FOCUSING on growth, the insurance premiums written by the Government Service Insurance System (GSIS) for the first quarter hit P2.98 billion.

The figure is a 12% increase from P2.65 billion in premiums from March year-on-year.

The GSIS General Insurance has issued 52,644 total policies, with total sum insured amounting to P798.4 billion.

As of end-March, net income is at P3.3 billion, marking a 35% increase from P2.4 billion in first quarter of 2023.

The net worth of the GSIS General Insurance Fund (GIF) for the first quarter of 2024 is up by 7% at P54.63 billion from P51.26 billion as of year-end.

GSIS is aggressively campaigning for the protection of all government insurable assets and interests.

It’s protecting the government’s budget and individual programs against unexpected insurable losses such as fire, earthquakes and typhoons.

And more importantly, it’s able to pool long-term funds and put them in investments to help grow the overall economy.

The sustained momentum of the performance of the GSIS has proven to be a catalyst of the economic development of the Philippines through supporting both the public and the private sectors.

GSIS will soon be issuing a Parametric Insurance for Local Government Units. This type of insurance pays out benefits based on the occurrence of a pre-defined event, such as earthquakes of a certain magnitude or typhoon winds breaching a specific speed.

GSIS believes this type of insurance will help many LGUs as this does not require the traditional process of claims adjustment after a loss event.

GSIS will pay out automatically when the triggering condition is met.

GSIS is also boosting its marketing efforts to cover insurable risks of government workers such as automobile and fire insurance.

Meanwhile, qualified government personnel will receive their mid-year bonus starting May 15 this year.

The mid-year bonus is equal to an employee’s one-month basic pay given to eligible personnel who have worked at least four months from July 1 of the previous year to May 15 of the current year.

The Department of Budget Management reminded all government agencies and offices to “ensure the prompt and timely release of bonuses to their employees.”

To receive the mid-year bonus, the personnel must still be employed in the government as of May 15, 2024 and should have received at least a satisfactory performance rating in the most recent rating period or applicable performance appraisal period.

The mid-year bonus will be provided to all civilian personnel, including regular, casual, and contractual employees.

This also includes appointive or elective positions in the Executive, Legislative, and Judicial branches of government, Constitutional Commissions, other Constitutional Offices, State Universities and Colleges, and Government-Owned or -Controlled Corporations covered by the Compensation and Position Classification System, as well as local government units.

Uniformed personnel are also covered by the mid-year incentive.

According to the DBM, the allocation of mid-year bonuses for personnel in provinces, cities, municipalities, and barangays will be determined by their respective sanggunian (boards or councils), subject to policy conditions for the purpose under DBM Budget Circular No. 2017-2.

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