Philippine-based Government Service Insurance System (GSIS) has promoted Juliet M. Bautista, executive vice president for Support Services to the state pension fund’s officer in charge (OIC), following the suspension of Jose Arnulfo “Wick” A Veloso.
Bautista was appointed as the OIC during a special board meeting in July.
“Bautista will temporarily assume the responsibilities of President and General Manager to provide steady leadership and assure continued service to all members and pensioners,” stated the pension plan, in a press release.
She has previously led GSIS’s Internal Audit Services Office, where she was instrumental in achieving international service quality (ISO 9001) and data protection (ISO 27001) certifications.
“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,” added the press release.
The Office of Ombudsman — an independent constitutional agency tasked with investigating and prosecuting public officials — had placed Veloso under a six-month suspension due to his connection with the state-run fund’s P1.45B investment deal with Alternergy Holdings Corp., a renewable energy firm founded by former energy secretary Vince Perez Jr, according to PhilStar Global.
Veloso is fully cooperating and has filed a counter affidavit with the office Ombudsman, he said on Money Talks with Cathy Yang recently.
According to Business World Online, during the investigation, the Ombudsman found that the shares of the energy firm were purchased without the approval of the GSIS board of trustees, or endorsement from the assets and liabilities committee or the risk oversight committee.
Additionally, the Business World Online’s reporting noted the investigation found that during the time of the transaction, the shares were not listed with the Philippine Stock Exchange.
