GSIS, JICA advance project to improve valuation of government assets

The Government Service Insurance System (GSIS) and the Japan International Cooperation Agency (JICA) moved forward with their joint initiative to strengthen the valuation and risk assessment of government assets during the 2nd Joint Coordinating Committee Meeting of the GSIS–JICA Technical Cooperation Project on March 5.

The project seeks to establish a standardized and science-based method for estimating the replacement cost of public assets insured by GSIS, improving the accuracy of insurance coverage and risk-based premiums for government properties nationwide.

GSIS President and General Manager Wick Veloso said the initiative addresses a long-standing challenge faced by the government insurer.

“Many agencies still have incomplete or outdated property records. This project helps us establish a reliable baseline for valuing public assets and assessing the risks they face,” Veloso said.

GSIS insures thousands of government assets across the country, including schools, hospitals, bridges, municipal halls, and other public infrastructure. Accurate valuation is critical in ensuring appropriate insurance coverage and faster recovery of government services after disasters.

JICA Senior Representative Nobuhiko Aoki emphasized the broader significance of the collaboration. “This technical cooperation supports the Philippine Disaster Risk Financing Strategy by helping ensure sufficient and readily accessible post-disaster financing. As the primary insurer of public assets, GSIS plays a critical role, especially as climate-related disasters continue to pose growing fiscal and macroeconomic risks across the region.”

The project also supports the integration of hazard information from the GeoRiskPH platform, following a Memorandum of Agreement signed between GSIS and the Philippine Institute of Volcanology and Seismology (PHIVOLCS). The platform provides nationwide data on earthquakes, volcanic activity, landslides, liquefaction, and other natural hazards.

By combining scientific hazard data with standardized valuation tools, GSIS aims to strengthen its underwriting process and ensure that insurance premiums reflect actual disaster risks.

The initiative is also aligned with the development of the General Insurance Information System (GIIS), the new digital platform that will support GSIS general insurance operations. Once integrated, the system is expected to enable automated asset valuation, more consistent underwriting, and improved analytics for disaster risk assessment.