October 14, 2003, The Philippine Star, GSIS chief to be axed?, by Marichu Villanueva,

October 14, 2003, The Philippine Star, GSIS chief to be axed?, by Marichu Villanueva,

Is the president and general manager of the Government Service Insurance System (GSIS) on the way out? 

Three names are being floated to replace Winston Garcia — Finance Undersecretary Eric Recto, Transportation and Communications Undersecretary Jose Cortez and IBC-13 executive vice president Evangeline Balbuena. 

However, Presidential Spokesman Ignacio Bunye denied speculations that Garcia will be dismissed today. 

"The President would like to find out the real score," he said. 

Bunye said President Arroyo will meet Garcia in Malacañang today. 

"A lot of things will be clarified when the President meets with GM Garcia (today)," he said. "It will be an important meeting. We will let you know what takes place." 

Bunye said the GSIS is coordinating with the Department of Finance and the Commission on Audit to determine the "true status" of the funds under its control. 

Earlier, Mrs. Arroyo ordered Finance Secretary Jose Isidro Camacho to investigate the financial operations of GSIS following Garcia’s purchase of an expensive Juan Luna painting in Hong Kong. 

In a memorandum to Dario Rama, chairman of the Presidential Anti-Graft Commission, Camacho said Garcia had admitted making a P3.4 million in cash advances in his first five months in office in 2001. 

"(He) failed to offer an explanation as to where these cash advances were allocated or spent," he said. 

The DOF found Garcia liable in four other charges filed by the Kapisanan ng mga Manggagawa ng GSIS, he added. 

Winston Garcia is the son of Cebu Gov. Pablo Garcia, who belongs to the Probinsiya Muna Development Initiative party of former governor Lito Osmeña, a political ally of Mrs. Arroyo. 

GSIS members have complained that their loans and retirement benefits have been suspended because Garcia had mismanaged the pension fund.