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Manila Bulletin devider Business devider GSIS plans to expand Philippine indemnity program

GSIS plans to expand Philippine indemnity program

Published Aug 16, 2024 06:22 am

State-run Government Service Insurance System (GSIS) said it plans to broaden its insurance program to cover additional government-owned properties aside from public schools.

Wick Veloso, GSIS president and general manager, stated that they intend to expand the coverage of the National Indemnity Insurance Program (NIIP) in the upcoming year to include hospitals and other infrastructure, such as roads and bridges.

The NIIP currently includes government-owned assets such as schools.

The Bureau of the Treasury has procured a one-year insurance policy from GSIS worth P843 billion to cover more than 132,000 Department of Education (DepEd) school buildings nationwide.

According to GSIS, this policy provides protection for schools against losses resulting from fire, lightning, typhoons, earthquakes, volcanic eruptions, floods, and storm surges.

Meanwhile, GSIS said the NIIP will assist in speeding up the repair of public schools damaged by Typhoon Carina.

Veloso said that more than 132,000 public school buildings were covered by the NIIP before the typhoon hit.

“This insurance coverage will provide critical funds to rebuild classrooms and minimize learning disruptions,” Veloso said. “Without this program, the government would face significant challenges in allocating resources for repairs.”

GSIS is collaborating closely with the Treasury and DepEd to evaluate the damage caused by Typhoon Carina.

Once the damage assessments are finished, Veloso said they begin the processing of claims.

“By safeguarding public schools, we’re helping ensure that students can continue their education uninterrupted,” Veloso said.

Aside from NIIP claims, GSIS also allocated P18.5 billion for emergency loans to aid members and pensioners impacted by typhoon Carina and the southwest monsoon.

GSIS said that approximately 864,089 GSIS members and pensioners are eligible to apply for loan assistance.

Application window open from July 26 to Oct. 28, 2024.

The loan facility provided by GSIS will cover regions declared under state of calamity, namely Batangas, Rizal, and the National Capital Region (NCR).

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