Gabriela Solon Seeks Full Disclosure of GSIS Investments amid Global Financial Meltdown

Gabriela Womens Party Representative Liza Maza today renewed calls for the GSIS to fully disclose immediately its foreign investments as the global financial meltdown worsens in the midst of a foiled US bailout.

“The clamor for a full public disclosure of GSIS investments is urgent. The pension of at least 2 million government employees, including public school teachers is at stake,” said Rep. Maza.

“Government employees practically all of whom are GSIS fund owners and legitimate stakeholders all deserve to know what is going on with their money. We have received and continue to receive complaints from several government employees and public school teachers who do not receive their pensions and benefits on time.”

The Gabriela solon added that all GSIS loans for employees of the House of Representatives have been suspended since the second week of September. “All these indicate that there is something wrong with the GSIS.”

According to the Gabriela solon, at least $1B worth of assets for investment have already been released by the GSIS to international fund managers ING Investment Management and Credit Agricole Assset Management late last year.

In November 2007, Rep. Maza, along with fellow Gabriela Representative Luz Ilagan and representatives from Bayan Muna and Anakpawis filed House Resolution 333 which seeks to look into the $1B Global Investment Program. “To date, this resolution has not seen action in any committee.”#