MANILA, Philippines – The Ombudsman lifted the suspension order against Government Service Insurance System (GSIS) President and Chief Executive Officer Jose Arnulfo Veloso and four others over the alleged purchase of shares that violated the investment guidelines of the state insurer.
In an order dated Sept. 18, 2025, Acting Ombudsman Dante Vargas lifted the suspension against Veloso, GSIS Executive Vice President Jason Teng, Vice President Mary Abigail Cruz-Francisco, Officer II Jaime Leon Warren, and Acting Officer IV Alfredo Pablo.
The other two respondents, GSIS Executive Vice President Michael Praxedes and Aaron Samuel Chan, were not included in the lift order as they were no longer connected with the insurer.
Vargas said that there was insufficient grounds tha that their continued stay in office may prejudice the investigation of the case filed against the respondents.
“Thus, the continued imposition of preventive suspension of the above-named respondents is no longer necessary,” Vargas said.
Veloso and the other respondents were charged with grave misconduct, gross neglect of duty, and violation of reasonable office rules and regulations.
This comes after the GSIS’s investment in Alternergy Holdings worth P1.45 billion, a deal that was noncompliant with the GSIS investing rules.
In a statement, Veloso said that the Ombudsman’s findings affirm that there was insufficient ground to believe that his continued service would prejudice the ongoing investigation.
“I welcome this as a recognition of the professionalism and integrity with which I have conducted myself throughout my tenure,” Veloso said.
