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Quezon province to get max of Php200M parametric insurance from GSIS
Quezon province to get max of Php200M parametric insurance from GSIS

Date Posted: September 19, 2017

Milestone Benefit. GSIS Chairman Francisco Duque III hands over the Php20,000 facsimile check representing her milestone benefit to pensioner Fe Bonus (center) who turned 90 last September 15, 2017. Joining Chairman Duque are (from left) Lucena branch office Manager Carmencita Ong, Officer in Charge –Vice President for South Luzon Office Rachel Edjan, and Officer in Charge-Senior Vice President for Luzon Group Salvacion Mate.

Tayabas, Quezon. The province of Quezon stands to receive from the Government Service Insurance System (GSIS), up to a maximum of Php 200 million risk insurance cover, in the event of a devastating typhoon.

This was revealed by GSIS Chairman Francisco Duque III in a dialogue with over 400 members and pensioners under the coverage of GSIS Lucena branch office.

The Php10 billion Parametric Insurance Pilot project, launched by the Philippine government through the support of the World Bank and the U.K. Department for International Development last July, is the first of its kind in the country.

It covers losses of national government offices (typhoons and earthquakes) and 25 provinces (typhoons), including Quezon.

“Under the project, the payout will augment the funds of local government units to enable them to respond immediately to the needs of their constituencies following a natural catastrophe,” Chairman Duque said.

In his presentation, Duque also informed that beginning this year, GSIS members and pensioners can expect a shorter processing time for retirement, life insurance and motor vehicle claims, as well as service loans.

“Retirement and life insurance claims are now being processed no more than 30 days, motor vehicle claims in 40 days (from 45 days) and service loans including the conso-loan or salary loan, within three days.”

He admitted GSIS needs to further improve its loan collection efforts and is working closely with the Department of Education to increase DepEd’s 86% collection efficiency posted in 2016.

“We hope to launch within the year, an initial program for DepEd that will enhance the financial capacity of their personnel, who account for more than half of GSIS’s membership base.”

During the program, Polillo Mayor Cristina Bosque thanked GSIS for the deployment of a GSIS Wireless Automated Processing System (GWAPS) kiosk in her municipality.

GSIS has deployed a total of 15 kiosks in the province – eight in local government units, two in the city government, two in DepEd’s division offices, and three in the GSIS Lucena branch office.

Members may apply for their loans and maturity benefits, as well as check their membership and loan records through the GW@PS kiosk. Pensioners may also apply for pension loans.