Angara urges investigation of GFI trust funds

Sen. Edgardo Angara pressed yesterday for the Senate investigation into the handling of trust funds by the Government Service Insurance System and other government financial institution.

Angara had filed Resolution 330 calling for such a Senate probe even before the GSIS has been tagged as the financier of the P1.1-billion President Diosdado Macapagal Avenue (PDMA) at the Manila Bay reclamation area.

The resolution was co-authored by Sen. Tessie Aquino-Oreta, Sen. John Osmena, Sen. Aquilino Pimentel Jr. and other opposition senators.

Angara urged the immediate probe after leaders of the country’s 6.5-million senior citizens have expressed alarm over the possible dissipation in the value of their pension funds with the GSIS loan to the PDMA project.

Recently, Senators Ralph Recto, Joker Arroyo and Rodolfo Biazon also questioned the proposed sale at a loss of the Meralco shares held by GSIS. The solons said that GSIS invested in Meralco shares in the hope of earning money for its members, but it seemed the members would lose money instead.

Angara, author of the Senior Citizens Act, has been meeting with senior citizens for the 10th anniversary of the law. He even celebrated his birthday last Tuesday in the company of senior citizens at the Golden Acres, the former Home for the Aged, in Quezon City.

"There is a sense of alarm and apprehension among senior citizens on how pension funds are being used by the fund managers and overseers — and the worries are justified," Angara said.

He pointed out that senior citizens have been clamoring for an increase in their monthly pension from either the GSIS or the Social Security System with the continuing erosion of the value of the peso.

"This clamor can only be granted if pension funds are wisely and discreetly invested," Angara added.

He expressed confidence that through Senate Resolution 330, remedial legislation could be crafted to safeguard the funds held in trust by agencies such as the GSIS. — Efren Danao