros emphasized the financial loss, noting, “GSIS got into this when DigiPlus shares were being offered at a peak of P65.30. Those shares have since dropped to a low of P13.68. That’s a loss! In the first place, what was GSIS thinking, investing funds in online gambling?” She questioned the prudence of using public funds for such a high-risk venture.
Public Funds at Stake: Ethical and Financial Concerns
Community members and officials alike have expressed unease about GSIS’s decision to invest public funds, particularly those belonging to government employees, into an online gambling platform. The move raises ethical questions and concerns over fiduciary responsibility.
Local leaders noted that the investment jeopardizes the security of pensioners’ contributions and undermines public trust in the agency tasked with safeguarding their welfare.
Previous GSIS Controversy Adds to Scrutiny
This latest issue compounds GSIS’s recent troubles. In July, the Office of the Ombudsman issued a preventive suspension against GSIS President and General Manager Jose Arnulfo “Wick” Veloso. The suspension was linked to the agency’s controversial purchase of P1.45 billion in preferred shares from Alternergy Holdings Corp. in November 2023.
Officials reported that these controversies have intensified calls for transparency and accountability within the GSIS, urging a comprehensive review of its investment policies and governance.
Looking Ahead: Awaiting Official Updates
As Malacañang continues to study the GSIS billion-peso online gambling investment case, stakeholders remain hopeful for clear answers and corrective actions. The anticipated update next week will be crucial in determining the next steps to protect public funds and restore confidence in the agency.
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