MANILA, Philippines — Starting July, state pension fund Government Service Insurance System (GSIS) will require government agencies to submit remittance documents electronically.
GSIS president and general manager Jesus Clint Aranas said this is in line with the agency’s shift to paperless transactions.
“The complete shift to paperless transactions reduces paper production cost and yields savings in government resources. More than that, a paperless working environment enhances data organization, storage, and retention which are all vital in protecting the privacy and security of members’ records,” Aranas said.
With this development, Aranas said government agencies would now be able to fully utilize GSIS’s web based facility, dubbed as the Electronic Billing and Collection System (eBCS).
The system allows them to download their billing files on the first day of the month and uploading their respective remittance lists electronically on or before the 10th day of the following month.
Introduced in July 2014, eBCS aims to ensure the seamless and timely posting of GSIS members’ premium and loan payments.
“After almost five years since eBCS was implemented, remitting officers of government agencies have been adequately trained and should be prepared by now to maximize the use of the system. Thus, hard copies of remittance files are no longer necessary,” Aranas said.
Through the eBCS, the GSIS chief said agencies would be able to save time and resources that would be otherwise spent in going to GSIS offices to submit remittance documents.
Net earnings of GSIS jumped four-fold to P38.7 billion in the first quarter from P9.05 billion in the same period last year.
The state fund attributed the increase largely to the rise in stock market values, as well as the increase in interest income.
Interest earnings of GSIS rose due to its new loan programs such as the GSIS Financial Assistance Loan for personnel of the Department of Education and the GSIS Enhanced Salary Loan Plus for members.
Premium collections also grew seven percent year-on-year as active members increased to 1.8 million this year.
Total assets also went up six percent to P1.2 trillion.