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If you’ve ever been told to invest your retirement funds wisely, “online gambling” probably didn’t top the list. But according to Senator Risa Hontiveros, that’s exactly what the Government Service Insurance System (GSIS) did—with ₱1 billion worth of public workers’ money.

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In a privilege speech on Tuesday, Hontiveros said the GSIS poured the billion-peso investment into DigiPlus Interactive Corp., a company best known for running online gambling operations under various brands. The kicker? The alleged investment happened when DigiPlus shares were trading at around ₱65.30—a price now more than 60% above its current market value. As of late July 2025, DigiPlus shares are trading at approximately ₱19.78.

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The senator called out what she described as “speculative and inappropriate” use of government-managed pension funds, especially considering the volatile and controversial nature of gambling-linked companies. She also raised concerns over the transparency of the move, noting that the investment happened under the leadership of suspended GSIS President Jose Arnulfo “Wick” Veloso.

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In case you’re wondering: yes, the man steering the government’s social insurance fund was already under suspension. A fact that makes the word “oversight” feel more like an optimistic suggestion than an institutional safeguard.

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While full details of the transaction are still emerging, Hontiveros warned that this sort of behavior “undermines the public trust,” especially for teachers, clerks, janitors, and other government workers who don’t exactly view slot machines as a sound retirement strategy.

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In a country where financial literacy campaigns often preach caution, diversification, and long-term thinking, the GSIS appears—if the allegations are accurate—to have hit the “all-in” button on a company profiting off people doing the exact opposite.

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As of writing, there has been no official confirmation from GSIS regarding the allegations. DigiPlus remains listed on the Philippine Stock Exchange.

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No word yet if pensioners will now receive dividends in free game credits—bazinga. 

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