Reputational damage

For someone who works in the financial or banking sector, a good reputation is the cornerstone of one's career, and more so if the individual works in government.

- MARIANNE GO

Thus, any allegation of misconduct, violation of laws or regulations and neglect of duty is a serious matter that cannot be easily dismissed or ignored.

The ripple effect of such an accusation can even affect entities and individuals who may have been involved in the questioned transaction, thus resulting in some degree of reputational damage.

This is what is now happening to Government Service Insurance System president and general manager Jose Arnulfo "Wick" Veloso who has built a notable banking career that saw him rise from a hotshot Treasury trader in HSBC to eventually become its first Filipino country manager, and then on to become president of Philippine National Bank, one of the country's biggest commercial banks, and to be eventually appointed as PGM of GSIS under the term of President Marcos.

GSIS PGM Veloso was basically caught unaware by the July 11, 2025 order of retiring Ombudsman Samuel Martires that suspended Veloso for a six-month period while the Office of the Ombudsman investigates the stock purchase of 100 million preferred shares in Alternergy Holdings Corp. for P1.45 billion.

The suspension move against Veloso, however, also cast a shadow over Alternergy with the implication that the deal may not have been as beneficial to the GSIS as it was to the renewable energy firm.

Thus, by association, some reputational damage is also being experienced by Alternergy, as well as its financial advisor—the Investment & Capital Corp. of the Philippines or ICCP, which has defended the transaction.

According to PGM Veloso, the preventive suspension is based solely on an anonymous and unverified complaint without the Office of the Ombudsman first securing a counter affidavit from him. The request for Veloso's counter affidavit was made only on June 20, 2025, with the request received by Veloso only on June 30, which allowed the filing to be extended up to July 21.