BACOLOD CITY, March 25 (PNA) — Government Service Insurance System (GSIS) president and General Manager Robert Vergara has declared that state pension fund will no longer invest in art unlike what it did in the 1970s.
“We already decided that there will be no more investment in art,” Vergara said noting that art for him is “not very liquid” form of investment.
Instead of investing in art, whatever small budget they have will be solely used for the maintenance and improvement of their existing programs, Vergara said.
“When people retire they asked for cash not in kind,” he quipped.
GSIS has 87 painting collections that have an estimated value between P300 to P400 million in assets, the official said.
Most of these collections are the masterpieces of Federico Aguilar Alcuaz. The most popular is Juan Luna’s Parisian Life (1892) that GSIS acquired for P46 million in 2002.
Others feature the works of HR Ocampo, Vicente Manansala, Botong Francisco, Juvenal Sanso, among others.
All of these art collections have been turned over to National Museum for proper storage and maintenance in 2010.
Vergara said they might consider selling the paintings in the future so they can return the money to its members.(PNA)