BIZ BUZZ: Veloso: ‘I have no agenda’

Jose Arnulfo “Wick” Veloso is no stranger to boardroom battles, given his nearly four decades of experience in banking and finance, thus he is not entirely fazed by the latest attempts to remove him from the helm of state pension fund Government Service Insurance System.

Last Oct 14, current and former high-ranking GSIS officials called for his “immediate and irrevocable” resignation as president and general manager of the fund, and accused him of “poor investment decisions” that they said resulted in losses amounting to P8.8 billion.

Veloso dismissed these allegations as “baseless”, adding in his statement that GSIS’ performance “speaks for itself.

As of August 2025, GSIS’s total assets have climbed to ₱1.92 trillion, net income has reached ₱100.02 billion, and total income stands at ₱231.06 billion. These results clearly demonstrate that, despite market headwinds, GSIS remains financially strong, resilient, and highly profitable, he said.

“With nearly four decades of experience in banking and finance, my sole objective in joining government is to contribute my expertise toward strengthening our institutions. I have no hidden agenda, only a clear commitment to serve,” Veloso said.

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“I appeal to everyone to spare GSIS from politics. As head of GSIS Management, I am committed to ensuring that our institution is treated with the respect it deserves, and I will not allow unwarranted fault-finding to derail our collective progress,” he added.

Veloso stressed that he would continue to serve as long as the administration wants him there, thus it will ultimately be up to Pres. Marcos to decide his fate.