Business
Malacanang supports calls for GSIS transparency on its U.S. investment
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Oct 5, 2008 - 10:21:17 AM

MANILA, Oct. 6 (PNA) -- Malacañang seconded on Sunday the move of some sectors for the Government Service Insurance System (GSIS) to be transparent about its investments in the United States.

In an interview over Radyo ng Bayan, Press Secretary Jesus G. Dureza said that unless it is restricted by the need for confidentiality and other lawful restrictions, GSIS should be open about its investments in the US whose banking industry has been roiled by the financial turmoil sweeping Wall Street.

“On the whole, they (the papers) should be released,” said Dureza, referring to the reported GSIS investment in the US of some US$ 600 million.

He added, however, that the purported GSIS investment of US$ 600 million in the US is a mere drop in the US$ 700-billion financial bailout program approved by the US Congress and signed into law by President George W. Bush over the weekend.

“If there is no valid reason for withholding” the details of the GSIS investment, then the government pension fund should share the information with the public, Dureza told the radio program, “Pilipinas, Pilipinas!”

He added that government offices and officials “should always be transparent – if not always ahead (in releasing information), even without being asked.”

President Bush signed on Friday the US$ 700-billion Wall Street bailout measure approved by the US Congress earlier by a vote of 263-171.