GSIS sets aside over P843 billion for public school fire insurance coverage

GSIS sets aside over P843 billion for public school fire insurance coverage

THE Government Service Insurance System (GSIS) has set aside P843.11 billion to provide fire insurance cover for public school buildings starting next year.

The pension fund for government employees will provide for one year fire, lightning, and natural catastrophe cover for more than 132,000 public school buildings effective Jan. 1, 2024, the GSIS said in a statement on Sunday.

“With the rising frequency of natural calamities, protecting public school buildings becomes a priority of the government. Our partnership with the Department of Education (DepEd) is a step towards ensuring financial resilience in support of its MATATAG agenda,” GSIS President and General Manager Jose Arnulfo A. Veloso said.

The funds were put together by the GSIS and the Bureau of the Treasury under the Treasury’s National Indemnity Insurance Program (NIIP).

The NIIP aims to provide insurance protection to critical government assets such as schools, hospitals, roads, and bridges, the GSIS said.

The GSIS has also provided 24/7 personal accident insurance cover for the death and medical expenses of all DepEd personnel.

“We are committed to look after the well-being of our DepEd members by providing them with strong insurance protection,” Mr. Veloso said. 

GSIS net income rose 117% year on year to P80 billion in the first 10 months, driven by revenue from financial assets.

This accounted for 66.67% of the net income target for 2023, as announced by GSIS Executive Vice-President Michael M. Praxedes in August. — Aaron Michael C. Sy