Kuala lumpur: The Government Service Insurance System (GSIS) on Monday said it welcomes the House of Representatives' inquiry into its investment activities, viewing it as part of its continuing commitment to transparency and accountability. GSIS President and General Manager Wick Veloso stated that the GSIS supports oversight initiatives that promote good governance and allow the public to see how the fund responsibly manages members' contributions.

According to Philippines News Agency, Veloso emphasized that all GSIS investments adhere to three fundamental principles: safety, liquidity, and yield. Each investment undergoes rigorous evaluation by the Investment Committee, Risk Oversight Committee, and the Board of Trustees, in compliance with Republic Act 8291.

Veloso highlighted that the GSIS actively engages with stakeholders, including teachers' and retirees' groups, to address concerns and provide accurate information. He expressed that the House inquiry offers another opportunity to reaffirm the GSIS's commitment to openness and to assure its members that the organization operates within the highest standards of integrity and governance.

The GSIS President assured that the pension fund remains in strong financial health, with total assets reaching PHP1.92 trillion and a net income of PHP100 billion as of August. He assured GSIS's 2.7 million members and pensioners that their contributions are safeguarded through prudent investment practices.

Furthermore, Veloso clarified that the reported PHP8.8-billion "loss" mentioned in earlier news reports is unfounded and not reflected in the GSIS's audited financial statements. The GSIS reiterated its commitment to acting within its legal and policy framework, upholding its mission of ensuring a secure and sustainable future for all government workers and pensioners under its guiding principle of 'Ginhawa (Comfort) for All.'