Investment & Capital Corporation of the Philippines (ICCP) on Monday reaffirmed that the capital-raising transactions it facilitated for Alternergy Holdings Corporation, including the PHP 1.45-billion Redeemable Preferred Shares (RPS) issuance subscribed to by the Government Service Insurance System (GSIS), complied with all regulatory and governance standards.

“Our role was to ensure that the capital raising activities adhered to strict regulatory requirements and market practices,” said ICCP President and COO Manny Ocampo. “All disclosures were made to regulators and investors in line with the best standards of fairness, transparency, and investor protection.”

ICCP served as sole issue coordinator and joint lead underwriter for Alternergy’s IPO in March 2023, which met the Philippine Stock Exchange (PSE) and Securities and Exchange Commission (SEC) requirements on track record, profitability, and market capitalization. It also acted as sole arranger for the RPS offering and its listing on the PSE in March 2024.

“These transactions followed strict due diligence and compliance processes. We ensured transparency at every stage of these transactions in line with our commitment to ethical and professional standards,” said ICCP Chairman and CEO Val Bagatsing. “In addition, Alternergy has reported to the PSE the payment of the first full annual coupon to the RPS in December 2024.”

ICCP emphasized that the RPS offering was an equity instrument designed for institutional investors seeking long-term fixed income and was fully compliant with PSE and SEC listing requirements.

The statement comes as the Office of the Ombudsman issued a preventive suspension order against GSIS President and General Manager Jose Arnulfo “Wick” Veloso and six other officials in connection with the fund’s purchase of 100 million perpetual preferred shares in Alternergy for PHP 1.45 billion on November 7, 2023—allegedly without the approval of the GSIS board.

In a decision signed July 11, Ombudsman Samuel Martires said Veloso and the other officials were suspended for six months after being charged with grave misconduct, gross neglect of duty, and violation of reasonable office rules and regulations.

ICCP reiterated its commitment to responsible capital-raising advisory services in support of the country’s energy security and sustainability agenda.

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