President Ferdinand Marcos Jr. has been made aware of the complaints raised by teachers and stakeholders against the Government Service Insurance System (GSIS), according to Palace Press Officer Undersecretary Claire Castro.
This came after GSIS President and General Manager Jose Arnulfo “Wick” Veloso faced mounting calls for his resignation over allegations that he mishandled billions of pesos in pension funds through risky and questionable investments.
Veloso was accused of losing P8.8 billion in high-risk, non-compliant investments—an issue that has angered public school teachers, who described his continued stay in office as “an outright insult” to their ranks and to all government employees whose retirement security depends on GSIS.
The GSIS, however, has denied the allegations, describing the reported P8.8-billion loss as “baseless and unsupported by official records.”
In a statement, the state pension fund emphasized that its total assets grew from P1.53 trillion in July 2022 to P1.92 trillion as of August 2025, with a net income of P100.02 billion.
During a press briefing on Monday, Castro said President Marcos is “aware of the complaints” and will look 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.
Castro added that agency leaders must be accountable, as their actions reflect the quality of their leadership.
Veloso has yet to issue a detailed response but has released a statement echoing the GSIS’s official denial of the allegations.