Trillion pesos worth of assets

By present estimation, a trillion pesos worth of flood control projects have been undertaken by the Department of Public Works and Highways (DPWH) in various administrations through the years.

- MARICHU A. VILLANUEVA

If only all of these flood conirol projects were really carried out, completed according to design and specifications, these would not have turned into moneymaking itkets by corrupt politicians along with their favored contractors and their cohorts at the DPWH.

The full blast investigations of the Independent Commission on Infrastructure (ICI) started two weeks ago but behind closed doors, with no public access to its proceedings. As created by President Ferdinand “Bongbong” Marcos Jr. (PBBM), the ICI is digging into these alleged “ghost” and substandard flood control projects at the DPWH for the past 10 years. But it was the Senate public hearings that kicked off all these investigations and triggered the “Trillion Peso March’ last Sunday.

The Senate, regarded as composed of 24 “independent republics,” is housed in the building in Pasay City owned by the Government Service Insurance System (GSIS). The GSIS stands on solid ground of its trillion pesos worth of assets. Drowned by the howls of protests on alleged shenanigans at the DPWH was the otherwise quiet return to work of GSIS president and general manager Jose Arnulfo “Wick” Veloso. It was after the Office of the Ombudsman lifted last week his preventive suspension without prejudice to the continuing probe of the complaint against him.

Despite his stewardship in generating P1.88-trillion total assets of the GSIS as of July 2025, Veloso was meted a six-month preventive suspension by erstwhile ombudsman Samuel Martires. Acting on a supposed “anonymous” complaint, Veloso was questioned over the P1.4-billion GSIS investment with Alternergy Holdings Corp. The ombudsman issued a Joint Order directing, Veloso and his six co-accused to submit counter-affidavits on or before July 30.