The Philippines’ Government Service Insurance System (GSIS) has responded to criticism from a top Senator over its investment in shares of online gaming giant DigiPlus.
In an official statement, the GSIS assured that the pension fund is “strong, secure, and actuarially sound” and said it welcomes “scrutiny and call for public disclosure”.
This comes after Senator Risa Hontiveros, one of the top officials pushing for a full ban on online gaming in the nation, said that the GSIS was “investing funds in online gambling” during a Senator plenary session. Hontiveros claimed that the GSIS was “investing the retirement money of public servants to seemingly expand the e-gaming industry”.
The GSIS had invested some PHP1 billion ($17.4 million) in DigiPlus, when the stock valuation was high. This was before the calls to ban online gaming in the nation, partially spearheaded by Hontiveros, which led to a significant drop in share prices for online-linked gaming operators.
In its statement, the GSIS affirmed that “we remain guided by our mandate: to protect and grow the hard-earned contributions of government workers”. However, it indicated that it would review its charter and investment policies, with a particular focus on risky or sensitive sectors.
The GSIS handles some PHP1.81 trillion ($31.62 billion) in assets.
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.
