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PIA Press Release
Thursday, January 05, 2012

GSIS paid P50B in claims and benefits in 2011

by Alfonso T. Ruda

DIPOLOG CITY, JAN. 5(PIA) -- The Government Service Insurance System (GSIS) has paid a total of P50 billion in benefit and claims to its members and pensioners in 2011, 18.4 percent higher than the P42.2 billion it had disbursed in 2010.

The monthly pension benefit, which accounted for half of the total claims, reached P24 billion, representing an increase of 12.8 percent over the P21.3 billion level in 2010.

The GSIS, which has more than 200,000 active pensioners, disburses an average of P1.7 billion in pension benefit every month.

The pension fund has also released P16 billion in retirement benefits in 2011, 46.7 percent higher compared to P11 billion it had released last year.

Life insurance amounted to P4.5 billion, a 9.8 percent growth from P4.1 billion in 2010.

Total disability benefits released rose to 25.4 percent to P142.9 million from P113.9 million in the previous year while funeral benefits disbursed reached P220.1 million from P215million last year.

Similarly, the GSIS posted increased disbursements in optional, pre-need and Employees Compensation (EC) insurance benefits - optional insurance benefits grew to P718.1million from P15.4 million; pre-need insurance went up to P298.5 million from P243.5 million; and Employees Compensation climbed to P58.5 million from P30.7 million.

GSIS President and General Manager Robert G. Vergara attributed the improved performance to massive efforts in updating members’ records, increased accessibility with the roll-out of additional GWAPs Kiosks and renewed partnership with LANDBANK as an additional service bank. These initiatives resulted in a more accurate database and faster disbursement of claims and benefits.

“Today, claims can be filed in any of our offices. Besides, such benefits such as cash dividend for our members and pension cash gift for our pensioners are now conveniently withdrawn through GSIS eCard,” Vergara said.

“We look forward to another year of breakthrough not only in terms of claims disbursements but more importantly, in terms of delivering responsive and convenient services to our stakeholders,” Vergara added. (ALT/ATR/PIA9-ZamboNorte)

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