GSIS flagged for P2-B investment in 3 companies

The Commission on Audit (COA) has flagged the Government Service Insurance System (GSIS) for investing P2.3 billion in stocks of three companies with no record of profitability and for its failure to collect P14.7 billion in premium contributions paid by employees in various government agencies as of the end of 2023.

- By ELIZABETH MARCELO

In its 2023 annual audit report on the state insurance firm, the COA said a detailed examination of the GSIS Investment Reports for 2022 and 2023 showed it invested P2,307,919,680 of its funds in stocks of three companies "that have no proven track record of profitability over the last three years and have not paid dividends at least once over the same period."

The three companies were not identified in the audit report, but the COA said a further examination of the GSIS Investments Reports showed that the state firm already incurred a total of P251.371 million in valuation loss as of the end of 2023 "attributable to the aforementioned investment in stocks."