Taking on the role of GSIS chief: Veteran banker Wick Veloso looks back

Although having almost four decades worth of experience in banking and finance, Tatler Asia's Most Influential 2022 honouree Wick Veloso deems himself a newcomer in his post. Nevertheless, it is a challenge he is happy and honoured to take on as he is full of progressive solutions to suggest

Esteemed banker Wick Veloso had the reputation of being the first Filipino CEO of HSBC Philippines, prior to his game-changing tenure as president of the Philippine National Bank (PNB) in 2018. His extensive knowledge of his respective industry and his almost 40 years of experience have made him truly one of the most influential voices in the economic sector.

As president and CEO of PNB, Veloso pushed the bank's performance amid Covid-19 pandemic and intensified its online banking services. This earned him the "Best CEO" while PNB bagged the coveted "Best Managed Bank" from The Asian Banker in October 2020. For two consecutive years later, the bank was recognised by Asiamoney as the "Best Bank for Investment Research in the Philippines". Truly, Veloso has been one of the prized gems of the Lucio Tan Group of companies.

When he was appointed by the Marcos administration as the new president and general manager of the Government Service Insurance System (GSIS), he stepped down as PNB president. Now his eyes are set on improving the said institution that millions of Filipinos benefit from.

Above Wick Veloso, Paulo Campos, Eric Thomas Dee, Anne Arcenas Gonzalez, Kenneth Cobonpue, Marife Zamora

What are your projects in the last two years that you are most proud of? Why?

Wick Veloso (WV): I can think of so many things to be thankful for and proud of these past two years. I am particularly proud of the fact that I was part of the team at PNB. We had a number of projects aimed at making it simpler and safer for customers to access bank services. It was the height of the pandemic and we continued to work closely with our customers and help support the overall economy.

I am very proud of the digital projects at PNB that allowed customers to do bank services even during difficult times. The work we put into our mobile app helped our customers to safely transact anytime, anywhere.

And to protect our workforce from the pandemic, we pushed projects that quickly allowed PNB to deploy its workforce to Work From Home (WFH).

We too pushed the Bank on Wheels, which PNB has been known for since it launched about 50 years ago.

In 2020, PNB was named “Best Managed Bank During COVID” and “Best CEO Response to COVID” by Asian Banker magazine. AsiaMoney also cited PNB as the “Best Bank for CSR”. We were all very proud of these.

I too am very proud of my work at the Banking Association of the Philippines (BAP), where I was elected by my peers to lead. As BAP President until March 2022, we worked closely with the Bangko Sentral ng Pilipinas (BSP), Congress, and many of our stakeholders to formulate policies that would help our customers and the overall economy manage the impact of COVID-19. I am proud to have collaborated with the government and my colleagues in the private sector in looking for ways to help those suffering from the impact of the pandemic.

I am most proud to share too that during the past two (2) years, we welcomed four (4) more grandchildren into our family. That is what success is all about.

Above Photo: Tatler Philippines, Gen.T Tribe 2019 kickoff event

What challenges do you see now in your respective industry? How do you intend to help address these challenges?

WV: I am new to the government. And so far, I have heard a lot of good ideas and met brilliant individuals in government.

While the pandemic is now more manageable—and this is allowing the economy to recover—we are now confronted with a gloomier and more uncertain global economy. This is a crisis on top of another crisis. As a banker, I have worked most of my career in international banks serving customers from the Philippines and across the globe. And through the many crises since the 1980s, I have learnt that those who successfully overcome belong to strong teams that empower members to collaborate, contribute, act boldly and make mistakes while maintaining a unified objective. These teams not only survive but thrive, no matter how rough it gets.

From where I sit, I believe that there are many civil servants who can come up with progressive solutions to our society’s problems.

And this is what we are doing now. We are encouraging collaboration at the GSIS with the objective of building a stronger and more sustainable institution as we align with the priorities of the administration.

Above Wick Veloso at the Commanderie de Bordeaux 2019 Gala

What can you say to those who'd like to follow in your footsteps?

WV: I would advise them to go find their own “uncharted path”—be a “trailblazer”— and be the best version of themselves. Life, for me, is a constant quest to gain new knowledge and acquire new skills. Always welcome change.

Who do you look up to for guidance, inspiration, or mentorship?

WV: My former bosses moulded me into what I am today. They were the ones who inspired and helped me to “retain the good” and “drop the bad” in me. I also learnt a lot from the customers and regulators that I’ve met in the course of my close-to-40 years career in banking.

I also greatly admire my parents Manuel and Gilda for moulding me into the person I am today. The lessons they imparted to me, I will always cherish.

Above Photo: GSIS Corporate Communications Office

What are your plans for the coming years and what keeps you going?

WV: My new job as president and general manager of GSIS allows me to leverage what I have learnt in banking over the past decades to help build a more efficient institution.

The GSIS Act of 1997 (Republic Act 8291) mandates us to collect monthly contributions from our members and ensure that it is invested wisely. As such, the job requires the PGM to be an astute investor who must be able to grow the Fund prudently and safely—so that our civil servants can look forward to receiving a comfortable pension when they retire from service.

We will align GSIS’s investment strategy with the “growth story” of our country. The Philippines now has 110 million Filipinos, with 26 as the median age. It is imperative that we provide our young population with everything they need to reach their full growth potential if we want to gain dividends from this “demographic sweet spot.”

In pursuit of this goal, GSIS will be investing its funds in businesses and industries that support the “growth story” of our country—like power, water, food production, telecoms, healthcare, education, financial services, and consumer goods. We are also very keen to be part of the “Build-Better-More” infrastructure program of the government. Safely growing our funds, while helping in nation-building, would be like “hitting two birds with one stone.”

Our second mandate is to protect government properties and equipment (including locators in export processing zones). Republic Act 656 (Property Insurance Law) mandates GSIS to provide insurance coverage to all government assets with insurable interest. Under my watch, GSIS will be ramping up efforts to promote its insurance products to ensure that all government assets are covered by GSIS Insurance.

Lastly, Republic Act 11032 (Ease-of-Doing-Business Act) requires us to cut red tape and render the best possible service to our customers. As PGM, I will provide our stakeholders with a better customer experience. Right now, GSIS already has a mobile app called “GSIS Touch” which our members can use to access our loan products. In the next coming months, we will be loading more exciting features to the “GSIS Touch” app. Eventually, I want “GSIS Touch” to be a payment and financial management tool to help our members manage their finances better.

What keeps me going?

I get excited whenever I am challenged with a task or a mission that is said to be “impossible.” I am challenged whenever I see the blank stares of impoverished Filipino children wanting to have a better future. I am challenged every time I see inequality in the lives of my countrymen. For me, this is the best stimulus to keep me going.

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