GSIS COMMITS INVESTMENTS IN ‘BBM,’ DIGITIZATION

THE INSURANCE WILL ALSO FOCUS ON THE DIGITAL TRANSFORMATION OF GSIS TO PROVIDE THE ULTIMATE CUSTOMER EXPERIENCE FOR ITS MORE THAN TWO MILLION MEMBERS AND PENSIONERS.

State-run Government Service Insurance System (GSIS) will invest in infrastructure projects as part of the Marcos administration's “Build, Build, More” agenda, an official said on Friday.

"The GSIS has a maximum of up to P104 billion investible funds. Right now, P35 billion has been invested for the private equity and infrastructure," Dionisio Ebdane Jr., executive president, support services sector, said during the press briefing at GSIS in Pasay.

"We're considering more, like investing in the stock market," he said.

GSIS president and general manager Wick Veloso said, "we were also investing in telco, water, electricity, food security and medical services."

Moreover, the insurance will also focus on the digital transformation of GSIS to provide the ultimate customer experience for its more than two million members and pensioners.

"I want GSIS to be the 'gold standard' or the benchmark for public sector digitalization."

"We will achieve this by harnessing the power of information technology (IT) to give our stakeholders faster, better, and more convenient service," he added.

Veloso further stressed he would ensure that the "hard-earned premium contributions of GSIS members are invested wisely" to pay their benefits promptly.

Also included in his priorities as pension fund chief is ensuring that all the government properties and interests are insured with GSIS.

"To grow our general insurance business and protect government assets, we will market our insurance products to governors, mayors, and all officials of the different branches of government," Veloso said.

He added that he would advocate for making insurance part of "good governance."

Under the law (Republic Act 656), GSIS must provide insurance cover to all government assets and properties with insurable interests.

Furthermore, the GSIS also said it would grant emergency loans to members and pensioners affected by the 7-magnitude earthquake that struck the northern part of the country on 27 July.

"We will ensure that our members and pensioners will receive financial assistance, through our emergency loan, to tide them over during the crisis. We are also in touch with all public entities affected by the earthquake to check if there are damaged government properties that may claim insurance from GSIS," Veloso added.

Veloso added that the GSIS allotted P5.4 billion for emergency loans this year.

Veloso was elected GSIS president and a general manager by the GSIS Board of Trustees on 21 July.