Latest news with #GSIS
Filipino Times
3 days ago
- Business
- Filipino Times
Hontiveros flags SEC unregistered GSIS investment in online gambling firm
Senator Risa Hontiveros said the Government Service Insurance System's (GSIS) P1-billion investment in an online gambling platform was not registered with the Securities and Exchange Commission (SEC) at the time of the transaction. 'Napag-alaman naming hindi rehistrado sa SEC 'yung mga shares sa petsang nagkaroon ng kasunduan at binili 'yan,' Hontiveros told GMA Integrated News' Unang Balita. Her statement came after GSIS defended the investment, saying its social insurance fund 'remains strong, secure, and actuarially sound.' The agency reported total assets of P1.88 trillion and a net operating income of P76.82 billion as of June, a 31% increase from the same period last year. It also said it has maintained a five-year average return on investments of 6.75%. Hontiveros, however, cited a Commission on Audit warning that such investments could endanger the actuarial life of GSIS or the pension funds of government employees. 'Mismong ang Commission on Audit ang nagbabala na sa ganiyang mga investment ng GSIS, in fact, nanganganib 'yung actuarial life ng GSIS o ng pension funds ng ating mga government employees,' she added. The senator said she looks forward to GSIS' cooperation in a planned Senate inquiry into the matter. She first raised the issue in a privilege speech on Tuesday. Hontiveros also said she has filed a bill seeking strict regulation of online gambling, including provisions banning e-wallet and super app links to gambling platforms, and prohibiting advertising of online gambling on all media and in public spaces.
GMA Network
3 days ago
- Business
- GMA Network
Hontiveros: GSIS' P1-B online gambling investment not SEC-registered
Senator Risa Hontiveros on Friday said the P1 billion investment of the Government Service Insurance System in an online gambling platform was not registered with the Securities and Exchange Commission. 'Naku po, napag-alaman na naming una na hindi rehistrado sa SEC 'yung mga shares na 'yun sa petsang nagkaroon ng kasunduan at talagang binili 'yan,' Hontiveros told GMA Integrated News' Unang Balita in an interview. (We already found out that those shares were not registered with the SEC on the date the agreement was made and they were actually bought.) This was in response to the statement of the GSIS explaining its online gambling investment. The GSIS on Monday said that its social insurance fund 'remains strong, secure, and actuarially sound.' According to GSIS, the social insurance institution for government employees, as of June, has total assets of P1.88 trillion and recorded a Net Operating Income of P76.82 billion, representing a 31% increase compared to the same period last year. The GSIS said it has consistently enjoyed a five-year average return on investments at 6.75%.' However, Hontiveros said, 'Mismong ang Commission on Audit ang nagbabala na sa ganiyang mga investment ng GSIS, in fact, nanganganib 'yung actuarial life ng GSIS o ng pension funds ng ating mga government employees.' (The Commission on Audit itself warned that such investments by GSIS, in fact, endanger the actuarial life of GSIS or the pension funds of our government employees.) 'Higit pa nga d'yan sa actuarial life, ay hindi talaga daw in-exercise ng GSIS 'yung fiduciary responsibility sa paghawak nila ng pondo ng ating government employees,' she added. (More than just actuarial life, GSIS has not really exercised its fiduciary responsibility in handling the funds of our government employees.) Hontiveros said that she is looking forward to GSIS' cooperation in the planned Senate probe into the issue. GMA News Online reached out to GSIS for comment and will publish it once available. The senator first addressed the GSIS' online gambling investment during her privilege speech on Tuesday. Meanwhile, Hontiveros said she has filed a bill for a strict regulation of online gambling. 'Pagdating po sa online sugal, naghain po ako ng aking panukalang kontra e-sugal na nagsusulong ng pinakastriktong regulasyon diyan sa online gambling,' she said. (When it comes to online gambling, I have filed an anti-e-gambling bill that advocates for the strictest regulation of online gambling.) 'Pangunahin na doon sa probisyon na putulin dapat, bawal dapat 'yung koneksyon sa online gambling ng ating mga e-wallet at superapps dahil nga hindi casino ang ating mga cellphones. At pangunahin ding probisyon bawal ang advertising para sa online gambling whether sa tri-media, sa social media, o sa mga public places,' she added. (The main provision is that our e-wallets and superapps should not be connected to online gambling or it should be cut off, it should be prohibited because our cellphones are not casinos. And the main provision is that advertising for online gambling is prohibited whether in tri-media, in social media, or in public places.) —AOL, GMA Integrated News
