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GSIS posts greater benefit payout for first 11 mos of 2017

Date Posted: December 29, 2017
State pension fund Government Service Insurance System (GSIS) today announced that it paid more than Php85 billion in social insurance claims and benefits in the first 11 months this year, representing a 13% increase compared to the Php75.1 billion in the same period last year. These claims and benefits cover pension, retirement, life insurance, survivorship, disability, and funeral.

The growth is attributed to the increased monthly old age pension of Php7.5 billion covering 316,323 pensioners, survivorship benefit amounting to Php338.2 million for 132,449 pensioners, as well as life insurance and retirement claims of Php616.8 million and Php980.2 million, respectively.

The number of life insurance claims processed also rose 21.2%, to reach 82,936 in the first 11 months of the year from 68,401; while the number of retirement claims processed grew 9.2% at 34,489 from 31,592 in the same period.

GSIS President and General Manager (PGM) Jesus Clint Aranas said that the higher payout in social insurance claims and benefits is “due to the strict monitoring of turnaround time (TAT) in the processing of these claims and the attainment of 100% efficiency in the posting of payments for premiums.”

“This year, we further reduced the TAT for the processing of retirement claims to 30 days, which is even more stringent than the 90 days prescribed under the law,” PGM Aranas said.

In September 2017, 88% of retirement / separation and life insurance claims’ transactions were processed within the 30-day period.

To fast-track the processing of retirement claims, the pension fund chief said that GSIS undertakes a pre-reconciliation of premium and loan records of members who have filed a request or application for retirement, 90 days before the actual date of their retirement. GSIS also regularly sends, through the Agency Authorized Officers, the list of possible retiring members (those who are turning 60 years old and above in a given year) for the submission of their updated service records to GSIS.

On loan disbursements, GSIS released a net amount of more than Php35 billion in various loans from January to November 2017. Due to the typhoons which hit the country this year, emergency loans amounting to Php3.8 billion were granted to more than 176,845 active members. The pension fund also disbursed Php61.8 million in pension emergency loans for 3,122 pensioners.

GSIS caps 2017 with various awards from both local and international bodies.

This month, the System ranked 7th among GOCCS that earned the highest scores for its governance performance as evaluated by the Governance Commission for Government-Owned and Controlled Corporations.

In November, GSIS won the Risk Innovation Award at the 2017 ASEAN Risk Awards for the conduct of its online Enterprise Risk and Control Self-Assessment survey that aims to re-assess corporate-wide risks relating to GSIS’s business objectives and strategies. The System was also a finalist in the World Pension Summit Innovation Award under the Technology category for the GSIS Wireless Automated Processing System (GWAPS) kiosk.

In addition, GSIS was recognized in October, by the ASEAN Social Security Association, for GWAPS and the Electronic GSIS Member Online (eGSISMO) system, under the customer service and innovation categories.

GSIS was also conferred in November, an ISO 9001:2015 certification for its quality management system (QMS) on maturity benefit and motor vehicle claims’ processing. At the same time, the System maintained its existing ISO 9001:2015 QMS on membership administration and loans processing, which the pension fund attained in 2016.