"I would like to hear what reforms have been initiated in the System to improve GSIS’ financial strength and its service to its members since we passed its revised charter. I would also like to be clarified on Mr. Garcia’s allegation that a "reinsurance racket’ involving Napocor assets triggered the recent spate of protests against him," Enrile added.
The embattled Garcia has claimed that he was able to increase the gross revenue of the GSIS from P53.8 billion in year 2000 to P75.2 billion in 2003, and its net income from P21 billion in 2000 to P37.5 billion in 2003. He further claimed that the GSIS obtained the highest gross revenue and net income among the 71 government-owned and controlled corporations, half of which were suffering losses.
"On my part, I am interested to ferret out not only the truth about his disturbing statements that the protests against him are being orchestrated by interest groups involved in the reinsurance business as well as those bent on blocking reforms within the system," Enrile said. "The investigation must not be allowed to turn into a Garcia bashing session but must go beyond personal attacks to determine the financial strength, stability and viability of the GSIS."
Enrile, who authored the revised charter of the GSIS during the Eleventh Congress, stated that the issues raised against Garcia which center on alleged mismanagement of GSIS funds must be seriously looked into. However, he said that the only objective yardstick that should be used is whether under Garcia, the stability and growth of the pension fund has been weakened or strengthened.
Noting that the anti-Garcia campaign has become acrimonious and the issues muddled due to charges and counter-charges by both camps, Enrile called for sobriety and welcomed the forthcoming Senate investigation as a venue for legitimate issues to be raised and threshed out in the interest of the 1.5 million members of the GSIS.