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Manila Bulletin devider Business devider Banking & Finance devider PSALM, NPC strike deal to clear ₱1 billion in unpaid GSIS premiums

PSALM, NPC strike deal to clear ₱1 billion in unpaid GSIS premiums

Published Jul 9, 2025 01:36 pm
With shared commitment, GSIS, PSALM, and NPC work hand-in-hand to resolve a long-standing issue with compassion and integrity.
With shared commitment, GSIS, PSALM, and NPC work hand-in-hand to resolve a long-standing issue with compassion and integrity.
State-run Government Service Insurance System (GSIS) has signed an agreement with the Power Sector Assets and Liabilities Management Corporation (PSALM), and the National Power Corporation (NPC), finalizing the settlement of over ₱1 billion in unremitted premium contributions arising from restructuring more than two decades ago.
According to a GSIS statement on Tuesday, July 8, the memorandum of agreement (MOA) addresses the complete settlement of restructured obligations for eligible former NPC employees, whose years of service have been verified by the Commission on Audit (COA).
GSIS also granted a 60 percent condonation on accrued interest, based on guidelines approved by its board. This means the government-owned and controlled corporation (GOCC) agreed to waive nearly two-thirds of the interest that had built up over time.
GSIS President and General Manager Jose Arnulfo A. Veloso described the agreement as a major move in ensuring justice and delivering long-overdue benefits.
Veloso said the move offers relief to qualified PSALM and NPC workers and signals the government’s commitment to address long-standing obligations to its personnel.
For his part, PSALM President and CEO Dennis Edward Dela Serna said the shared responsibility of the three state firms seen in the ceremonial signing “reflects the common commitment to fiscal responsibility, legal prudence and social justice.”
“This is a significant day for the former 1,233 employees and their families who have lost their jobs in the course of privatization. Now, we are able to restore the benefits that the law granted to them with the cooperation of PSALM and GSIS,” NPC President and CEO Fernando Martin Roxas said.
He vowed to disburse the benefits to the qualified beneficiaries “in the most expedient and efficient way.”
“With the MOA signed and payment completed, GSIS will proceed with the recomputation and crediting of service periods, allowing eligible claimants to finally receive their corresponding retirement and insurance benefits,” GSIS said.

Related Tags

Government Service Insurance System (GSIS) Power Sector Assets and Liabilities Management Corp. (PSALM) National Power Corporation (NPC)
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