GSIS revenues up 9% to P153B

MANILA, Philippines - The Government Service Insurance System (GSIS) registered a nine percent rise in revenues last year, largely driven by increased contributions from its members and higher gains from investments.

Revenues, which include members’ contributions and earnings from investment, went up to P153 billion from P139 billion in 2013.

Robert Vergara, president and general manager of GSIS, said based on unaudited figures, the state pension fund ended 2014 with  total assets of over P910 billion.

He said the agency improved its level of efficiency in collecting members’ premiums and loan payments from 83 percent in 2010 to 95 percent last year.

The GSIS chief said the pension fund remains adequately strong and liquid to cover future payment obligations. “More importantly, the life of the fund is a healthy 34 years, an assurance that  GSIS will be there to pay our members’ pension throughout the duration of their retired life,” Vergara pointed out.

He attributed the  fund’s healthy financial position to landmark policies it implemented which include the restoration of the survivorship benefit for the survivors of deceased members, and the cancellation of the requirement for old-age and disability pensioners.

The GSIS likewise increased the minimum basic pension of more than 57,000 old-age and disability pensioners to P5,000 in January 2013.

It earned the highest percentage of offices nationwide that have been rated “Excellent” in the Anti-Red Tape Act survey inducted by the Civil Service Commission covering more than 1,000 agencies.

The survey results showed that 38 GSIS branch offices out of the 57 surveyed, or 67 percent, earned an “Excellent” score (90 percent and above), with not one office receiving a failing mark.

This was a far cry from the 2012 survey covering 45 branch offices, where GSIS received a “Failed” overall rating.

Presently, four branch offices already earned a Seal of Excellence - Bulacan, Dipolog, Tagum and Tuguegarao, GSIS said.

“We are pleased by the survey results. It’s a validation of our efforts to transform GSIS into a more efficient service-focused institution by streamlining the structure and simplifying the chain of command,” Vergara said.

Under the rationalization program completed in 2012, GSIS reconfigured the previous 16 regional offices, 25 branch offices and 18 satellite offices nationwide into 56 full-service, one-stop shop branch offices with branch managers empowered and entrusted with greater responsibilities under a decentralized system.

Along with the restructuring of the organization, the pension fund expanded its service delivery channels with 56 branch offices, 58 service desks and nearly 959 GSIS Automated Processing System (GWAPS) kiosks complemented by over 1,000 ATMs of servicing banks nationwide to bring its services closer to its more than 1.8 million members and pensioners.

Vergara said the “GSIS will continue to sustain the momentum for delivering responsive service to its stakeholders and invest in our people, in their knowledge, and in their skills.”