GSIS pays out P40 B in claims, benefits to members in 2010

MANILA, Philippines - The Government Service Insurance System (GSIS), the state-owned pension fund for government workers, yesterday reported that it had paid close to P40 billion in claims and benefits to its members and pensioners last year.

The P40 billion worth of claims and benefits is 4.23 percent higher than the P38.28 billion disbursed the previous year.

The amount covers life insurance, retirement and pension, data from GSIS showed.

According to the GSIS, pension claims accounted for the bulk at nearly P25 billion, of which 86 percent or P21.29 billion represented the monthly pension benefit of old-age pensioners.

The pension fund currently has more than 200,000 active old-age pensioners. It said that it disburses an average of P1.7 billion in pension benefits every month for the pensioners.

Apart from pension benefits, the GSIS also released P10.98 billion and P4.11 billion in retirement and life insurance claims, respectively, last year.

The GSIS, under the Aquino administration, is putting in place reforms following numerous complaints from members on the previous management of GSIS led by then president and general manager Winston Garcia.

GSIS president and general manager Roberto Vergara said the agency wants to bring the services of the system closer to its more than 1.7 million members and pensioners.

“Service responsiveness is the barometer by which we measure our policies, programs and procedures,” Vergara said.

In line with this, Vergara wants to improve the service of the pension fund by adding kiosks in 32 government offices in Metro Manila and nearby provinces and by renewing the service partnership with the Land Bank of the Philippines so that pensioners can receive their monthly pensions more conveniently.

There will also be more regional and sectoral dialogues with members and pensioners, Vergara said.