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‘GSIS fund life now reaches 35 years!’ – PGM Veloso

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THE members of the Government Service Insurance System (GSIS) can rely on the strong and dependable insurance system in the next three and a half (3-½) decades, after the agency’s fund life now reaches 35 years!

GSIS President and General Manager (PGM) Wick Veloso made public the state pension fund’s financial status at the stakeholders meeting and press conference held in Batangas City, Friday morning.

Veloso said that commonly, the GSIS’ fund life is at 25 years, but the tremendous developments in the system incredibly stretched the fund life until 2058.

The official further reported that the GSIS’ Gross revenue recorded 84% increase or equivalent to P144B compared to the same period last year.

General insurance premiums are also up by 21% equivalent to P4-billion; while claims, losses and benefits was down by 66% at P286-million. Investment and sales of stocks is up by 94%; with interest income up by 42%, and the stocks on dividends is also up by 42%

PGM Veloso further reported that the agency’s Net Income for the first half of the year 2023, is at P61-billion or 23x higher compared to its record P3-billion in the same period last year.

Meanwhile, PGM Veloso also led the awarding of land titles and lease agreements to the beneficiaries of the Pabahay sa Bagong Bayaning Manggagawa (PBBM) housing program.
The PBBM housing program that the GSIS has launched last May 2023 is a three-pronged stratedy aimed at helping reduce the government’s estimated six million housing shortfall.

The Lease with Option to Buy (LWOB) scheme is one of the cornerstone of this program, granting GSIS members the chance to lease housing units, with exclusive option to purchase these either through cash payment or installment, without any down payment.

“Alongside the LWOB, our housing strategy includes two other programs – the Housing Accounts Restructuring and Condonation Program, which supports borrowers through either restructuring or full payment of their past due accounts with condonation of penalties and some interests, and a provision for affordable housing units,” Veloso said.| – Joenald Medina Rayos / BNN

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