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PIA Press Release
2009/02/13

GSIS posts income growth for 2008 as total assets valued at P490B

Cebu City (13 February) -- Aggressive collection efforts and wise investments were cited as key factors that contributed to the gains posted by the Government Service Insurance System (GSIS) as its total assets grew from P205B in 2001 to P490B in 2008.

GSIS Vice President for Public Relations & Communications Office Ella Valencerina in a press conference this morning in Cebu bared its finances also grew from P41B in 2007 to P48B by the end of last year.

Valencerina described claims that the state pension fund is loosing money as "far from the truth."

Last year, the GSIS disbursed P54.6B in total loans to its members, according to Valencerina.

GSIS Senior Vice President for Membership Roberto Agustin said they are relentlessly pursuing collection efforts, both remittances and loan payments, which resulted to hiking the financial coffers of the state pension fund.

Agustin said because of their standing policy for aggressive collection, the GSIS was able to collect P3.3B from the National Government in January 2007 which represents only the principal amount and excludes the corresponding interests and more than P1B from the local government units.

Under the law, the employer is mandated to pay a counterpart amount of 12 percent of an employee's salary representing the employer's share to GSIS while failure to remit will be slapped with additional payment for interest rates. There are 1.3M GSIS members nationwide that are government employees working either in the National Government (various national agencies), local government units or government-owned and controlled corporations.

The payment of the P3.3B by the National Government representing the employer's share is "an acknowledgment that there is lacking in the National Government to comply with the provisions of the law," Agustin said.

Agustin said that prior to 2001, their collection efficiency rate was below 60 percent which prompted GSIS President Winston Garcia to focus their efforts in beefing up collection efficiency rate which is now pegged at 90 to 95 percent.

GSIS-Central Visayas Regional Manager Fatima Alvarez said their assertive policy to collect due payments has led to the unearthing of long-standing accounts as old as 30 years and that they have been successful in negotiating with the erring individuals to pay their loan debts.

Alvarez also maintained that in the region, all government agencies have been complying with their remittance payments except for a provincial government agency based in Guihulngan, Negros Oriental but that reconciliation to settle the problem with the agency is ongoing.

Agustin said there are presently 236 GSIS member-agencies that are under suspected status while they are still studying the cases further. Apart from slapping interest rates on erring agencies, their loan privileges will also be suspended which members will unduly suffer in the end, Agustin declared.

As the world faces an economic meltdown, GSIS officials expressed optimism that the state pension fund will not be that much affected and still post moderate gains by yearend. (PIA-Cebu/FCR) [top]

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