Senate Deputy Minority Leader Risa Hontiveros on Monday raised serious concerns over the Government Service Insurance System’s (GSIS) decision to invest billions of pesos in what she described as “high-risk companies,” including an online gambling platform. In a fiery privilege speech delivered at the Senate, Hontiveros warned that such investments could endanger the long-term solvency of the state-run pension fund meant for 2.7 million government employees.
“The content of my speech today is the GSIS’s investment of over ₱1 billion in online gambling!” Hontiveros exclaimed. “What was GSIS thinking, investing in an industry that public servants themselves are prohibited from engaging in?”
She stressed that government workers are strictly barred from entering casinos or participating in gambling activities due to ethical and legal restrictions. Given this, she questioned the logic behind GSIS channeling public servants’ retirement savings into a platform rooted in online gambling.
“The pension of the public sector is not for gambling,” she said. “GSIS should not waste or gamble away the future of those who serve our nation.”
Citing concerns over potential violations of existing regulations, Hontiveros called on the Senate to urgently revisit the GSIS Act. She proposed amendments to enhance transparency, tighten criteria for investment eligibility, and strengthen congressional oversight over the pension fund’s financial decisions.
While she acknowledged that GSIS must seek ways to grow its assets to ensure future payouts, Hontiveros emphasized that such efforts should prioritize safety, sustainability, and ethical responsibility.
“Investment decisions must align with the values and best interests of our civil servants,” she said. “Not only do these choices affect individual retirements, but they also shape public trust in our institutions.”
Hontiveros urged fellow lawmakers to join her in scrutinizing GSIS’s current portfolio, particularly investments that may involve elevated risk or ethical red flags. She also requested that GSIS executives appear before the Senate to explain the rationale behind these decisions.
The senator’s speech sparked immediate discussions on social media, with netizens and public sector employees expressing alarm and frustration over the use of their hard-earned contributions.
As of this writing, GSIS has yet to release an official statement addressing the senator’s claims or clarifying the nature of the investments in question.