The Philippine government's civil servant social security agency GSIS has recently attracted widespread attention and controversy due to its investment in the online gambling platform DigiPlus Interactive Corp. Millions of civil servants' pensions, which should have been used to secure their retirement life, were invested in high-risk ventures, raising public concerns about the transparency of management decisions and risk control.
As of March 2025, GSIS's total assets have reached 1.83 trillion pesos, covering about 2.7 million active and retired civil servants. Since 2023, the agency has started investing in DigiPlus and continued to increase its stakes at high stock prices, with total investments exceeding 1 billion pesos. However, as the controversy over the legality of online gambling in the Philippines intensifies, this investment has attracted broad social attention, highlighting the management's possible lack of adequate risk assessment in investment decisions.
Senator Hontiveros and groups such as the Public Service Labor Alliance have called for GSIS to disclose its investment decision-making process and accept independent reviews to ensure that civil servants' pensions are not compromised by pursuing high-risk returns. Meanwhile, former GSIS President Veloso has been preventively suspended by the Ombudsman for another stock transaction worth 145 million pesos, and his management actions are under investigation, indicating possible irregularities within the institution.
Public opinion generally believes that such investment behaviors severely deviate from social trust, directly affecting the vital interests of millions of civil servants and retirees. Critics emphasize that pension funds should prioritize securing members' retirement safety rather than being directed towards high-risk or controversial industries such as online gambling.
The Philippine regulatory authorities have stated that they will strengthen the disclosure and independent review of investments in sensitive industries and enhance public oversight to ensure the transparent and fair operation of civil servants' pension funds, preventing high-risk investments from harming public interests.
