GSIS Unveils Enhanced Benefits Following Remarkable Financial Growth
The Government Service Insurance System (GSIS) has taken a significant leap forward in its commitment to serving its members and pensioners. In a recent dialogue with stakeholders, GSIS President and General Manager Wick Veloso announced a series of enhanced financial benefits, a testament to the institution’s robust financial performance in 2023.
A Return on Success Veloso expressed that the financial triumphs of GSIS are being channeled back to its members and pensioners. “The financial success we have achieved at GSIS is being returned to our members and pensioners, through continuously improved and more responsible programs for the comfort of everyone,” he stated.
Introducing ‘Living Benefit’ Health Insurance Among the most notable enhancements is the introduction of a “living benefit” health insurance plan. This innovative coverage extends additional protection for critical illnesses, including cancer, stroke, renal failure, end stage lung cancer, liver failure, and heart attack. It’s a move that underscores GSIS’s dedication to the well-being of its members and their families.
Loan Products and Disbursements The GSIS also spotlighted improvements in loan offerings, such as the MPL Flex. This product stands out with its flexible terms and has already seen more than P120 billion disbursed to nearly half a million members.
Financial Milestones The year 2023 was marked by remarkable financial milestones for GSIS:
- A 33% increase in revenue, reaching P311.3 billion.
- A 70% growth in net income, amounting to P113.3 billion.
- An unprecedented 3,903% rise in total comprehensive income, soaring to P43.4 billion. These achievements have bolstered GSIS’s total assets to Php 1.7 trillion, cementing its status as the nation’s premier non-life insurer.
Digitalization and Customer Experience In pursuit of excellence, Veloso highlighted the GSIS’s focus on digitalization to ensure a seamless customer experience. The upcoming transition to digital IDs in place of UMID cards is a step towards enhancing member accessibility and convenience.
Looking Forward In his closing remarks, Veloso invited stakeholders to maintain an open dialogue, providing valuable feedback to refine GSIS products and services further. This gesture reaffirms the institution’s unwavering commitment to excellence and responsiveness to its members’ needs.