GMA Network
5 days ago
- Business
- GMA Network
GSIS says funds secure, welcomes Senate probe into online gaming investment
In a statement on Wednesday, GSIS said it 'fully supports transparency and accountability in all its investment activities and shall cooperate with oversight institutions and regulatory bodies in connection with its investment in DigiPlus Interactive Corp.' The Government Service Insurance System (GSIS), the pension fund for state workers, is open to an investigation into its investment activities after a senator flagged its purchase of shares in an online gaming company. In a statement on Wednesday, GSIS said it 'fully supports transparency and accountability in all its investment activities and shall cooperate with oversight institutions and regulatory bodies in connection with its investment in DigiPlus Interactive Corp.' 'We welcome the scrutiny and call for public disclosure from various sectors, and we are prepared to present all relevant documents and data to the appropriate authorities. As stewards of public trust, we affirm our unwavering commitment to act in the best interests of our members and pensioners,' the pension fund said. GSIS issued the statement after Senator Risa Hontiveros, in her privilege speech, revealed that the pension fund had invested approximately P1 billion in DigiPlus when its share price was at its peak of P65.30 per share, but had since dropped to a low of P13.68 per share. With this, Senator Erwin Tulfo made a manifestation on the floor, committing to investigate the information divulged by Hontiveros. Amid the investment issue, GSIS made an assurance that 'the GSIS Social Insurance Fund remains strong, secure, and actuarially sound.' In particular, the pension fund stated that its total assets stood at P1.88 trillion as of the end of June 2025 and it recorded a net operating income of P76.82 billion, representing a 31% year-over-year increase. 'We have consistently enjoyed a five-year average return on investments at 6.75%,' GSIS said. The pension fund said, 'in light of recent developments,' it will continue to comprehensively review its charter, investment policies, risk exposure thresholds, and sectoral guidelines, particularly those involving sensitive or high-risk industries. 'This will ensure alignment with our members' evolving expectations and the highest standards of ethical and fiduciary responsibility,' GSIS said. 'We remain guided by our mandate: to protect and grow the hard-earned contributions of government workers… Still, we recognize that public trust must be continuously earned,' it added. –NB, GMA Integrated News
GMA Network
6 days ago
- Business
- GMA Network
Hontiveros: GSIS invested P1 billion in online gambling platform
'In the first place, what was GSIS thinking, investing funds in online gambling?" Hontiveros said. Senator Risa Hontiveros on Tuesday alleged that P1 billion worth of members' savings was invested by the Government Service Insurance System (GSIS) in an online gambling platform. Hontiveros disclosed this in her privilege speech, noting that the GSIS, under the leadership of suspended GSIS President Jose Arnulfo 'Wick' Veloso, invested in DigiPlus when the online gambling platform's shares were being offered at a peak of P65.30. 'Those shares have since hit a low of P13.68. Lugi na,' the senator said. 'In the first place, what was GSIS thinking, investing funds in online gambling? Eh, tayo nga po, mga kasamang nagtatrabaho sa gobyerno, ni hindi pwedeng tumungtong sa casino lalo na hindi pwedeng magsugal doon. Kaya bakit ang GSIS, todo taya, at ginawang puhunan ang pera ng public employees sa sugalan,' she added. (Government employees can't even set foot in a casino, let alone gamble there. So why is GSIS investing government employees' money in gambling?) According to Hontiveros, there seems to be a 'pattern of reckless and questionable investment decisions' by the current GSIS leadership. 'The guardrails we have put in place to guide and protect GSIS investments are seemingly being breached,' she said. GMA News Online sought a comment from GSIS and Veloso and will update this story once they respond. Senate to probe Senator Erwin Tulfo, chairperson of the Senate Committee on Games and Amusement, then made a manifestation on the floor, committing to investigate the information divulged by Hontiveros. 'Kaisa niyo po ako Senadora Risa hinggil po dito at nais ko po talagang maimbestigahan ito. At kung may pagkakataon po, maghahain po ako ng panukalang batas na kailangan imbistigahan po ito at makasuhan po si Ginoong Veloso,' Tulfo said. (I am with you, Senator Risa, on this matter, and I want this to be investigated. And if there's an opportunity, I will file a bill that will investigate this and charge Mr. Veloso.) 