THE GOVERNMENT Service Insurance System (GSIS) has appointed new trustees to its governing board following the resignation of three members who had called on GSIS President and General Manager Jose Arnulfo “Wick” A. Veloso to step down due to concerns regarding the state-run pension fund’s investments.

The GSIS appointed as trustees Philippine Public School Teachers Association President Gilbert Tan Sadsad and representatives from the banking, finance, investment, and infrastructure sectors, Enrico Gregorio Molina Trinidad and Cenon Cruz Audencial, Jr., it said in a statement.

“Following the appointment of three new members to the Government Service Insurance System  governing board, the GSIS is moving forward with a renewed and unified focus on its mission… We look forward to working with them, knowing their extensive experience will be invaluable as we build on the pension fund’s historic gains,” the pension fund said.

“This development allows the GSIS leadership to work as a solid and cohesive team. Our focus remains squarely on enhancing our Ginhawa services and ensuring the financial security of government workers and pensioners. Our mandate is clear: to provide responsive service and to prudently grow the fund our members have entrusted to us.”

The three new appointees replace resigned trustees Ma. Merceditas Gutierrez, Emmanuel De Leon Samson, and Rita E. Riddle, who recently stepped down, citing Mr. Veloso’s investment decisions that allegedly led to P8.8 billion in losses.

The GSIS last week said this was due to “a difference in perspectives on investment strategy and governance philosophy,” adding that its investment decisions are above board, as shown by its financial performance.

It said that as of August, it has assets worth P1.92 trillion and posted a P100.02-billion net income, while its fund life is up to 2058.

Mr. Veloso and six other GSIS officials were earlier placed under preventive suspension for purchasing P1.45 billion in preferred shares from AlterEnergy Holdings Corp. under a private placement. They have since resumed their duties. — A.M.C. Sy

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