Friday , 19 April 2024

Enhanced benefits await GSIS members, pensioners after record-breaking income

In a dialogue with stakeholders held in Rizal on March 21, Government Service Insurance System (GSIS) President and General Manager Wick Veloso unveiled a series of enhanced financial benefits for its members and pensioners, driven by its substantial financial growth in 2023.

“Ang financial success na nakamit ng GSIS ay ibinabalik po natin sa ating mga members at pensioners, patuloy na pinapaganda at mas responsibong mga programa para sa patuloy na ikagiginhawa ng lahat,” Veloso told the GSIS stakeholders present.

Veloso announced an array of enhanced benefits for GSIS members and pensioners, foremost among which is the plan to introduce a “living benefit” health insurance, providing members and their dependents with additional coverage for critical illnesses, such as cancer, stroke, renal failure, end stage lung cancer, liver failure and heart attack. He said that along with other GSIS benefits are improved loan products, including MPL Flex, which offers flexible terms and has already disbursed more than P120 billion to almost 500,000 members.

The impressive financial performance of GSIS in 2023 included a 33% increase in revenue to P311.3 billion, a 70% growth in net income to P113.3 billion, and a staggering 3,903% rise in total comprehensive income to P 43.4 billion. It’s total asset now stands at Php 1.7 trillion and with notable achievements in general insurance, solidifying GSIS’ position as the country’s largest non-life insurer.

In line with its commitment to excellence, Veloso emphasized the GSIS’s dedication to providing a seamless customer experience through digitalization. Additionally, GSIS announced the upcoming issuance of digital IDs to replace UMID cards, enhancing accessibility for members.

In closing, Veloso encouraged stakeholders to continue providing feedback to further improve its products and services, reaffirming its commitment to excellence and responsiveness.

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