GSIS pensioners abroad given easier access to loans, benefits

MANILA, Philippines - Pensioners of the Government Service Insurance System (GSIS) who are living abroad may now withdraw their benefits and loan availments from automated teller machines in their host countries.

GSIS said it has also made it easier for pensioners to renew their active status by allowing them to do this anytime within their birth month.

In the past, pensioners living in the Philippines or abroad, had to make personal appearances in any servicing GSIS office in the country once a year, during their birth month, to avoid suspension of monthly pension.

With improved policies, GSIS said its pensioners can now renew their active status through Skype or through the GSIS Wireless Automated Processing System (G-W@PS) kiosk using their eCard.

These kiosks, numbering 263, are available in all GSIS servicing offices and selected government agencies nationwide.

By the first semester of next year, GSIS said it would deploy additional 500 kiosks in all division offices of the Department of Education nationwide.

From January to October 2010, GSIS had released P18.78 billion in pension benefits.

Latest data from the agency showed that it disbursed close to P19 billion in monthly pension benefits in the first 10 months of the year, up 11.36 percent from last year’s P16.87 billion.

“The increase was attributed to the growing number of pensioners the GSIS services every year and the pension increase that was implemented by the pension fund in January 2010,” GSIS said.

In addition to this, GSIS declared a 1.5- percent increase in pension for existing and qualified regular pensioners. The increase was based on their 2005 monthly pension.

At the same time, a 1.5-percent pension increase was granted to those whose pensions started after 2005. The increase was based on their original monthly pension.

Data showed that of the total amount of pension benefits paid in January to October this year, P16.38 billion were paid to old-age pensioners, while P2.4 billion were given to survivorship pensioners.

The GSIS has close to 280,000 active pensioners, old-age and survivorship combined and disburses an average of P1.7 billion in pension benefits every month.

Pensioners of the GSIS remain the highest earning retirees in the country today. Apart from their monthly pension, eligible old-age pensioners are entitled to cash gifts at the end of the year which they receive electronically, a service unique to pensioners of the pension fund.

With the use of their eCard, GSIS pensioners can withdraw their monthly pension, cash gift, and even the proceeds of their pension loan from any Megalink, Bancnet, or Expressnet ATMs nationwide.