'Ito po ay aking paiimbestigahan kung may kumita, mukhang may kumita po rito, mayroon pong commission o kickback at hindi po ito karapat dapat at katanggap-tanggap,' he added. (I will investigate this to see if anyone benefited. It seems like someone made a profit here, or had a commission or kickback. This is not acceptable.) The Office of the Ombudsman in July placed Veloso and six other officials under preventive suspension without pay for six months amid its probe into the P1.4 billion deal with Alternergy. The Ombudsman said it 'found sufficient grounds' to suspend Veloso and six other GSIS officials, considering that there is strong evidence showing their guilt' of possible grave misconduct, gross neglect of duty, and violation of reasonable office rules and regulations over the P1.4 billion stock purchase from AlterEnergy Holdings Corporation. Veloso, in response, said that GSIS acknowledged the Ombudsman's inquiry into the pension fund's Alternergy investment and is "cooperating fully with the investigation." 'We welcome this opportunity to affirm the integrity of GSIS's investment decisions and will provide further updates once the process concludes. As the investigation is ongoing, we will refrain from additional comments at this time,' he said. Hontiveros, meanwhile, stressed that the deal between GSIS and Alternergy 'reveals multiple red flags.' 'Glaringly, Alternergy's market capitalization was far below the P15 billion minimum reportedly required under GSIS policy for investible companies. The shares were not even listed with the Philippine Stock Exchange on the dates of the execution of the agreement and the payment of the subscription,' she said. 'Even worse, Alternergy also appears to be 'highly overleveraged.' Simply put, they have too much debt, with a debt-to-equity ratio of 194% and a dangerously low interest coverage rate. Paano nakapagdeklara ng P40 million cash dividend ang kompanya na iyan, eh puro sila utang, at in financial distress na?' (How could that company declare a P40 million cash dividend when it is in debt and already in financial distress?) Hontiveros thus said that the Senate should act swiftly to review the policies, procedures, and guidelines covering the GSIS's investment decisions. 'We should strengthen GSIS's investment policy compliance and oversight. We should increase transparency and accountability in their investments. And we should plug policy gaps and clarify ambiguities,' she said. 'Ang pensyon ng pampublikong sektor, hindi pangsugal [the pension of the public sector is not for gambling]. GSIS should not waste or gamble away the future of those who serve our nation,' she added. –NB, GMA Integrated News
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South China Morning Post
31-07-2025
- General
- South China Morning Post
GSIS graduates excel in final exams
[The content of this article has been produced by our advertising partner.] Members of this year's graduating class at German Swiss International School (GSIS) achieved an impressive set of results in their final exams and are now preparing to take up hard-won places at some of the world's leading universities. With the school offering two distinct curriculums, 12 students in the German International Stream (GIS), who work towards the Deutsches Internationales Abitur (DIA), achieved an outstanding average score of 1.8. Most remarkably, one 16-year-old student, Samuel Cheung, was awarded a perfect Abitur score of 1.0, in the process becoming the youngest ever DIA graduate counterparts in the English International Stream (EIS), who follow the International Baccalaureate Diploma Programme (IBDP), were similarly successful. Among a 68-strong cohort, all of whom passed the exams, seven students, Edith Chan, Emily Chen, Maxwell Leung, Michael Tay, Nadia Venetz, Rachael Ng and Tarama Loges, attained a maximum IB score of 45 points. In total, 51 students got 40 points or more, and six bilingual diplomas were awarded, two of them in English-German and the remaining four in English-Mandarin Chinese. 'We could not be any prouder of our students, whose outstanding results are testament to their ongoing commitment, incredibly hard work, and striving for excellence,' says GSIS principal Alexandra Freigang-Krause. 'Excellence comes in many forms and as a school we take pride in the achievements of all our students and celebrate their unique strengths and talents.' Much of the success, of course, is down to the school's commitment to academic excellence and engagement. This is supported by a well-coordinated programme which guides students on key approaches to learning, helping to maintain motivation, understand essential concepts, and undertake independent study.
