Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo "Wick" Veloso admitted that the agency's investment in DigiPlus suffered a paper loss, but highlighted that GSIS still earned ₱77 billion in investment revenue during the first half of 2025.
Senator Risa Hontiveros raised the concern earlier this week during a session, questioning the move of GSIS to invest ₱1 billion in the gaming platform, whose share price significantly dropped to ₱13.68—resulting in substantial financial losses.
In an interview during DZRH's Dos Por Dos on Friday, Veloso said he still believes DigiPlus will recover from the "volatility," citing the company's strong fundamentals and international business contracts.
"Pagtapos ng dalawang linggo biglang usapan daw sa SONA, sasabihin ipe-phase out daw. Kaya po nagkaroon ng volatility 'yung presyo. Pero gusto ko pong ipaalam, yung volatility po na 'yan... kung ano man po ang kinabukasan ng kumpanya [DigiPlus] makikita po ninyo, mayroon silang mga kontrata sa ibang bansa na makapasimula rin ng negosyo," Veloso later explained.
"Tayo po ay nag-iinvest in the long run. Ngayon, may paper loss, pero nakita natin ang oportunidad dito, pangmahabaan," he added.
Veloso said GSIS began investing in DigiPlus in 2023, noting that the agency had been studying the company and tracking how its stock price increased over time.
"Nakikita namin kung ano 'yung mga sinisiguro para maging compliant doon po sa mga regulations na binigay ng regulator po nila, nakikita po namin na tuloy-tuloy ang pag-akyat ng kanilang stock price," said Veloso.
Despite the downturn in the DigiPlus investment, Veloso proudly shared that GSIS generated ₱77 billion in revenue in the first half of 2025—₱18 billion higher compared to the same period last year. He added that under his leadership, GSIS funds grew from ₱1.53 trillion to ₱1.88 trillion.
"Nais ko pong ipaalam sa ating mga tagapakinig na for the first six months of 2025, ang inyo pong GSIS ay kumita ng ₱77 billion. Ito po ay ₱18 billion better than the first half of last year," Veloso emphasized.
Veloso, meanwhile, questioned why confidential documents related to GSIS transactions were being leaked.
"Ang nangyayari po, nakatingin ang mga tao dito sa mga... kung sino man ang nagfefeed, alam po ninyo confidential ang mga transaction namin. Hinahanap kung ano 'yung mga natalo," he said.
"Ngunit natanong na ba nila na ang GSIS po ay may pinakamababang pautang sa retail market sa mga government employees?" he added.
Asked about the ethical concerns in investing in a gaming platform, Veloso defended GSIS's move, saying all investments are thoroughly researched and debated.
"Ang mandato ko po, makahanap ng oportunidad, lumaki ang pondo ng GSIS. Iiwan po namin 'yan sa mga lawmakers natin. Pag sinabing pinagbabawal 'to, kami po ay susunod," said Veloso.
According to the GSIS chief, DigiPlus represents less than half of 1%—specifically 0.13%—of the agency’s investment portfolio, and there are many other profitable and confidential GSIS investments.
On the otherhand, Hontiveros expressed her dismay over the situation, stressing that it is unacceptable for a government agency to gamble with the hard-earned money of government workers.
Veloso and six other GSIS officials are currently under preventive suspension over the purchase of ₱1.45 billion in preferred shares from Alternergy Holdings Corp. in November 2023.
In a seven-page order dated July 11, the anti-graft body found sufficient grounds to suspend Veloso, Executive Vice President Michael Praxedes, Executive Vice President Jason Teng, Vice President Aaron Samuel Chan, Vice President Abigail Cruz-Francisco, Officer II Jaime Leon Warren, and Acting Officer IV Alfredo Pablo.
Veloso has appealed to the Ombudsman and filed a motion for reconsideration.
