GSIS unveils three new programs

The Government Service Insurance System (GSIS) unveiled three new programs that seek to help address the country’s housing backlogs, provide state-asset insurance coverage, and hasten the digitalization of the pension fund’s processes. Wick Veloso, GSIS president and general manager, assured that the pension fund will continue serving its over 2.5 million members and pensioners, while fulfilling its mandate of safeguarding and protecting state properties. On Wednesday, GSIS launched the Pabahay sa Bagong Bayani na Manggagawa (PBBM) sa Pamahalaan program, which aims to help the government resolve the massive housing backlog of over six million units. Veloso said the new housing initiative offers a low-interest loan with flexible terms, which consists of three components. These include 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. Veloso also vowed that GSIS will ensure all government properties and assets are covered by property insurance. To date, the pension fund has generated ₱6.8 billion in gross premiums written (GPW), making it the largest non-life insurance company in the country. Additionally, Veloso said GSIS is also expediting the fire insurance claim of the Philippine Postal Corp. Lastly, Veloso said GSIS will focus on digitizing its processes for the convenience of its members and pensioners. On Wednesday, the Facial Recognition feature of its mobile app GSIS Touch was launched, allowing old-age and disability pensioners to complete their annual "proof-of-life" (APIR) through their smartphones. Veloso said this eliminates the need for them to leave their homes and visit GSIS branches for the APIR process.