The Market Monitor Minding the Nation's Business
MANILA — In a landmark move that underscores a shared commitment to service and social justice, the Government Service Insurance System (GSIS), Power Sector Assets and Liabilities Management Corporation (PSALM), and National Power Corporation (NPC) have signed a tripartite agreement to resolve the long-standing issue of unremitted premium contributions amounting to over P1 billion.
GSIS President and General Manager Jose Arnulfo “Wick” Veloso said the agreement will pave the way for the full settlement of obligations stemming from NPC’s 2003 restructuring. The settlement will benefit over 1,200 former NPC employees whose service records have been validated by the Commission on Audit (COA).
“This agreement does more than just offer hope to the people of PSALM and NPC—it sends a powerful message to all government workers: We will do everything to honor your faithful service to the nation,” Veloso said. He added that GSIS granted a 60% condonation on accrued interest, in line with board-approved guidelines.
PSALM President and CEO Dennis Edward Dela Serna highlighted the partnership’s emphasis on transparency and accountability. “Together we made it happen. This ceremonial signing reflects our joint dedication to fiscal responsibility, legal integrity, and social equity,” he said.
NPC President Fernando Martin Roxas focused on the personal impact of the agreement. “This is a significant day for the 1,233 former NPC employees and their families who were displaced by privatization.
With this agreement, we are finally able to restore the benefits legally due to them,” Roxas said, assuring that disbursement of benefits will be done swiftly and efficiently.
With the MOA signed and payment completed, GSIS will begin recomputing and crediting service periods, allowing eligible retirees to finally receive their long-overdue retirement and insurance benefits—closing a decades-old chapter with compassion, justice, and integrity. TRACY CABRERA