Philippine Senator Risa Hontiveros revealed on August 8 that the Government Service Insurance System (GSIS) had invested 1 billion pesos in an online gambling platform that had not completed registration with the Securities and Exchange Commission (SEC). This news immediately raised widespread concerns among civil servants and retirees: was their pension money being risked in high-stakes gambling?
Hontiveros stated in a television interview that this investment was suspected of being illegal and violated regulations, posing a serious threat to the actuarial life of GSIS and the pension security of millions of government employees. She cited warnings from the Commission on Audit (COA) that such high-risk investments could undermine the long-term stability of the pension funds, and criticized GSIS for not fulfilling its fiduciary duties and mismanaging public funds.
In response to the queries, GSIS claimed that its social security fund was still "robust and actuarially healthy," announcing that as of June 2025, its total assets reached 1.88 trillion pesos, with a net operating income of 76.82 billion pesos, a 31% increase year-on-year, and an average five-year investment return rate of 6.75%. However, these figures did not alleviate public concerns: why was such a substantial amount of money invested in an unregistered gambling platform?
Hontiveros stated that the Senate would conduct a comprehensive investigation into the incident, demanding full cooperation from GSIS. Additionally, she has submitted the "Anti-Online Gambling Bill," advocating for strict regulation of online gambling, prohibiting connections between e-wallets and super apps with gambling platforms, and completely banning online gambling advertisements. She emphasized, "A mobile phone is not a casino; gambling should not permeate everyone's life."
The incident continues to ferment in Philippine society, with widespread speculation about potential interest transfers or political connections behind it. Critics believe that this is not just an investment mistake but could also be a covert operation by a few individuals exploiting public funds for personal gain. The public is closely monitoring the progress of the investigation, hoping to uncover deeper truths behind the safety of their pension funds.
