THE Government Service Insurance System (GSIS) celebrated its 86th anniversary on May 31 by launching three new programs. These programs include an affordable housing initiative, a low-interest loan with flexible terms, and improved features in the GSIS Touch mobile app, which now includes facial recognition capabilities.
In his address, GSIS President and General Manager Wick Veloso stated that these programs were implemented in direct response to the President’s directives when assuming office on July 5.
The first directive was to ensure that all government properties and assets are covered by property insurance, in line with GSIS’s mandate. Veloso proudly announced that GSIS achieved a remarkable milestone, generating ₱6.8 billion in gross premiums written (GPW), the highest recorded figure in the organization’s history. This represents a 16% increase compared to the previous year, making GSIS the largest non-life insurance company in the country, with the General Insurance Fund (GIF) worth ₱41.92 billion.
Additionally, GSIS is expediting the fire insurance claim of PhilPost, and once the final report from the insurance adjuster is completed, the fire insurance check for PhilPost will be released promptly.
The second directive focused on digitizing GSIS processes for the convenience of its members and pensioners. GSIS Touch, the mobile application, launched today its Facial Recognition feature, allowing old-age and disability pensioners to complete their annual “proof-of-life” (APIR) through their smartphones. This eliminates the need for them to leave their homes and visit GSIS branches for the APIR process.
The President also tasked GSIS with addressing the financial needs of its members by providing loans with affordable terms. As a result, the Multi-Purpose Loan (MPL) was enhanced and renamed MPL Flex. This loan product offers a longer and more flexible payment period, ranging from one to 15 years, at an affordable interest rate of 6% per annum. Eligibility conditions have been relaxed, allowing government employees who have served for only one month to apply for the MPL.
GSIS further announced the launch of its Pabahay sa Bagong Bayani na Manggagawa (PBBM) sa Pamahalaan Program to help the government resolve the massive housing backlog of over 6 million units.
This program consists of three components: a rent-to-own scheme for GSIS’s 15,000 residential properties, an extension of the Housing Loan Condonation Program until 2025, and the construction of decent low-cost housing units for government workers.
Initial construction will focus on high-rise condominium buildings in Fairview (Quezon City) and Cogeo (Antipolo), offering government employees the opportunity to purchase two-bedroom units for ₱1.6 million, with an affordable financing plan requiring no down payment and a 30-year repayment term at ₱12,000 per month.
Veloso highlighted the importance of providing GSIS members, who have devoted their lives to public service, with the opportunity to own a house, as it is a dream shared by every Filipino.
In his written anniversary message, President Marcos Jr. who personally graced the celebration, thanked GSIS for its efforts, noting that “they align perfectly with his goal of enhancing government service.”
GSIS, which started its operations on May 31, 1937, aims to provide social security benefits and insurance coverage to government employees. It serves over 2.5 million members and pensioners, while also fulfilling its mandate of safeguarding and protecting government properties through property insurance.