GSIS officer-in-charge named

THE GOVERNMENT Service Insurance System (GSIS) has appointed Executive Vice- President for Support Services Juliet M. Bautista as the state pension fund’s officer-in-charge (OIC) following the suspension of GSIS President and General Manager Jose Arnulfo “Wick” A. Veloso.

“Bautista will temporarily assume the responsibilities of President and General Manager to provide steady leadership and assure continued service to all members and pensioners,” GSIS said in a statement on Tuesday.

Ms. Bautista was appointed as the OIC during a special board meeting on Monday.

She is a certified public accountant with more than 20 years of experience in auditing, accounting, and financial systems.

She previously led GSIS’s Internal Audit Services Office, where she helped achieve international service quality (ISO 9001) and data protection (ISO 27001) certifications.

Ms. Bautista holds a Master’s in Business Administration from the Ateneo de Manila University and a degree in Accountancy from the University of Santo Tomas.

“The GSIS Board underscores that safeguarding the institution’s integrity and protecting members’ funds remain its highest priorities. Investments in governance reforms and strong internal controls are ongoing to further reinforce system resilience and transparency,” GSIS said.

The Office of the Ombudsman placed Mr. Veloso and six other officials under preventive suspension without pay for six months for purchasing preferred shares from AlterEnergy Holdings Corp. worth P1.45 billion under a private placement.

Mr. Veloso on Tuesday said on Money Talks with Cathy Yang on One News, that he has filed a counter-affidavit with the Office of the Ombudsman.

The Ombudsman said that its investigation found the shares, which were acquired on Nov. 7, 2023, were purchased without the approval of the GSIS board of trustees, or endorsement from the assets and liabilities committee and the risk oversight committee.

The investigation also found that the perpetual preferred shares were not listed with the Philippine Stock Exchange at the date of the transaction.

It also found the investment was not compliant with the minimum market capitalization and exceeded the free float market capitalization cap. — Aaron Michael C. Sy