The Government Service Insurance System (GSIS) has entered into a partnership with the Japan International Cooperation Agency (JICA) to bolster public insurance against disasters, with the aim of safeguarding government properties and assets.
Under Republic Act No. 656, GSIS is mandated to provide insurance coverage for all government assets and properties with insurable interests, encompassing various areas such as fire, engineering, marine, aviation, and personal insurance.
In response to the increasing frequency and severity of natural disasters due to climate change, there is a focus on enhancing GSIS's ability to offer risk-based insurance premiums, recognizing the critical need to prioritize this aspect.
Both the Philippines and Japan are located in the "Pacific Ring of Fire," a region susceptible to frequent typhoons and earthquakes.
GSIS President Wick Veloso also revealed plans to launch a property inventory mobile application, aimed at simplifying the process for government property officers to register their agency's properties online, making property management more efficient and convenient.
GSIS, JICA collaborate to safeguard state assets
At a glance
The Government Service Insurance System (GSIS) partnered with the Japan International Cooperation Agency (JICA) to enhance the safeguarding of public properties and assets from disasters.
In a statement, Wick Veloso, GSIS president and general manager, said the pension fund has finalized a three-year partnership with JICA aimed at bolstering the protection of government insurable interests across the country.
Under Republic Act No. 656, also known as the Property Insurance Law, GSIS is mandated to insure all government assets and properties with insurable interests. This includes coverage for fire, engineering, marine hull and cargo, aviation, bonds, motor car, and personal insurance.
Earlier, President Marcos has tasked GSIS to work with the Department of Finance to improve public insurance in areas such as underwriting, loss control, insurance procurement, and awareness promotion.
“We are grateful to the Government of Japan and to JICA for this technical cooperation project. There is a real and compelling need to re-examine outdated practices, old insurance models, and archaic underwriting systems,” Veloso said.
Sakamoto Takema, JICA chief representative, meanwhile, said the partnership with GSIS will assist the Philippines in improving public insurance against disasters and safeguarding development gains in line with the Sendai Framework, which aims to prevent new damages, reduce disaster risks, and ensure swift recovery.
As climate change leads to an increase in the frequency and severity of natural disasters, Sakamoto cited the importance of prioritizing the improvement of GSIS' capacity to offer risk-based insurance premiums.
The Philippines and Japan are both situated in the "Pacific Ring of Fire," a region prone to frequent typhoons and earthquakes. Japan, due to its unique location, has improved its earthquake preparedness.
Meanwhile, Veloso announced that GSIS will introduce a mobile application for property inventory, simplifying the online registration process for government property officers to manage their agency's properties more conveniently.