EIGHT decades ago (May 31, 1937), the Government Service Insurance System (GSIS) opened its doors to provide social insurance benefits to government workers.
From its beginnings, when GSIS started operations with a start-up capital of only P200,000 and 58 employees, the pension fund has since transformed into one of the most service responsive government institutions, with more than 2,700 employees serving close to 2 million members and pensioners.
As the culminating highlight of its 80th anniversary, GSIS unveils today its new vision and mission statements that will steer the System in the next six years toward a higher level of transformation.
By 2022, GSIS, a premier social insurance institution with a passion for providing excellent service to its members, pensioners and other constituents, will be in the top three defined benefit-pension fund institutions in the ASEAN region.
GSIS is committed to provide social security and financial benefits to all government employees and their qualified dependents, satisfy the non-life insurance needs of the government, maintain and strengthen the viability of the fund and build an enduring partnership with its stakeholders.
The vision and mission of GSIS rests in the bedrock of these immutable core values: professionalism, love of country, integrity, service excellence, spirituality, innovation and teamwork.
GSIS Chairman, Dr. Francisco Duque III, said the new Charter Statement of GSIS is underpinned by the twin strategic themes of service quality and sound financial management. “Enhancing the delivery of our services will be driven by ‘care and compassion’ as President Rodrigo Roa Duterte directed in his Inaugural Address last June 2016.”
The other strategic theme is sound financial management reinforced by creating and implementing a dynamic asset allocation and investment framework with clear and transparent investment policy guidelines. Last April, the Board of Trustees established a new Committee on Loans and Investments to assist in formulating policies and procedures for investments, including the establishment of investment benchmarks, review and monitoring of investment performance and optimizing investment returns for the greater benefit of stakeholders.
Among the broad strategic directions that GSIS will pursue starting 2017 are the following:
1. Shorter processing period for retirement, separation, life insurance and motor vehicle claims, and service loans. When President Duterte assumed office, he made it clear that he wants the processing time for various government transactions reduced. The table shows the proposed schedule.
2. Conduct of financial literacy program from 2017-2022. Through the program, GSIS will empower new (up to five years in service) and retiring GSIS members, to understand the whys and hows of savings, discern financial issues, gain insights on the different savings and investment options and, ultimately, make informed and effective financial decisions. GSIS will implement the program in partnership with Civil Service Commission, Philippine Deposit Insurance Corporation,and financial literacy experts.
3. Improved corporate social responsibility programs. For this Academic Year, GSIS increased the number of new scholars to 600 from 400, under the GSIS Scholarship Program. It also raised the budget for the Adopt-a-School program to P300,000 from P200,000. Implemented in partnership with the Department of Education, GSIS will adopt a total of 96 schools from 2017 to 2022, by providing assistance (outside the national budget) to public schools through support in infrastructure, physical facilities and technology.