BY NOEL SALES BARCELONA
An organization of government employees has urged the full disclosure of the Government Service Insurance System (GSIS) investments exposed to the US stock markets.
GSIS President and General Manager Winston Garcia said earlier there is ‘only a little amount of money’ that was invested to the US financial market and that the US$600 million (P28 billion) Global Investment Program (GIP) remains intact.
Ferdinand Gaite, president of the Confederation for Unity, Recognition and Advancement of Government Employees (Courage) maintained that the GSIS management must release a detailed financial statement regarding the GIP.
“If Atty. Garcia has nothing to hide, he must disclose how much exposure that the GSIS has to the international stock markets, especially in the US,” Gaite said. He added that it is the money of 1.6 million members.
Courage said that they ‘may be forced to seek the assistance of the courts to compel Garcia to reveal the stability of the government-owned surety company.
Moreover, Astro del Castillo, financial and investment analyst also deemed that the GSIS and the Social Security System (SSS) must fully disclose their exposure to the US stock markets.
Del Castillo is president and managing director of First Grade Holdings, Inc. (FGH) and its sister company, First Grade Finance, Inc. (FGFI).
“They (SSS and GSIS managements) should be transparent because their members do not know where their money goes. I think that there are provisions [in their charters] about transparency,” Del Castillo said. (Bulatlat)