The country’s largest labor group yesterday said the foreign investments of the Government Service Insurance System (GSIS) were found to be generally safe.
“Based on our cursory review of the stated investments, we consider the pension fund’s overseas portfolio to be generally safe, balanced and sound. GSIS members and pensioners can now sleep better at night,” Trade Union Congress of the Philippines (TUCP) secretary-general and former senator Ernesto Herrera said.
Based on the GSIS’ disclosure, none of the banks listed are particularly at risk of collapsing.
“The GSIS may have suffered temporary losses on account of the sharp decline in the prices of these bank stocks due to the worsening global financial crisis, but these losses are temporary. Once the prices of these bank stocks recover, the portfolio should also recover,” Herrera stressed.
He welcomed the decision of the GSIS to disclose details of its multi-billion investments overseas in a two-page advertisement published in The STAR last Friday.
“We are not out to make things difficult for the GSIS. We just wanted absolute transparency and full disclosure that are consistent with good governance and public accountability. And now we have it. This is good – that the GSIS has finally decided to come clean,” Herrera said in a statement.
Aside from the TUCP, members of the Senate have urged the GSIS to disclose the details of its Global Investment Program (GIP).
Herrera said TUCP would have eventually gone to court to compel the GSIS to disclose the details of its GIP had the pension agency not voluntarily published the details.
The GSIS listed the details of its GIP to include P10.456 billion of investments in “global fixed income” instruments, P4.127 billion in “global equities,” P3.08 billion in “global property securities,” and P8.875 billion in “cash, short-term notes and other investments.”
While the GSIS did not provide the exact amounts it invested in every type of instrument, Herrera said the TUCP still welcomed the listing.–Mayen Jaymalin, Philippine Star
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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