Without a doubt, the Government Service Insurance System (GSIS) is in capable hands under the management of veteran banker Jose Arnulfo “Wick” Veloso.
He brings to the state pension fund his vast banking experience spanning 36 years, both domestically and internationally, enough to make him appreciate the true value of money, sound investment practices and high dividends.
“After three decades of working in banks, it’s now time for me to use what I have learned in international finance and banking to contribute to nation building,” Veloso said during his inaugural as GSIS president and general manager on Sept 8, 2022.
“I now carry the responsibility of making sure that the retirement benefits of government employees are well managed,” he said.
As the skipper of the GSIS state of affairs, Veloso wants to leave behind a legacy of empowerment for over two million state employees and some 550,000 pensioners. He wants to give them better income opportunities, decent homes and business skills, more than anything else.
To do this, he is keen on investing the GSIS funds using his expansive mastery of the banking industry.
“We like to improve the members’ benefits, including grant of low-interest loans with longer repayment period, and bigger loan amounts,” he said.
Among the dramatic reforms he has so far instituted was the launch of the GSIS Digital ID Service which coincided with the fund’s 87th year.
“This enhancement marks a significant step in its efforts to automate processes, streamline services and amplify the customer service experience for its members and pensioners,“ the fund said.
In another significant move, the GSIS teamed up with the Japan International Cooperation Agency in a new technical agreement with Tokyo through the rollout of a technical cooperation project seeking to enlist specialists to help the pension fund grow its insurance business and continue to safeguard civil servants and government assets.
“This joint effort is not just about protecting the future of government assets. With a robust insurance framework, this collaborative mission is a pro-active approach in demonstrating the GSIS commitment to building a stronger and safer nation through sustainable infrastructure practices,” Veloso said.
Veloso was president and chief executive (CEO) of the Lucio Tan-held Philippine National Bank (PNB) prior to his appointment to GSIS.
Under his leadership, the PNB was conferred the “Best Managed Bank” award for demonstrating excellence amid the COVID-19 pandemic in 2020 by the Singapore-based Asian Banker which also named him “Best CEO” during the company’s annual Leadership Achievement Awards.
Prior to his PNB stint, Veloso worked as an international banker during which he gained his financing savvy, specifically in global banking and markets.
In 2012, Veloso was designated the first Filipino CEO of HSBC Philippines until he moved over to the PNB in 2018.
“Veloso has worked directly with Filipino and multinational customers for many years. Part of his work at the British multinational universal bank and financial services holding company HSBC was to regularly build relationships with institutional funds and investors with businesses and interests in the Philippines,” his profile read.
Throughout the COVID pandemic, Veloso collaborated with government leaders and banking industry captains to help keep the national economy afloat.
He was subsequently elected president of the influential Bankers Association of the Philippines (BAP) until March, but remained director of the organization since 2015.
At the BAP, he also helped craft the rules and regulations along with the Bangko Sentral ng Pilipinas and legislators to enhance the efficiency and the effectiveness of banks and banking services and boost their contributions to national economic growth.
Veloso was also the Philippine Commercial and Industrial Bank’s domestic treasury head as well as PCI Capital’s treasurer from 1993 to 1994.
From 1989 to 1993, he worked as Citibank’s fixed income portfolio manager where he honed further his treasury and trading acumen, giving rise to his rare distinction as “alpha male in the Philippine treasury market.”
Veloso completed his bachelor’s degree in Commerce, major in Marketing Management at the De La Salle University in Manila, in 1986.
