The Philippines’ Government Service Insurance System (GSIS) has been called out by a Senator for allegedly investing over PHP1 billion ($17.4 million) in the Philippine’s largest online gambling platform DigiPlus.
Senator Risa Hontiveros, a strong proponent of imposing strict limits on the gambling sector, questioned the GSIS’ alleged purchase of DigiPlus shares, claiming that these were purchased by the GSIS during their peak valuation and have since dropped in value.
“What was GSIS thinking, investing funds in online gambling,” the politician questioned during a plenary session.
The Senator furthered that “we in the Senate, along with the House of Representatives and even Malacañang (the Presidential Palace), are all taking strong initiatives and firm stands against online gambling because of its harmful social costs”.
“Why is GSIS investing the retirement money of public servants to seemingly expand the e-gaming industry? We need explanations,” noted the politician.
Stocks in online gaming-linked companies, including DigiPlus, have seen significant decreases since numerous top officials have called for restrictions or an outright ban on online gambling in the Philippines.
DigiPlus is a Philippine Stock Exchange-listed company, is ranked on the Fortune Southeast Asia 500 list and is regarded as one of the nation’s fastest-growing companies.
Hontiveros’ statements also come as the government aims to improve transparency and eliminate waste and corruption linked to its budget. The budget was one of the top issues raised by the nation’s President Ferdinand Marcos Jr. during his State of the Nation Address (SONA) last month, an address which – notably – did not bring up the issue of online gambling.
