Manila, Philippines – Despite facing suspension, former GSIS (Government Service Insurance System) President and General Manager Jose Wick Veloso is standing firm, asserting that the GSIS's significant investments in Alternergy and Digiplus Inc. have proven profitable for the government. Veloso made this declaration on Monday, amidst ongoing scrutiny of the GSIS's investment portfolio.

The GSIS, a vital institution responsible for providing social security benefits to government employees, has faced questions regarding its ventures into alternative energy (Alternergy) and the online gambling sector (Digiplus). Veloso’s claim directly addresses these concerns, suggesting that these investments are not liabilities but rather assets generating returns.

Alternergy: Powering Profits

Alternergy, a company focused on renewable energy sources, has been a focal point of discussion. Veloso highlighted that the GSIS's investment in Alternergy has demonstrably contributed to positive financial outcomes. While specific figures were not immediately disclosed, the assertion suggests a growing confidence in the company’s potential and the viability of renewable energy investments.

Digiplus: A Controversial Yet Lucrative Bet?

The investment in Digiplus Inc., an online gambling firm, has drawn more intense criticism due to ethical and reputational concerns associated with the gambling industry. However, Veloso maintains that the GSIS's involvement in Digiplus has also been financially beneficial for the government. This statement is likely to reignite debate about the appropriateness of government pension funds investing in such ventures, even if they are generating profits.

Addressing the Suspension

Veloso’s comments come at a delicate time, as he is currently suspended pending investigation into alleged irregularities. He has consistently denied any wrongdoing and maintains that his actions were always in the best interest of the GSIS and its members. His defense emphasizes the financial success of these investments as evidence of his sound decision-making.

The Bigger Picture: GSIS Portfolio & Future Investments

The GSIS manages a substantial portfolio of investments, aiming to generate returns that support pension payouts and other benefits for government employees. The scrutiny surrounding the Alternergy and Digiplus investments underscores the importance of transparency and careful due diligence in managing these funds. The ongoing investigation will likely impact future investment strategies and potentially lead to stricter guidelines for GSIS investments.

Looking Ahead: Balancing Profitability and Responsibility

The situation highlights the challenges faced by government institutions in balancing the need for investment returns with ethical considerations and public perception. The GSIS will need to demonstrate a clear commitment to both financial performance and responsible investment practices to maintain public trust and ensure the long-term sustainability of the pension system. The outcome of the investigation into Veloso’s actions will be closely watched by stakeholders across the financial and public sectors.