Marcos reviewing GSIS complaints vs Veloso

President Ferdinand Marcos Jr. has heard the woes of teachers and stakeholders of the Government Service Insurance System (GSIS), according to Palace Press Officer Undersecretary Claire Castro.

GSIS president and general manager Jose Arnulfo “Wick” Veloso faces mounting calls to resign amid allegations of risking billions of pension funds in questionable investments.

He is accused of losing P8.8 billion in high-risk, non-compliant investments, prompting teachers to call Veloso’s continued tenure at GSIS an “outright insult” to their ranks and all government employees whose retirement funds the agency safeguards.

The GSIS has since denied these allegations, calling the P8.8 billion loss “baseless and unsupported by official records.”

It emphasized that its funds grew from P1.53 trillion in July 2022 to P1.92 trillion as of August 2025, with a net income of P100.02 billion.

In a press briefing on Monday, Castro said Marcos has been made aware of the complaints and will be looking into the matter.

“It’s not surprising because if there are complaints now, they should be studied thoroughly. If there is a basis, let’s see what the President’s decision will be,” she said.

She added that agency leaders should answer to their obligations as it defines their leadership.

Veloso has yet to speak further on the matter, but has released a statement similar to the one GSIS released.