Bicol – Government Service Insurance System (GSIS) president and general manager Wick Veloso is ramping up its mandate to protect as many government agencies in the country from calamities especially in the typhoon-prone area of Bicol through insurance.
This was Mr. Veloso’s statement during his visit to the cities of Legazpi, Naga, and Sorsogon in the Bicol region on November 10 and 11, 2022.
“We don’t know when the next calamity will strike. Preparedness can cushion the impact of such unfortunate events. It would be a big help if government offices are insured so that they can recover from its adverse effects,” the GSIS chief explained.
Under Republic Act 656, GSIS is mandated to provide insurance cover to all government assets and properties with insurable interests. GSIS offers the following insurance coverage such as fire, engineering, marine hull and cargo, aviation, bonds, motor car, and personal accident.
During his two-day visit, Mr. Veloso personally awarded certificates of recognition to a total of 11 top performing government agencies in the region for insuring their properties and other assets with GSIS as of 30 September 2022. The agencies paid a total of Php86 million in insurance premiums to GSIS. The agencies are the City Government of Legazpi, Provincial Government of Albay, Bicol Regional Hospital and Medical Center, Provincial Government of Camarines Sur, Bicol Medical Center, Camarines Sur Polytechnic Colleges, Development Bank of the Philippines (Camarines Sur) Lending Center, Municipal Government of Gubat in Sorsogon, Provincial Government of Sorsogon, City Government of Sorsogon, and City Government of Masbate.
PGM Veloso has been going around the country since August to promote GSIS’s insurance program and premium and loan collection efforts. He went to Baguio, Pampanga, Cebu, Iloilo, and Davao.
“From June to September 2022, GSIS has collected a total of P1.8 billion in insurance premiums already. This is 19% higher than the P1.54 billion in the same period in 2021. We hope to convince more government offices to insure their properties with us in the coming months,” Veloso said.
A total of five performing agencies were also recognized for their excellent collection and remittance of premium contributions and loan payments to GSIS. They are the Philippine Statistics Authority with 101.69% premium collection efficiency and 100.48% loan collection efficiency; Matnog National High School with 107.07% premium collection efficiency and 97.32% loan collection efficiency; Municipal Government of Santa Magdalena 102.90% premium collection and 95.09% loan collection efficiency; Luy-A National High School with 102.90% premium and 99.64% loan collection efficiencies; and Bagamanoc Rural Development High School with 100% in both premium and loan collections.
GSIS earns income from the premium contributions as well loan payments from its members and pensioners. The collection of more funds redounds to a longer fund life and assurance that members and pensioners will be able to receive their benefits when they fall due.
